The dollar is still weak against a basket of currencies this morning due to the ‘dovish’ stance from the Federal Reserve and an improving global outlook.
Despite rising inflation, which saw its biggest jump in May since 2008, Federal Resever Chair, Jerome Powell, has stuck with his message that it is “too early” to start tapering monetary policy. An improving situation overseas also means that investors aren’t opting for the dollar as a ‘safe-haven’ currency.
Data released yesterday afternoon showed that US house prices advanced by 1.4% in March, the most since last October. However, home sales dropped by 5.9% in April.
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