This morning the dollar continues to find fresh strength against both currencies following eurozone inflation fears and continued economic headwinds for the UK. This also comes ahead lots of interesting data releases which will be announced today.
A key release today will be the latest Balance of trade data which will be announced at 1:30pm. Markets will be keeping a close eye on this data and are expecting the trade deficit to narrow, but this time to a gentler -$70bn compared to July’s -$79.6bn.
As central banks endeavor to tackle soaring inflation, America in particular will hear three key speeches from members of the Federal Reserve today. The first will be from president and CEO of the Federal Reserve Bank of Richmond, Tom Barkin at 2pm, followed by Loretta Mester, the CEO of the Federal Reserve Bank of Cleveland, and finally by the Fed’s Vice Chair Lael Brainard.
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