The dollar started the week well, remaining close to four-and a-half year highs against a basket of other major currencies. This was largely due to the sentiment surrounding last week’s strong US manufacturing data which ensured confidence in the US dollar as a safe haven currency, which continued into the start of this week. Monday’s trading was quiet, as expected, with no US economic reports released throughout the day. The dollar did jump almost half a cent against a poorly-performing Japanese yen to just below the seven-year peak reached last Thursday.
Today is shaping up to be a more active day for the dollar, with the highly anticipated release of growth figures. Key industry analysts are predicting 3.3% growth, from their revised original figure of 3.5%.