The dollar is slightly weaker against a basket of currencies this morning as rising COVID-19 cases and poor consumer confidence data weigh on the greenback.
At the end of last week, data showed that consumer confidence in the US slumped in August. This was the lowest reading since December 2011 and highlighted that consumers believe the economy’s performance will be diminished over the next several months. The survey also reflects disappointment that COVID-19 cases are rising, and the pandemic isn’t over yet as hoped.
It’s a busy week for economic data in the US, including inflation and retail figures. Federal Reserve Chair Jerome Powell will also speak tomorrow, and this will be followed by the release of the minutes from the Federal Reserve’s latest meeting.
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