The US dollar strengthened against all major currencies yesterday, with the largest increases, of close to 1%, against the euro and pound.
Several members of the US Federal Reserve FOMC will be speaking this week and yesterday James Bullard said that if inflation doesn’t fall as expected the Fed would have to react.
Yesterday the Fed released its Beige Book, a review of “current economic conditions”, which comes out two weeks before the Fed’s interest rate decision. It said that inflation remains elevated, albeit with “with slowing or weak demand attributed to higher interest rates, inflation, and supply disruptions.”
Data yesterday included building permits rising strongly in September 21.564 million. That was a rise of 1.4% on the previous month.
Tomorrow housing data continues with existing home sales for September but that will be just about all for high-level data in the USA this week.
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USD/GBP past year
