The US dollar finished off last week in a largely disappointing manner, thanks to some negative labour data figures. The US currency fell against the majority of its major partners, but did manage to gain ground against a weakened sterling. While the data was not hugely influential, the fact that both the non-farm productivity and the unit labour costs were worse than expected helped to dampen investors’ spirits after a positive week.
This week starts slowly, with just words from a member of the US Federal Reserve over today. Tomorrow holds some mild labour data, with the job openings figure due for release. The first significant release of the week happens comes in the form of the retail sales data on Wednesday, giving the dollar its first real opportunity for movement. Thursday holds more from the labour market, with the unemployment claims from stateside, an ever important area especially for possible interest rate rises. The week rounds off with the both the Producers Price Index and the consumer sentiment from the University of Michigan, alongside some smaller pieces such as the Empire State Manufacturing index. The data-packed day could shift the currency’s performance, giving some action at the tail end of the week.