"It pushed the US dollar index to a four-year low and continues to drive gold and silver to fresh record highs this morning. Trade and geopolitical uncertainty, tied to an increasingly unreliable American friend and ally, as well as growing concerns about what will happen to the Federal Reserve's credibility once Jerome Powell leaves office (it will fly out of the window), continue to weigh on the US dollar."
"Add to that the latest US consumer survey, which showed a sharp drop in consumer confidence, a marked deterioration in how households view the current situation, a decline in the share of consumers expecting income growth, and a steady rise in those saying jobs are hard to get. You get a pretty murky picture for the greenback and the two-speed US economy. Still, this will hardly convince the Fed to cut rates today or in the coming months."
A sharp sell-off pushed the US dollar index to a four-year low and propelled gold and silver to fresh record highs. Trade and geopolitical uncertainty, linked to an increasingly unreliable American ally, and worries about the Federal Reserve's credibility once Jerome Powell leaves weigh on the dollar. A US consumer survey showed a sharp drop in confidence, deterioration in households' view of the current situation, fewer expecting income growth, and more reporting jobs are hard to get, creating a murky outlook for the two-speed US economy. The Fed is unlikely to cut rates soon; Powell is expected to focus on economic data. US inflation has not surged due to tariffs.
Read at www.theguardian.com
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