The US dollar started the week slowly, with a Bank Holiday Monday hampering the dollar’s recent advances. We then had the release of data for building permits and the unemployment rate, both of which were slightly behind expectations, which further dampened enthusiasm for the US dollar. And then world events took over with the ECB announcing their €1.2 trillion programme of quantitative easing which saw the US dollar strengthen across the board. And with further uncertainty in the form of this weekend’s Greek election we are unlikely to see any reversal in the US dollars on-going strengthening any time soon.
Today on the data front we have the flash manufacturing Purchasing Managers’ Index (PMI) and existing home sales due from the US to impact markets aside from the larger economic stories.