US dollar benefits from euro weakness

The US dollar strengthened on Monday thanks to external sentiment from the Eurozone – with the single currency experiencing weakness in the lead up to ECB President Mario Draghi speaking on Wednesday. The Existing Home Sales data release was lower than expected – but the events in Europe ensured this was not enough to weaken the US dollar.

All eyes on the US dollar will be awaiting Thursday and Friday of this week, with Core Durable Goods Orders due on Thursday, followed by US Federal Chair Yellen speaking; we will then see Final Gross Domestic Product (GDP) figures on Friday. Attention will turn to anything mentioned regarding interest rates.