The US dollar continues to grind higher, hitting fresh 3-month highs against a basket of its peers as global recessionary fears intensify. Sterling came under renewed pressure yesterday after the latest Halifax House Price data was released, showing the steepest year-on-year falls since 2009. The euro saw heavy selling as eurozone stagflation fears intensified, after GDP data came in lower than previously reported.
* Daily move - against G10 rates at 7:30am, 08.09.23
** Indicative rates - interbank rates at 7:30am, 08.09.23
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The dollar’s broad ascent continues, with the Chinese yuan falling to its weakest level in 15 years. Pressure on the Chinese economy is continuing to weigh on the currency, and despite the administration’s numerous stimulus measures the economic slowdown continues. The currency market’s attention will soon start to focus on the upcoming Central Bank interest rate meetings from the US, EU, and UK, where once again forward guidance will be the key driver.
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