020 7898 0500Overnight, Trump threatens China with a fresh wave of $200 billion tariffs and throughout the following day, the stock markets slide. That is how much influence this man has on the world at present, and you do have to wonder where it will all end. However, the dollar did rally against sterling and the euro, reaching fresh 2018 highs against the single currency and its highest mark against the pound since November 2017.
The release of the building permits data was at odds with the dollar’s moves, as they fell by 4.6% in May against expectations of a 1.4% slide. On a more positive note, housing starts jumped by a whopping 5% month-over-month following a downwardly revised 3.1% drop in April. It is the highest rate since July 2007.
Today we will see existing home sales and the Federal Reserve Chair, Jerome Powell, is set to deliver a speech. However, the headlines will likely be dominated by the most powerful man in the world.
