020 7898 0500Last week ended with a speech from Federal Open Market Committee (FOMC) member Williams. The dollar strengthened slightly against the euro, due to European Central Bank (ECB) President Draghi’s hint at continued quantitative easing within the Eurozone, and was relatively steady against sterling.
This week begins with manufacturing Purchasing Manager’s Index (PMI), and short term bond sales. Tuesday sees more data released and more bond sales, with CB consumer confidence being the highlight of the day. Wednesday sees a pick-up in high-impact data, with services PMI, New Home Sales and Crude Oil Inventories all released. Data releases continue on Thursday with Core Durable Goods Orders and Pending Home Sales.
The week finishes with The University of Michigan consumer sentiment and consumer expectations, and the most important data release of the week, quarterly US Gross Domestic Product (GDP) figures. A measure of growth, this is likely to cause the most impact within dollar markets, as GDP will have an effect on the actions of the Federal Reserve and its interest rate decisions later this year. Any changes in the upcoming US Presidential Election (where markets have begun to price in a Hilary Clinton win) could also cause volatility.
For the latest rates and news on a wide range of currency pairings, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
