Macroeconomics

As with the rest of the world, the financial markets were in ‘holiday spirits’ during the period under review (July 13-27).

Mr. Greenspan appeared to take heed of our previous MI as he stopped the USD descending again. His indication was that the interest rates in relation to the dollar would be raised incrementally. In his opinion, the US economy was still on a path of robust growth, and in response to this, sellers of the Greenback decided it was again a good investment opportunity. So, we are back where we were a month ago and it seems the exchange rate – for the moment – has returned to the ranges seen in the spring of this year.

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