Dollar could rise amid data release
Various reports relating to the US economy may well provide an opportunity for the dollar to extend its recent gains against the euro, it has been claimed.
Data on housing indicators and orders of durable goods released this week are unlikely to negatively impact upon the market's current favour towards the dollar, reports FXStreet.com.
Thursday will see the release of durable goods orders information while homes sales reports are due to be issued on Friday.
However, DailyFX.com reports that the housing data must show some signs of stabilisation for the dollar bulls to make further progress.
Earlier data highlighted growth in optimism among US consumers amid strong housing data, jobless claims and manufacturing.
Yuji Saito, head of foreign-exchange sales department at Societe Generale SA, predicted however that the dollar may decline amid speculation that oil-producing countries may decide not to keep fixed exchange rates with the American currency.
He told Bloomberg that the dollar may drop to $1.40 per euro this summer.