US Dollar: forecast for July 13-19
The US Dollar Index slipped below 96 points on the past week. The greenback was pressured by the two major factors: risk appetite recovery and dovish Fed’s minutes released on Wednesday. What’s more, on Thursday the market has seen above-the-forecast jobless claims in the United States. Investors thought the US economy is still too weak for a rate hike in September.
Next week in the United States will be full of important economic releases. We’ll be watching the US retail sales on Monday. On Wednesday and on Thursday the Fed chief Jannet Yellen will hold its semi-annual testimony in Congress. We don’t expect any direct announcements to be made, so the US Dollar will likely stay under moderate pressure on the coming week. However, an unexpected spike in the global uncertainty (any negative developments in Greece or China) could make the US currency attractive for investments as a safe heaven.
Chart. USD Index Daily