A fresh serving of US data should keep the market's expectations hawkish, in the view of economists at ING. Therefore, the dollar is set to remain on solid ground.

Plenty of data releases to watch today

“There are quite a number of data releases to keep an eye on today: retail sales, industrial production, Empire Manufacturing, and the Philadelphia Fed Business Outlook. Jobless claims may also gather more attention than usual after a surprisingly big drop last week fuelled the hawkish narrative of a still very tight labour market in the US.”

“We see a good chance that today’s data will not trigger any material re-pricing lower in Fed rate expectations, and the hawkish inertia into next week’s meeting means that the dollar can stay supported.”

See – US Retail Sales Preview: Forecasts from six major banks, can the US consumer remain strong?