Well, we said that Jackson Hole could be pivotal and in the past week the US dollar has fallen significantly against all of its major competitors, including by in excess of 1% against NOK, NZD, AUD, SEK, ZAR, INR and BRL.
The picture is less bad against EUR and GBP, but the losses are still in the order of around 0.5%.
Will the dollar rebound? Yesterday the only data release of note showed a very poor picture for the property scene, with pending home sales dropping year on year by 8.5% due to a shortage of properties to buy.
That means rising property prices and we’ll hear more on that today with several house price indicators which last month showed prices rising by around 18% year on year. Later in the week the focus will shift to PMI data.
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