The Chairman of the Federal Reserve over the weekend chose to keep his hands very close to his chest with regards to the future prospect of the US Interest rate suggesting that it was once again a wait and see moment.
This all comes from pressure from President Donald Trump who over that last few weeks has called for drastic measures to cut US interest rates in order to make borrowing more in line with the rest of the world.
Powell who hasn’t been afraid to stand up against the outspoken President chose the Jackson Symposium speech to defy Trump and suggest that it’s still not clear what the best route for the US Federal Reserve would be.
Powell finds himself in a difficult position currently as arguably his best route is to follow Trump’s comments and complete an interest rate cut once again this year however, he doesn’t want to appear to be succumbing to the President.
Trump whilst at the G7 has appeared to take more of a serious stance with China and after announcing more tariffs believes the Chinese are desperate to come back to the negotiating table.
Trump announced he had received a few phone calls from the Chinese negotiators and now expects there to be some progress, arguably it may be that Trump is going to get his own way with the trade war finally serving its progress.
US data comes thick and fast this week with Non-Defense Capital Goods Orders with Durable Goods orders for July yesterday. Following on from that today we will see Consumer Confidence data for the previous month followed by GDP data.
If you have an upcoming currency transfer, you may wish to contact your account manager for the latest currency news.
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