020 7898 0500The US dollar was generally weak yesterday, but was up slightly against a weak sterling.
The US dollar enjoyed a slight uplift from retail sales data that came out marginally better than expected at 0.5%.
Yesterday, US President Trump stated that he raised accusations of meddling in the US elections with Russian President Putin, but Putin reiterated that there had been no interference in US politics, with Trump effectively siding with Russia over the FBI.
Yesterday, the IMF maintained its 2018 global growth forecast at 3.9%, but stated that the “risk of worse outcomes has increased” due to the “risk that current trade tensions escalate further”.
The key focus today will be on the Federal Reserve Chair Powell’s semi-annual testimony which investors will assess for guidance on future monetary policy and may also include some commentary regarding the escalating trade war between the US and China.
