The dollar has had a subdued start to the day so far, but there is a busy week of data ahead, including GDP growth figures on Tuesday, expected to show a sharp drop. On Wednesday, we will also see the Federal Reserve’s interest rate decision. A recent Bloomberg survey shows half of economists expect rates to remain near zero until 2023.
Last week’s figures showed US manufacturing and services declined significantly, and new home sales fell by 15%. The price of oil has continued to recover, with the dollar losing a little of the ground it gained. Nonetheless, there is the prospect of more uncertainty ahead, with the latest forecasts from the International Energy Agency saying that ‘global oil demand is expected to fall by a record 9.3mb/d in 2020’.
