The dollar made a full recovery yesterday, after initially dropping due to the Federal Reserve’s decision to keep interest rates steady. The effect of their announcement was short lived, and the dollar quickly recouped most of the ground lost.
The Fed left rates unchanged on Wednesday, but cut its outlook for U.S. economic growth over the next year due to concerns about a slowing economy, even amid a strong labour market.
Despite ongoing concerns about a slowing economy, the Philadelphia Fed Manufacturing Index in the United States increased to 13.7 in March. This was above market expectations. Today we will see Markit Manufacturing, Services and Composite PMI figures released, as well as home sales.
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