The US dollar was at its strongest against the pound since December 2020 and against the euro since July 2020 yesterday, on the promise of a more hawkish approach to interest rates from the Federal Reserve than might happen under a different chairman than Jerome Powell.
On the data front yesterday, existing home sales stabilised at +0.8% in October following September’s 7% leap last month.
Later today we’ll see Markit PMI across all sectors, while tomorrow there is a mass of data including durable goods, personal income, spending and new home sales. It will all build into a picture of the post-pandemic, pre-Christmas US economy.
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