The dollar started this morning up against the pound after the Federal Reserve rejected negative rates, with Jerome Powell saying they are ‘not under consideration’. Nonetheless, he did also warn of ‘slow recovery’, arguing that further stimulus measures would be ‘costly but worth it’.
Initial jobless figures are expected today, with unemployment expected to climb until the end of this month, despite many states reopening. Retail sales figures tomorrow are expected to fall further, as is industrial production. However, consumers might be feeling a little more optimistic, according to forecasts for the Michigan consumer expectations index.
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