020 7898 0500It was a quiet start to the week for the US dollar with movement still being dictated by sterling. We saw Consumer Confidence data out on Tuesday – an increase on the previous month – posting its best figure in four months. However, it was Wednesday evening that had investors anticipating the US Federal Reserve interest rate decision and the statement that followed. The Federal Reserve kept rates on hold as expected, but it was the tone in the statement that weakened the US dollar slightly, with the central bank now monitoring the global economy before making another decision on raising interest rates. The US dollar also did not receive support on Thursday, with durable goods orders showing contraction again, posting its lowest level since September 2014.
Today we can look forward to an advanced growth data release, which is expected to show successive growth. The Federal Reserve members will be keeping a close eye on this figure to indicate how well the US economy is growing.
