The dollar strengthened against the pound yesterday, benefitting from sterling weakness and its safe haven appeal. The latest greenback strength has been reinforced by funding market distress.
US retail sales came in yesterday, dropping 0.5% from a month earlier in February 2020, following an upwardly revised 0.6% increase in January and missing market expectations of a 0.2% rise.
Today, housing starts and building permit data will be released, however, the dollar is likely to continue to react to the market response to the coronavirus.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
