The dollar is stronger this morning, benefitting from its status as a ‘safe-haven’ currency. This has occurred due to global COVID-19 concerns and the escalating political turmoil in Afghanistan.
This also comes ahead of US retail sales data later, which is expected to reflect an economic slowdown due to the re-emergence of COVID-19 cases. The month-on-month figure for July is expected to come in at -0.2%, compared to June’s reading of 0.6%.
Federal Reserve Chair, Jerome Powell, is due to speak later, although it is widely expected that he will not comment on monetary policy until the Jackson Hole Symposium next week.
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