Greenback Lower Ahead of Key Data Releases

The Greenback was again lower in today’s trading, continuing the declines seen yesterday, as investors look ahead to today’s key data releases from the US.

US Core Durable Goods Orders

Today sees the release of the monthly US Core Durable Goods Orders at 12.30 GMT, Having suffered a heavy and unexpected decline last month, an increase of 0.5% is being forecast. Anything below the 0.5% forecast should have a negative bearing upon the US Dollar.

US Services PMI

Later in the day we will see the release of  the US Services PMI at 13.45 GMT.  Having posted a surprise increase to 51.3 last time round, analysts are forecasting a further increase to a reading of 52.3. Readings over 50 indicate an economy in expansion, whilst readings below 50 indicate an economy in contraction.

US CB Consumer Confidence

Shortly after the US services PMI release, comes the release of the US CB Consumer Confidence at 14.00 GMT. This keenly watched set of data shows the confidence amongst consumers, something vitally important to an economy that is nearly 70% consumer driven. Having posted an unexpected increase last month, analysts are predicting a slight decline from the 96.2 recorded last month, to a reading of 96.0.

Greenback Lower

Ahead of today’s key data releases, investors saw the greenback lower in most major currency pairings. The US Dollar index which measures the USD against a basket of six weighted currencies was down 0.16% at time of writing.

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Ben Myers

After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After working with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before chief analyst stints at Zoneoption, ECmarkets, YesOption and KeyOption. Ben remains a keen forex and binary trader and a feataured contributor at investing.com and dailyforex.