The dollar is stuck around some of its lowest levels of the month after further dovish signals on US interest rates from the chairman of the Federal Reserve.
Jay Powell’s pledge to the Senate Banking Committe that the central bank was in “no rush” to make a judgment on rates amid conflicting signals from the US economy left the dollar index looking exposed. After a fall of 0.4 per cent over the previous session, it has bounced back by 0.1 per cent to 96.112, off its low point for February touched on Tuesday at 95.940
China’s stocks are drifting further away from the eight-month highs hit earlier in the week when Washington put back the deadline for the imposition of deeper tariffs on imports from the country.
European equities are slipping as investors wait for further clear signs of a breakthrough in the trade dispute. Geopolitical tension between India and Pakistan and the upcoming summit between the US and North Korea are adding to the sense of caution.
Futures trade expects Wall Street’s S&P 500 to slip 0.2 per cent.
- Eurozone business climate and economic sentiment data for February are due at 10.00
- US home improvement retailer Lowe’s reports earnings before the Wall St open
- Data on US factory and durable goods orders are published at 3pm London time