The dollar gained, as we predicted yesterday, not from the fact that interest rates were kept on hold, but from the possibility that they will rise again before long.
The Fed was upbeat in its assessment of the US economy, which is allowing it to hope that it can keep the pressure on inflation without forcing too much economic pain – the so-called ‘soft landing’.
There were no top level data releases yesterday, but today there will be some housing and mortgage reports and tomorrow there are flash readings for manufacturing and services PMI.
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USD/GBP past year
