It’s been another powerful week for the US dollar, strengthening by at least 1% and as much as 3% against most of its major rivals. The one exception has been the euro, which it has weakened against.
There wasn’t much to write home about yesterday on the data front, although the background of America’s extremely low unemployment of 3.6% and further boost to non-farm payrolls on Friday is still strengthening the dollar. This week it’s all about inflation and interest rates and today we’ll hear from several members of the FOMC – America’s interest-rate setting committee – and tomorrow is inflation data. So there could well be market movement.
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