Slow start to the week expected for the US dollar, will later data make a difference?

It was a quiet end to last week for the US dollar with movement once again being mostly dictated by sterling. Flash Manufacturing Purchase Managers’ Indices (PMI) showed some positive signs, growing faster than expected and reaching a nine month high.

With a quiet start to this week expected, investors will be looking forward towards Wednesday. While we will see the release of Consumer Confidence data on Tuesday, which is forecast to be positive, the big news will be Wednesday’s Durable Goods Orders and the US Federal Reserve Statement and interest rate decision.

The Federal Reserve are widely expected to keep the interest rate on hold, but their statement will give us further insight in to what individual members think about a possible interest rate hike later this year. Friday will see the release of the Advance Gross Domestic Product (GDP) figures, which are expected to hit a much higher growth compared to the previous quarter, which hit the highest level since the start of 2015.

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