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US Dollar Rebounds as Fed Rate Expectations Shift

The USD has recovered its recent losses against both GBP and EUR. At Jackson Hole, Kevin Warsh the chairman of the Federal Reserve gave his view of the US economy and markets did see it as a more hawkish tone. Warsh delivered remarks of the importance of the inflation target and price stability for the US. The USD has gained support after this and we see that repricing for September’s interest rate decision has shifted. Bloomberg now shows a 74% change of a hike in September, up from 34% ahead of his speech. The Federal Reserve will now carefully watch US data being released, with focus on jobs and inflation readings. Non-farm payroll is released this Friday and inflation figures are out next week, which can contribute to further volatility to markets.

For today, we started the morning with UK housing prices. After last month seeing a setback in negative territory, -0.1%, August figures did bounce back month-on-month with an improvement of 0.2%. Overall we’re seeing that the housing market is fighting in the current economic landscape and finding difficulties for relief and increasing property prices.

Germany did release retail sales for August and its figures showed concerns. Last month came in at 0% and forecasting suggested an uplift to 0.4%, in reality we saw a setback for the German retail sector by -3.4%.

GBP/EUR 1.1666 GBP/USD 1.3529 GBP/AED 4.9719

GBP/AUD 1.8848 GBP/CHF 1.0958 GBP/CAD 1.8772
GBP/NZD 2.2964 EUR/USD 1.1583 GBP/ZAR 21.9074

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