USD weakness continues but no help to equities as Fed falls behind the curve

Week ending Friday July 28th 2017 The slump in the USD continued for a third week. This time it was only domestic drivers as the FOMC statement sparked a strong downward move of 0.5%, before a gradual recovery later on hopes of a Trump victory on Obamacare. This recovery was then crushed on Trump’s Obamacare defeat and less than sparkling GDP estimates. There was only a small movement in bond yields over the week but the dashing of any lingering near term rate rise expectations (and a move to only 50/50 for a rate in December) on the FOMC statement…

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