The US dollar made modest gains yesterday, trading well against the majority of its currency partners, despite struggling against sterling. After trading relatively flat against the euro throughout the morning, the dollar strengthened with the release of better-than-expected inflation data. Inflation rose to 0.2% over the past month, with the increase over the past 12 months standing at 1.5%. The positive figures were offset by data from the Empire State index and by the effect of increased tensions over Ukraine, where the deployment of the Ukrainian military to combat separatists may serve to make the situation more unpredictable.
Today sees the release of building permits from the US, while US Federal Reserve Chair Janet Yellen is due to speak again tonight.
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