020 7898 0500It was a quiet day for the US dollar on Friday, with any movement dictated once again by sterling. The only major data release was the building permits, which showed a small gain on the previous month. However, overnight we have seen the US dollar lose nearly two cents against sterling, a significant move.
We can probably expect a quiet week ahead in terms of data, with minimal data releases due. Tuesday will see US Federal Reserve Chair Yellen testify on the semi-annual monetary policy report, which will follow on until Wednesday. Anything interest rate-related will have an effect on the market.
Weekly unemployment claims data due on Thursday are predicted to see a small drop on the previous week’s figures, with New Home Sales expecting a small decline on the previous month. Durable Goods orders on Friday will be hoping to show an increase on the contraction we saw last month. Other than that, the US could be affected by sterling’s performance as the UK’s EU Referendum draws closer.
If you are looking to buy or sell US dollars, we suggest contacting your trader now for live rates, news and currency purchasing strategies.
