020 7898 0500The US dollar made gains against the euro and sterling yesterday which came about more as result of events in the UK and eurozone as opposed to the US. The impact of recent hurricanes reared its head as US consumer confidence dipped in September. The Conference Board’s consumer confidence index came in at 119.8 against an expectation of 120. However, given the destruction of Hurricanes Harvey and Irma it is not all that surprising.
Over in Cleveland, Fed Chair Janet Yellen gave a speech at the National Association for Business Economics Annual Meeting yesterday afternoon. Entitled ‘Inflation, Uncertainty and Monetary Policy’, Yellen struck a hawkish tone, saying that the Fed should be wary of moving too gradually and then hinted that there could be further interest rate rises in the near future.
Later today we have the monthly durable goods orders while Thursday sees the US GDP growth rate for the quarter. A positive reading could see further strengthening of the greenback.
