It was a strange Tuesday for the US Dollar, as its movement during the day was dictated by its peers. Data releases failed to show continued strength, with Consumer inflation coming out as expected – albeit at the first positive figure in three months. The American currency actually weakened slightly, due to the negative release of Industrial Production.
We can expect another busy day for the US Dollar today, with building permits expecting to increase against the previous month. However, most eyes will be on the US Federal Reserve meeting minutes release which should highlight how members view an interest rate rise in the short term.