Will this week’s data releases support the dollar rather than undermine it?
By Smart Currency February 17th, 2014
The US dollar finished off the week poorly, dropping to its lowest level in nearly a month. An unexpected drop in January’s factory production figure prompted further losses for the US currency, leading it to dip to its lowest point since November 2009 against sterling.
This week starts with a Bank Holiday stateside today, while tomorrow things pick up slightly with some smaller data releases, including the Empire State Manufacturing Index. Wednesday sees more significant US data, with both building permits and Producer Price Index figures in the afternoon. All eyes and ears are on Wednesday evening, when minutes will be released from the most recent US Federal Reserve meeting. This will, as always, influence investor sentiment on longer term prospects. Thursday holds a key inflation indicator in the form of Consumer Price Index data, alongside unemployment claims and the Philadelphia Federal Reserve Manufacturing Index. Friday rounds off a hectic few days with some existing home sales figures, a final talking point for the week.
Wondering whether to buy or sell US dollars during this eventful week? Call in now for the latest rates and updates.