The dollar starts the week quietly and is holding onto gains made after Fed Chair Jay Powell served up a reminder that the hiking cycle is still live.
For this week, the FX market will be focusing on the October US CPI release, but especially US retail sales. Any softer figures here could see the dollar drift towards the lower end of its recent ranges. USD: Bouncing around in ranges It has been another quiet start to the week in the world of FX.
Clearly, our modestly bullish call on EUR/USD next year faces some challenges. GBP: Some independent weakness emerging There does appear to be a little independent weakness emerging in sterling, although the Bank of England's trade-weighted index is only off around 0.6% over the last few days. Quite a large 1.7% MoM drop in UK house prices will not have helped sterling either.
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