Big losses continued for the US dollar yesterday, the largest of which were 1.4% against the Australian dollar and 1.1% against sterling.
With US inflation falling fast the markets expect the Fed to pause interest rate rises. Good news for US mortgagees and businesses that borrow, and the stock exchanges responded accordingly. The S&P 500 rose by 0.62%.
This afternoon we’ll hear the Michigan Consumer Sentiment index. The expectation is that the mood among consumers will have improved. We will see more evidence of that with retail sales data on Tuesday.
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USD/GBP past year
