The dollar is still struggling against the pound but has recovered some strength against the euro. Nonetheless, the greenback remains over 1% down on this time last week against the euro.
This week’s light US data calendar has left the dollar with little to play with amid a relatively ‘risk on’ market mood. Initial jobless claims rose last week by 7,000, far more than markets had predicted. Today, the key data release will be July’s PMI figures, which are expected to increase.
Next week is busier for American data and we could very well see some movement in the dollar, particularly on Wednesday when the Federal Reserve will reveal its latest interest rate decision and on Thursday when GDP data is released.
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