The buck’s decline hit the brakes overnight with most currencies around the same levels as yesterday.
Overview
This morning’s release of Initial Jobless Claims showed that another 1.3 million people seek help last week and Continuing Claims also rose slightly more than expected. Overall, the economic impact in the United States remains worrisome while data out of China indicated a 3.2% climb in Q2.
There are issues with consumption, which is making investors and traders doubt that the world can recover very quickly as it is clear people are not making the purchases seen pre-pandemic. We shall see if somehow this translates into a flight to safety that pushes dollar upward.
One positive from the slew of numbers was Retail Sales for June, which grew 6.7% over the 5.0% estimate. Stocks keep on climbing, but we may see some turbulence as earnings reports disappointed in European as well as Asian sessions. We shall keep an eye on anything related to medical progress as the key to any significant improvement to the economy.
What to Watch Today…
- No major events scheduled today
Complete Economic Calendar can be found here.
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EUR
The Euro and the European Central Bank did not have any surprises today with the shared currency’s flows silent after a non-decision announcement. Clearly by now, ECB officials have worked diligently in providing an accommodative environment to facilitate business activity throughout the continent.
The statements this morning did not come with any new revelations as Europeans look for more fiscal action in the midst of all tools from the central bank being thrown at the effects of the pandemic. Tomorrow will be a major moment as EU leaders gather to discuss the recovery aid package and the future of a post-Brexit union.
GBP
The Euro and the European Central Bank did not have any surprises today with the shared currency’s flows silent after a non-decision announcement. Clearly, by now, ECB officials have worked diligently in providing an accommodative environment to facilitate business activity throughout the continent.
The statements this morning did not come with any new revelations as Europeans look for more fiscal action in the midst of all tools from the central bank being thrown at the effects of the pandemic. Tomorrow will be a major moment as EU leaders gather to discuss the recovery aid package and the future of a post-Brexit union.
