It was a quiet start to the week for the US dollar, which very minimal movement seen on the whole. Tuesday saw the release of the Flash Services Purchasing Managers’ Indices (PMIs), which showed mild growth in the sector. Following this, we saw Consumer Confidence figures climb to levels that were better than expected. Wednesday was a key day for investors, seeing the release of Durable Goods Orders data, which contracted even further than expected, falling to a six-month low. However, it was the US Federal Reserve Meeting that was key on this day, with strength seen initially for the US Dollar due to the Federal Reserve saying that risks have diminished; this soon turned into weakness due to worries over US inflation.
Today we can look forward to advance growth data, which is expected to show strong growth in the second quarter of this year, leading to six-quarter highs. Any surprises, however, could move US dollar markets and cast more uncertainty over the US Federal Reserve’s interest rate decision next month.
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