Following the Sterling’s slump on Monday, after Boris Johnson's comments, the Pound has once again declined below a key psychological level. It is now back down to an eight year low against the Greenback. Ministers in the UK Government have been taking their positions on the debate throughout the day yesterday. The Euro has also depreciated against the Dollar after this political news.
In terms of the economic docket, the US released their Consumer Confidence and Existing Home Sales numbers. Consumer Confidence failed to meet economist’ consensus posting a reading of 92.2, its worst figure this year. However, Existing home sales in the US helped to stabilize the Dollar, exceeding forecasts of 5.37M and registering a reading of 5.47M, a five month high.
Today seems to be the quietest day of the week with no high tier data released. However, we do have the release of the US New Home Sales figure where the figure is expected to decline. This is followed by US Crude Oil Inventories which measures the change in the number of excess oil held by commercial firms.