The Greenback continued to struggle yesterday after President Donald Trump failed to repeal and replace Obamacare. The failure of the health-care bill in Congress put pressure on markets as investors reassess the post-Trump election rally. The news pushed GBP/USD and EUR/USD higher throughout the day yesterday, with GBP/USD breaking but not holding above a key psychological level yesterday afternoon.
In other news, Germany; the powerhouse of the Eurozone, released their Ifo business climate. The figure is a leading indicator of economic health in Germany as it asks 7,000 businesses the level of business conditions and expectations of the economy. Ifo business climate exceeded expectations yesterday morning, posting at 112.3, its best reading since 2011.
A relatively light economic docket today. The only piece of notable data released will be from the States as the US consumer confidence is released. Markets will be tentative leading up to Wednesday’s triggering of Article 50.