MARKET UPDATE 18-Jul-18

The US dollar gained a bit more support this morning, after the Fed Chairman gave an upbeat outlook for the US economy. He reinforced views that the Fed was on track for gradual interest rate hikes. He also talked about trade disputes between the U.S. and its trading partners, saying it was “difficult to predict” the implications of those on the economy.

Wall Street stocks closed higher yesterday, with the Dow Jones Industrial average posting its fourth consecutive session of gains, after Powell’s optimistic analysis of the US economy.

UK employment data for May showed an expected drift back to 2.7%, though the unemployment remained low at 4.2%. Meanwhile, the sterling has come under pressure over Brexit concerns.

FX Rates 18.07.18

 

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