The dollar is predicted by some to gain from a mildly risk-off sentiment, as the economy looks possibly to be heading into recession. However, for now it is slipping against most major currencies including the pound and euro.
There were no data releases yesterday, but later today there will be existing home sales, which last year dropped to the lowest seasonally adjusted figure since early in the pandemic in a sign that the housing market is cooling. There will be further housing market data on Friday.
Tomorrow and Thursday the chairman of the Federal Reserve Jerome Powell will be explaining his interest rate thinking to the US Congress, ahead of speeches by several other members of the FOMC.
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