The dollar was strong against a basket of currencies yesterday, supported by positive data. US homebuilding fell less than expected in January while permits rose to nearly a 13-year high, pointing to housing market strength. The greenback is still strong today due to coronavirus worries and FOMC meeting minutes.
The FOMC released their January meeting minutes yesterday evening which, as expected, didn’t contain any big surprises. They revealed that the Federal Reserve is cautiously optimistic about the economy, expecting growth to increase at a modest pace this year. Several Fed speakers also said that the consequences of the coronavirus situation were too soon to judge.
Today, initial jobless claims and the Philadelphia Fed Manufacturing Index will be released.
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