Data-wise, yesterday’s economic reports were largely underwhelming. The Eurozone’s money supply and loan growth data for January were consistent with a tough economic climate.
In the United States, the January durable goods order report showed a disappointing start to the first quarter for business investment in the world’s largest economy. Meanwhile, the Conference Board’s index of US consumer confidence for February indicated a decline following three months of gains.
Overall, major new flows had little to no impact on the currency. Instead, the action among the majors remained defined by narrow margins. In the modest activity that has occurred over the last 24 hours, the dollar has regained some ground against the euro and pound.
Looking ahead to today’s economic calendar, the EC economic confidence index for February is the most notable release from the Eurozone. The diary in the United Kingdom is sparse. Across the Atlantic, the US events have second readings of Q4 GDP and core PCE inflation.