The dollar was stronger yesterday, rising with the US equity markets. However, gains were minimal and it is weaker this morning as worries over coronavirus and its possible effect on the US economy continues to weigh. The markets are already pricing in an interest rate cut for April.
Despite this, Federal Reserve officials have said that it is too soon to assess whether the virus should prompt a cut to interest rates.
New Home Sales for January beat market expectations yesterday on a monthly and yearly basis, reaching their highest level since July 2007. Today, we’ll see the release of Durable Goods Orders and GDP growth rate estimates. GDP is predicted to stay the same at 2.1%.
At a press conference yesterday, President Trump said that a Democrat winning the election, as well as coronavirus, could negatively impact the financial markets.
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