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Shocking trade war escalation sinks US stocks, sending risk appetite packing.  The Dow Jones Industrial Average closed down 623.34 points. Wall Street traders were all set for a positive day on the premise that the Federal Reserve’s Powell would advocate for precautionary measures to offset the ‘potentially’ adverse implications for an otherwise growing US economy.
Everything leaks Trump says he will announce something about China later today but earlier he also hinted on something about weakening the dollar. Some ideas: More tariffs Sanctions on China USD intervention Something on fentanyl (which he mentioned in the tweet) Whatever it is, I’d bet it’s going to leak before it comes out. Every
All eyes are on Jackson Hole ahead of the weekend In case you missed out on the post earlier, we’ll be seeing a host of central bankers at the Jackson Hole symposium this year. Fed speakers will be the ones to watch still amid everything else and here’s the list again for your convenience:ForexLive Of
US Dollar, Euro, Jackson Hole, Eurozone PMIs – TALKING POINTS Euro may fall vs. US Dollar if ECB minutes evoke ultra-dovish expectations Eurozone PMIs may exacerbate regional growth fears and undermine Euro Official commentary on growth outlook at Jackson Hole may spook markets Learn how to use political-risk analysis in your trading strategy! The Euro
North Korean state media quoted the Foreign Ministry spokesperson while flashing signs of an upcoming cold war between the hermit kingdom and the US. The news report says that the US’ recent mid-range cruise missile test and plans to deploy F-35 jets and offensive military equipment around the Korean peninsula were “dangerous” moves that would “trigger
CBA / Markit preliminary PMIs for August Manufacturing 51.3 vs. 51.6 in July Services 49.2 vs. prior 52.3 Composite 49.5 vs. prior 52.1 Weaker across both services and manufacturing (and therefore composite also)  CBA/Markit cite the key points: first reduction in output since March decline centred on the service sector New orders also decreased employment
Weekly EIA data showed larger-than-expected draw in US crude inventories. API on Tuesday also reported drop in US crude oil stocks. Easing concerns over prolonged US-China trade war help oil prices stay in green. Although the weekly data published both by the American Petroleum Institue (API) and the Energy Information Administration (EIA) this week showed larger-than-expected draws
Karen Jones, analyst at Commerzbank, suggests that GBP/USD’s rally has started to erode the 20 day ma at 1.2157 after last week the market based at 1.2015 and is correcting higher near term. Key Quotes “The market remains under pinned by the January 2017 low at 1.1988 (we have a 13 count on the daily
Philadelphia Fed non manufacturing general business activity 7.5 versus 21.4 last month Coming Up! Title text for next article Philadelphia Fed nonmanufacturing general business activity nonmanufacturing general business activity for the region 7.5 versus 21.4 last month nonmanufacturing general business activity for your firm 32.5 versus 24.6 last month (see chart above) new orders 9.4 versus