The US dollar started off the week in disappointing fashion, dropping against the majority of its most-traded partners. These falls were prompted by words from US Federal Reserve Chair Janet Yellen, who stated that the economy will still need some support for some time. This came following the Purchasing Managers Index from Chicago, which had decreased more than expected, weakening the dollar. The US currency did manage gains against the Japanese yen, however, reaching its highest point in three weeks. This was helped by a reduced need for safe havens, as the USA and Russia looked to resolve the Ukraine situation.
Today sees just one piece of major data due, in the shape of the Manufacturing Purchasing Managers’ Index from the Institute for Supply Management. Given how sensitive currency markets are at the moment, any difference from the expected will more than likely move the US dollar.
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