020 7898 0500The dollar weakened against sterling and the euro yesterday, although the stock market is climbing higher and higher. Indeed, the Dow Jones industrial average has climbed around 25% in the last 11 months. Donald Trump sent a series of Tweets complaining that the so-called ‘Trump rally’ isn’t receiving the coverage it should. That might be true, but whether or not it is down to Trump’s presidency is perhaps less debatable.
Meanwhile, the Federal Open Market Committee meeting minutes were released and showed that a US interest rate rise in December is highly likely. This news comes despite low inflation, as officials debated over whether this was down to one-time factors or something more permanent.
Finally, two Federal Reserve members, Jerome H. Powell and Lael Brainard are due to speak later today. It will be interesting whether they reiterate the sentiment that a third US rate hike in 2017 is necessary.
