The dollar has gained some ground against the pound as the latter weakened on dashed optimism over Brexit trade talks. Yesterday’s Richmond Fed Manufacturing Index showed the decline to be slowing, while mortgage applications are also up 2.7%. Nonetheless, the big news will come later today, with GDP expected to have entered contraction.
Today, we will also see jobless claims, durable goods orders, corporate profits – forecast to decline by as much as 46% – and a speech from the Federal Reserve’s John Williams, who said yesterday that, although the economy is nearing rock bottom, it is poised for ‘rebound’.
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