The US dollar has harboured mixed results this week, seeing varied results against its different partners. A slow start saw ground gained against both sterling and the euro but markets then remained tentative ahead of the Federal Reserve’s meeting minutes, but this turned out to be a largely non-event. Little guidance or word was given on timescales for potential interest rate rises, and as such saw little for investors to go on.
A busy day followed yesterday, with a number of key releases released. Firstly the inflation figures from the Consumer Price Index were a better than expected, allowing the dollar to see slight gains immediately after. Worse-than-expected unemployment claims and a manufacturing Purchasing Managers’ Index (PMI) however took the edge of this, curbing the dollar’s gains. Finally the manufacturing index from the Philadelphia Federal Reserve was significantly better, but altogether this left the dollar little changed against sterling and slightly ahead against the euro. Today is a much quieter affair, with no major releases due, meaning the dollar could finish in a calmer manner.