Yesterday the dollar strengthened against the euro, however, was choppy against sterling. This morning the dollar has weakened slightly but with not much changing from where it was this time last week.
Data on the US Balance of Trade for June will be released this afternoon. The previous release came in much lower than expected. In May, total exports soared by 1.2% to a historic high of $255.9bn due to sales of crude oil, industrial supplies, natural gas, pharmaceutical preparations, financial services and nonmonetary gold. For imports, the increase was by 0.6% prompted by crude oil and travel. Purchases of consumer goods, however, fell.
Later today, we will also see initial jobless claims data – which measures the number of Americans filing for unemployment benefits – and a speech by Federal Reserve official Loretta J. Mester.
