US Dollar Stays Weak Against Major Currencies

The US dollar is recovering slightly, but remains unstable against most of the major currencies. Political uncertainty in the US is one of the key factors in the weakness of the dollar.

The China’s PMI manufacturing fell to 51.4 in July. Industrial production in Japan grew by 1.6% mom in June. Housing starts in Japan grew by 1.7% yoy.

The RBA will announce its decision on monetary policy tomorrow. It is expected, that the bank will not bring any changes in monetary policy. At the July meetings, the RBA noted that the neutral nominal money rate currently stands at about 3.5%.

A meeting of the Bank of England will also take place this week. It is expected, that the interest rate will remain unchanged at 0.25%. The UK GDP grew by 0.3% in the second quarter of 2017.