Busy week ahead for the US dollar – will its strength continue?

It was a quiet day for the US dollar on Friday, with minimal data releases. Those did however spawn positive results, with both Flash Manufacturing Purchase Managers’ Indices and Existing Home Sales growing against the previous month’s figures.

We can expect this week to be a much busier one for the US, with some major data releases. Tuesday will see the release of consumer confidence, which is expected to show a slight increase on the previous month – while Wednesday will be a key day. The US Federal Reserve is expected to make a further Interest Rate decision then; it is expected that they will these on hold, but it will be the statement afterwards that keen investors will look out for: are Federal Reserve members in favour of another Interest Rate Hike in the short term? Friday is just as important, with Advance Gross Domestic Product (GDP) figures released. It is expected that these will show growth, but this will be at a slower pace compared to previous figures.