Recent data out of the United States has helped boost the strength of the dollar in recent trading. The USD climbed against most of its currency rivals in trading yesterday as euro zone debt concerns flared up and US unemployment claims came in lower than expected this week.
A decline in US Crude Oil inventories over the past week also suggests a growth in oil usage, hinting towards industrial expansion in the world’s largest oil consuming country. This week’s close should round off these latest price movements with a few minor publications directly related to the strength of the greenback.
Here is a summary of today’s leading events:
13:30 GMT: USD – US Trade Balance
The trade balance measures the difference in value between imported and exported goods over the previous month. This month’s figure is expected to show a widening in the American trade deficit. Should the actual figure come in line with expectations, the USD could see a minor correction to yesterday’s strength.
14:55 GMT: USD – UoM Consumer Sentiment
The University of Michigan (UoM) releases this monthly report which represents the sentiment of consumers regarding their economic conditions. A higher reading represents a growth in consumer confidence. This month’s release is expected to reveal a growth in consumer sentiment and thus may grant the USD a second boost before the closing of the week’s trading.
