USD stays under pressure on politics

25 July, 2017

The greenback’s outlook remains fragile, with US politics still in centre stage, noted FX Strategists at UOB Group.

Key Quotes

“The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected readings on the US economy, as investors kept a wary eye on developments concerning possible ties between Russia and aides to US President Donald Trump. Jared Kushner, Trump's son-in-law and senior advisor, told Senate investigators on Monday he had met with Russian officials four times last year but said he did not collude with Moscow to influence the 2016 US election”.

“On the macro front, the US Markit PMI flash manufacturing reading for July increased to 53.2 from the June reading of 52.0. This was above consensus estimates of 52.2 and the highest reading for 4 months. The services-sector index was unchanged on the month at 54.2, in line with consensus forecasts. The composite output index strengthened to a six-month high of 54.2 from 53.9 previously”.

“US existing home sales declined 1.8% for June to an annual rate of 5.52mn from 5.62mn the previous month. This was slightly below consensus forecasts of 5.58mn and the second lowest reading of 2017, although there was still a 0.8% increase in sales. Today, the May S&P Case-Shiller house price index keeps the housing theme going, with July consumer confidence and Richmond fed surveys are also due. The US corporate earnings diary is a busy one with the likes of Caterpillar, General Motors, McDonalds, 3M, United Technologies and AT&T reporting”.

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