020 7898 0500Minutes released last night showed that the Fed is prepared to increase interest rates again, provided the US economy stays on track. However, it conceded that any future hikes would likely only be gradual and the dollar slipped a little as a result.
Meanwhile, existing home sales in the US came in at 5.34 million in July, which was slightly below the 5.4 million the markets had been expecting. Month-over-month, sales declined by 0.7%, which is the fourth straight fall and is the lowest rate since February 2016.
Today is relatively quiet, although we will see new home sales for July. However, there is a strong chance that the headlines will be dominated by Michael Cohen and Paul Manafort being found guilty. It is fair to say that Trump will likely be feeling the heat and this could well be the start of something huge.
