020 7898 0500A pretty uneventful week for the US in terms of data, with no major figures released until Thursday. We did see positive New Home Sales data released on Tuesday, reaching the largest figure since 2008, and Flash Services Purchase Managers’ Indices on Wednesday showed moderate growth but just short of the expected figure. With Thursday a much more eventful day, we saw the release of both Durable Goods Orders and the Weekly Unemployment Claims figures – both of which showed further positivity for the US Dollar, with Durable Goods Orders rising to its highest level for four months and the weekly unemployment claims dropping further. While this ensured the US dollar was able to continue rallying against the euro, against sterling was another story entirely as the UK Referendum took a further grasp on any movements seen for sterling.
Today we look forward to the second day of the Group of Seven (G7) meetings, in which global economic issues are top of the agenda. For data, we can anticipate the Preliminary release of Gross Domestic Product (GDP) figures, expected to post further growth. This will be followed by Consumer Sentiment which is expected to post its highest figure since 2005. Yellen speaks later in the evening, and if we see a positive day yet again for US data, it may be hard for her to curb a possible interest rate increase in June.
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