USD On Hold Before Data Rich Week

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Wael Makarem, Financial Markets Strategists Lead at Exness

The US dollar continued to see a limited performance as traders awaited new economic data to gauge the next steps in monetary policy. The market reacted this week to the release of the Federal Reserve meeting, which reinforced the fact that Fed members prefer to wait rather than cut interest rates too early. This was also mentioned by Fed governors during their interventions. They cautioned against premature action, highlighting the risk of undermining progress toward the inflation target. Traders could turn to next week’s economic data releases with new home sales figures expected on Monday, durable goods orders and consumer confidence data on Tuesday, GDP data on Wednesday, job market and inflation data on Thursday as well as PMI data on Friday. As a result, the currency could see some volatility next week.

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.