020 7898 0500Trump probably slept well over the weekend given the dollar’s performance on Friday. It recently hit its highest mark for a year against a basket of currencies and the president clearly was not a very happy man. He told CNBC that the Fed risked undoing all of his hard work strengthening the US economy if they continue to raise interest rates.
While it is true that the fed have tightened monetary policy more than the Bank and England and ECB, Jerome Powell must have been a little bemused given much of the Fed’s latest actions have in part been forced by Trump’s tax policies.
Trump also threatened to impose tariffs on ALL Chinese imports if China didn’t bow to his demands to change its trade policies. This sent the European markets a little lower, as Europe is also in Trump’s firing line.
Today we have existing home sales in June and tomorrow sees composite, manufacturing and services PMI for July. On Wednesday we have new home sales in June and on Thursday, durable goods orders for the same month. The main release comes on Friday, with the quarter-on-quarter GDP growth rate scheduled.
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