The dollar weakened yesterday, ending its safe haven rally. GDP data was released, showing the slowest annual growth for the US economy in three years. The economy also missed the Trump administration’s 3% growth target for the second consecutive year.
Personal consumption weakened dramatically, and as this usually factors into the Federal Reserve’s policymaking, the expectations for an interest rate cut in March rose from 7.2% to 17.7%.
Today, Personal Spending data will be released, as well as Consumer Sentiment figures.
The World Health Organisation has declared the coronavirus an International Health Emergency, which has seemed to add to the markets acceptance of the situation.
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