dollar currency update

The dollar took third place for the week behind Japan’s yen and Britain’s pound

It lost half a cent to sterling and picked up seven eighths of a cent against the euro. Compared with the other majors it is on average fractionally ahead over the last month. There were rather more misses than hits among the US economic data but none of the misses was a key statistic. Arguably the most important, the Michigan index of consumer sentiment, came in at a provisional 99.1, only marginally down from last month’s 99.3. Industrial production was also lower on the month but was skewed by “a large decrease in demand for heating, as unseasonably warm weather in December followed unseasonably cold weather in November”.

At the end of last week it emerged that the US President intends to have another try at getting his adviser Judy Shelton onto the Federal Reserve board. She is a little controversial, in that she advocates a return to the gold standard that had to be abandoned as unworkable in 1976.

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