USD
Fed will continue to ease interest rates in order to try and salvage the ruins of the US economy.
"There are a variety of reasons for the dollar's general weakness. The major ones are the bearish outlook on the economy and expectations of more rate cuts. The Fed may cut rates by half a percentage point next month and another quarter point in Juneג€ said the head of economic strategy of Bank of America.
Despite the unexpected rise in existing home sales of 2.9% which was the biggest jump in a year, the greenback continued to linger in bear territory.
As for today, there are two major events expected to come from the US. The first is the Yearly National HPI Composite index which measures the annual change in the average price of a single-family home in 20 metropolitan areas. And is expected at 13:00 GMT The index is expected to be released at -10.5% and has a previous figure of -9.1%. A bit later at 14:00 GMT, the Consumer Confidence is expected to be released with a forecast of 73.5 which is slightly lower than last month's release of 75.00.
The expectations for weak US data will most probably help to push the greenback further down, and it appears that the short breath of fresh air which caused the greenback to gain against most currencies is probably over(maybe who knows ).
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