020 7898 0500The dollar retraced some of the ground it lost against sterling yesterday, but the moves were slight with the pound still glowing from the increased possibility of a softer Brexit. The dollar’s performance against the euro was better, with the euro dropping below $1.17 once more.
Initial jobless claims in the US came in at 213,000, which was slightly better than the 214,000 the markets had been expecting. Interestingly, it is the first rise in jobless claims for three weeks. We also saw consumer spending increase by 0.4% in July which was the same as June’s figure and in line with expectations. Given that consumer spending accounts for more than two thirds of the US economy, the figure will be welcomed.
Today we will see the final reading of the University of Michigan consumer sentiment for August. It is expected to have dipped to 95.5 from 97.9 in the previous month.
