Currency Note US Dollar

Will todays data releases weaken the US dollar

By Ricky Bean October 29th, 2013

The US dollar managed to hold a steady level yesterday, with a relatively quiet day on the data front. Pending home sales was the major release of the day, and despite coming in a long way behind expectations, failed to provoke any major shifts in the currency’s strength. Many investors will look to tomorrow, when the results of the Federal Open Market Committee’s two-day meeting will be heard. While many now believe tapering is not likely to be seen before the first months of next year, this meeting remains a highly interesting gauge to investors. Before that, however, today is filled with influential data from the US. Core retail sales, producer price index, retail sales and consumer confidence are all in the pipeline and with each being significant in their own right. A trend of results either way could see a significant reaction in the markets. Call your trader now, for the latest US dollar rates at an important point of the week.