It was a negative day for the US dollar as data releases continued to show poor figures, although the US dollar did have some relief as US Federal Reserve member Bullard said now may be a good time to start an interest rate rise. The Empire State Manufacturing Index, a leading indicator of the conditions in the manufacturing industry, showed that conditions were worsening for the first time since the end of last year. Industrial production also followed with production contracting below expectations as the US continues to see a slowdown in their economy.
The US can hope for some relief today, with some several Federal Reserve members speaking. The focus is on how they feel when an interest rate rise should take place.
Building permits are expected to remain stable, along with weekly unemployment claims. Another indicator for manufacturing is expected to show slight growth for economic conditions, but with such a poor figure yesterday it will be hard to see this come out above expectations.