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Dollar last week performed fair against major counterparts. Dollar index is up 0.16% on a weekly basis and up close to 15% over the past six months. US economy has fared well too; latest PMI data, released last week showed a healthy reading of 54.3.
This week will be vital for the dollar -
- Dollar has so far continued to strengthen for consecutive record 7 months, only this month so far it has failed to break above & we are coming close to the end with lots of event risk on schedule.
- Federal Reserve (FED) president Janet Yellen will be presenting bi annual testimony in congress. There could be queues not only for the timing of rate hike but her view on different aspect of economy. Her view on the housing market will be interesting after today's release of existing home sales. This will be a two day event starting on Tuesday at 15:00 GMT.
- Vital will be inflation data of the US, to be released at 13:30 GMT, Thursday. Inflation will be the key consideration of FED in raising interest rates as unemployment reaches optimal level.
The dollar index is currently trading at 94.55 up 0.34% for the day. US existing home sales data published today disappointed to 4.82 million down -4.9%.
