The US dollar slipped yesterday, weakened by an increased appetite for risk among global investors, losing slightly against both EUR and GBP yesterday. It is now trading close to its lowest rates since the start of the year and a full 10% below last year against the euro.
The afternoon was dominated by various members of the US Federal Reserve explaining their thinking on monetary policy. The general opinion is that this month’s rise in inflation was a transitory feature and it would continue to buy bonds at a rate of $120bn per month.
This afternoon we will hear about house prices in the year to March. Last month saw an acceleration in prices to around 12% per annum and that is predicted to rise further.
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