The US dollar has had a difficult week losing ground against most major currencies. Strong data from elsewhere at the start of the week started the weakening. Job openings figures from the US showed an increase, but this was mostly ignored as the dollar still appeared to be faltering as a result of last Friday’s unspectacular US employment data. The main event of the week came on Wednesday evening, when the Federal Reserve released their latest meeting minutes. This event caused the US dollar to weaken very quickly and across the board, as it showed that the Federal Reserve was more cautious about when interest rates would rise.
The dollar’s fortunes were mixed yesterday, with largely continued weakening in the wake of these results. Unemployment claims provided some respite, as they came in ahead of expectations to give the dollar a little strength back. Today sees a few significant pieces of data to round off the week, with both the Producers’ Price Index, and the University of Michigan Consumer Sentiment to be announced.
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