The dollar has strengthened against the euro this morning following Putin’s escalation of the war in Ukraine, with a partial mobilisation. The single currency has also strengthened against sterling.
Lots of interesting data from the US today. As well as the Fed’s interest rate decision at 7pm (UK time), other key releases include existing home sales, FOMC economic projections and the Fed’s press conference.
Existing home sales for August will be announced at 3pm. In the previous data, sales in the US declined 5.9% to a seasonally adjusted rate of 4.81 million. This was the sixth consecutive monthly decline, following the mortgage rate hitting 6% in early June. Markets are pricing in a seventh consecutive fall as sales are predicted to drop to 4.7 million in the upcoming economic data.
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