US Growth Resilient, But Inflation Concerns Linger
An above-forecast first reading of Q2 US GDP and strong consumer spending data yesterday calmed equity markets, while the Q2 core PCE price index rose 2.9% compared to expectations of 2.7%.
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An above-forecast first reading of Q2 US GDP and strong consumer spending data yesterday calmed equity markets, while the Q2 core PCE price index rose 2.9% compared to expectations of 2.7%.
The JPY rebound has extended further today and is proving to be a wrecking ball for leveraged trades across a range of markets.
The USD rose 0.2% yesterday, reaching nearly two-week highs amid hedging flows ahead of U.S. tech earnings.
The week started on a bullish note in Europe and the US, as Joe Biden’s decision to leave the presidential race did not impact market sentiment.
The USD pared gains after a boost from above-forecast June retail sales data yesterday, closing the day marginally lower.
The US Dollar edged higher today due to several overnight events. First and foremost for financial markets was the interview with US Fed Chairman Jerome Powell, which disappointed traders hoping for guidance.
Yesterday’s US CPI data came in below forecast, with the headline reading receding by 0.1% in June, contrary to expectations of a 0.1% gain.
Jerome Powell, Chairman of the US Federal Reserve, will deliver the Semi-Annual Monetary Policy Report and testify before the Senate Banking Committee today.
A quiet day in the currency markets yesterday saw the USD fall 0.25%, marking its third consecutive daily loss, continuing to grind lower overnight ahead of today’s nonfarm payrolls (NFP) data.