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  • Dollar Rebounds On Fairly Strong Economic Data
    on July 30, 2021 at 10:45 pm

    The U.S. dollar scored gains against most of its major rivals on Friday, rebounding fairly strongly after recent losses, reacting to some strong economic data. Comments from St. Louis Federal Reserve President James Bullard that the Fed should start reducing its monthly bond purchases this fall and cut them "fairly rapidly" so the program ends in the first months of 2022 to pave the way for a rate increase that year if needed. The Commerce Department released a report that showed an unexpected increase in personal income in the month of June. The report showed personal income inched up by 0.1% in June after tumbling by a revised 2.2% in May. Economists had expected personal income to dip by 0.3%. Meanwhile, the data showed personal spending jumped by 1% in June after edging down by a revised 0.1% in May. Economists had expected personal spending to increase by 0.7% in the month. Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised. The dollar index, which edged down to 91.78 in the Asian session, recovered gradually and climbed to 92.20 around mid afternoon and has been staying firm since then. At 92.14, the index is now up 0.3% from the previous close. Against the Euro, the dollar firmed to $1.1864, from $1.1889. A flash estimate from Eurostat showed that eurozone gross domestic product expanded 2% sequentially, reversing the 0.3% drop posted in the preceding period. The growth rate was bigger than the expected 1.5%. On a yearly basis, GDP rebounded 13.7% after shrinking 1.3% in the first quarter. GDP was forecast to grow 13.2%. Separate data from Eurostat showed that Eurozone inflation rose to 2.2% in July from 1.9% in June. The rate was above the expected 2%. The Pound Sterling shed ground against the dollar, dropping to $1.3897 a unit from $1.3961 Thursday evening. Againt the Yen, the dollar climbed, fetching 109.72 yen a unit, compared to previous close of 109.49 yen a dollar. Industrial output in Japan advanced a seasonally adjusted 6.2% on month in June, the Ministry of Economy, Trade and Industry said. That beat expectations for an increase of 5% following the downwardly revised 6.5% contraction in May. Against the Aussie, the dollar strengthened to 0.7340, gaining from 0.7396. The Swiss franc slightly up at 0.9058 a dollar. A report from Swiss Economic Institute said the KOF Economic barometer in Switzerland fell to 129.8 in July, from a downwardly revised 133.2 in June. It is the second consecutive fall from a record value in May but the barometer remained clearly above the long-term average of 99.3. The dollar retreated against the Loonie after showing some strength earlier in the day. It was hovering around 1.2475 a unit of the Canadian currency a little while ago, about 0.22% down from Thursday evening. The material has been provided by InstaForex Company - www.instaforex.com

  • Treasuries Move Higher As Inflation Reading Comes In Below Estimates
    on July 30, 2021 at 9:21 pm

    After ending the previous session roughly flat, treasuries moved to the upside during the trading day on Friday. Bond prices moved higher early in the day and remained firmly positive throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3 basis points to 1.239 percent. The strength among treasuries was partly attributed to a reading on inflation said to be preferred by the Federal Reserve increasing by less than expected. A report from the Commerce Department showed its reading on the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May. Economists had expected the pace of growth to accelerate to 3.7 percent. The Commerce Department report also showed personal income inched up by 0.1 percent in June after tumbling by a revised 2.2 percent in May. The uptick surprised economists, who had expected personal income to dip by 0.3 percent compared to the 2.0 percent slump originally reported for the previous month. Meanwhile, the Commerce Department said personal spending jumped by 1.0 percent in June after edging down by a revised 0.1 percent in May. Economists had expected personal spending to increase by 0.7 percent compared to the unchanged reading originally reported for the previous month. The report also showed the annual rate of core consumer price growth crept up to 3.5 percent in June from 3.4 percent in May. Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised. The monthly jobs report is likely to be in the spotlight next week, while traders will also keep an eye on reports on manufacturing and service sector activity, factory orders and the U.S. trade deficit. The material has been provided by InstaForex Company - www.instaforex.com

  • Crude Oil Futures Settle Modestly Higher For The Day, Gains 2.6% In Week
    on July 30, 2021 at 9:18 pm

    Crude oil futures settled higher on Friday amid hopes energy demand will grow faster than supply despite a resurgence in coronavirus infections across the globe. West Texas Intermediate Crude oil futures for September ended up by $0.33 or about 0.5% at $73.95 a barrel, after climbing to a high of $74.23 a barrel. WTI Crude futures gained about 2.6% in the week. Oil futures added 0.7% in July, gaining for a fourth straight month. Brent crude futures were up $0.17 or 0.22% at $75.27 a barrel a little while ago. A report from Baker Hughes today said the number of active U.S. rigs drilling for oil dropped by two to 385 this week, falling for the first time after four weeks. The total active U.S. rig count, which includes those drilling for natural gas, declined by 3 to 488. Although coronavirus cases are rising in the U.S., Asia and parts of Europe, traders hope higher vaccination rates would help demand grow faster than supply. Meanwhile, Saudi Arabia is expected to raise prices across various grades of crude oil it sells to Asia in September for a second straight month, says a report from Reuters. The material has been provided by InstaForex Company - www.instaforex.com

  • Gold Futures Settle Lower As Dollar Rebounds
    on July 30, 2021 at 8:57 pm

    Gold futures settled lower on Friday, as prices came off a multi-week high, after the dollar strengthened, rebounding fairly strongly from recent losses. The dollar, after hovering near a four-week low after Fed Chair Jerome Powell said earlier this week the U.S. job market still had some ground to cover before it would be time to pull back support and that the Fed was "ways away" from considering rate hikes, recovered gradually today. The dollar index, which edged down to 91.78 in the Asian session, rose to 92.20, gaining more than 0.35%. Gold futures for December ended down by $18.60 or about 1% at $1,817.20 an ounce, after settling at a six-week high on Thursday. Gold futures gained about 0.9% in the week and climbed 2.6% in July. Silver futures for September ended the session with a loss of $0.235 or 0.9% at $25.547 an ounce, while Copper futures for September settled at $4.4825 per pound, down $0.0410 or 0.9% from the previous close. Silver futures shed about 2.5% in the month, while copper futures climbed 4.5% in the month. In U.S. economic news, the Commerce Department released a report that showed an unexpected increase in personal income in the month of June. The report showed personal income inched up by 0.1% in June after tumbling by a revised 2.2% in May. Economists had expected personal income to dip by 0.3%. Meanwhile, the data showed personal spending jumped by 1% in June after edging down by a revised 0.1% in May. Economists had expected personal spending to increase by 0.7% in the month. Revised data released by the University of Michigan showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised. The material has been provided by InstaForex Company - www.instaforex.com

  • Portugal GDP Rebounds In Q2
    on July 30, 2021 at 6:07 pm

    Portugal's economy expanded in the second quarter after contracting in the previous three months, as activity began to gradually recover after a lockdown to curb the a fresh wave of the coronavirus pandemic. Gross domestic product grew 4.9 percent from the first quarter, when it shrunk 3.2 percent, preliminary estimates from Statistics Portugal showed Friday. "There was a general confinement due to the worsening of the pandemic, followed by a plan to gradually reopen the economy as of mid-March," the statistical office said. Quarterly growth was largely driven by the positive contribution of domestic demand and a less negative contribution of net external demand. Year-on-year, GDP rose 15.5 percent in the second quarter after a 5.3 percent fall in the previous quarter. The increase was the first since the fourth quarter of 2019. "This evolution is influenced by a base effect, as the restrictions imposed on economic activity as a result of the pandemic were felt more intensely in the first two months of the second quarter of 2020, leading to unprecedented contraction of economic activity," Statistics Portugal said. The material has been provided by InstaForex Company - www.instaforex.com

  • Austria Economy Rebounds In Q2
    on July 30, 2021 at 5:49 pm

    Austria's economy rebounded strongly in the second quarter to exit a recession, preliminary estimates from the economic institute WIFO showed Friday. Gross domestic product grew 4.3 percent from the first quarter when the economy shrank 1.1 percent. Economists had forecast 3.5 percent growth. In the final three months of 2020, GDP decreased 3.1 percent. Year-on-year, GDP rose 11.4 percent in the second quarter after a 4.5 percent slump in the previous three months. Consumer demand and activity in the consumption-relevant service sectors increased as measures to contain the spread of the Covid-19 pandemic were relaxed. Private consumption increased 3.8 percent quarterly after falling in each of the previous two quarters. Investments continued to grow, up 2.1 percent in the second quarter. Exports and imports rebounded with growths of 14.9 percent and 9.8 percent, respectively. The industrial economy continued to recover in the second quarter, while construction shrank. The material has been provided by InstaForex Company - www.instaforex.com

  • U.S. Consumer Sentiment Drops Slightly Less Than Initially Estimated In July
    on July 30, 2021 at 4:40 pm

    Revised data released by the University of Michigan on Friday showed consumer sentiment in U.S. decreased by slightly less than initially estimated in the month of July. The report said the consumer sentiment index for July was upwardly revised to 81.2 from a preliminary reading of 80.8 but remains below the June reading of 85.5. Economists had expected the index to be unrevised. "The largest monthly declines remained concentrated in the outlook for the national economy and complaints about high prices for homes, vehicles, and household durables," said Surveys of Consumers chief economist Richard Curtin. He added, "While most consumers still expect inflation to be transitory, there is growing evidence that an inflation storm is likely to develop on the not too distant horizon." One-year inflation expectations jumped to 4.7 percent in July from 4.2 in June, while five-year inflation expectations were unchanged at 2.8 percent. The report also showed the current economic conditions index fell to 84.5 in July from 88.6 in June, while the index of consumer expectations slid to 79.0 from 83.5. A separate report released by the Conference Board earlier this week unexpectedly showed a slight improvement in its reading on consumer confidence in July. The Conference Board said its consumer confidence index inched up to 129.1 in July from an upwardly revised 128.9 in June. Economists had expected the index to drop to 124.9 from the 127.3 originally reported for the previous month. With the unexpected uptick, the consumer confidence index reached its highest level since hitting 132.6 in February of 2020. The material has been provided by InstaForex Company - www.instaforex.com

  • Chicago Business Barometer Unexpectedly Indicates Faster Growth In July
    on July 30, 2021 at 4:19 pm

    A report released by MNI Indicators on Friday unexpectedly showed a notable acceleration in the pace of growth in Chicago-area business activity in the month of July. MNI Indicators said its Chicago business barometer jumped to 73.4 in July from 66.1 in June, with a reading above 50 indicating growth. Economists had expected the business barometer to come in unchanged. The unexpected increase by the business barometer came as the production index surged up by 8.8 points to a two-month high, as demand remained high and some firms benefited from supply chain issues. The report said the new orders index also shot up by 5.4 points during the month, while the employment index increased by 3.4 points. The supplier deliveries index was unchanged at its highest level since March of 1974, with firms noting that delivery delays and a lack of workforce availability remained a problem. MNI indicators said the prices paid index edged down by 0.3 points but remained at a historically high level amid higher prices for materials and freight. The material has been provided by InstaForex Company - www.instaforex.com

  • Dollar Little Changed After U.S. Consumer Sentiment Index
    on July 30, 2021 at 4:04 pm

    The University of Michigan's final consumer sentiment index for July has been released at 10:00 am ET Friday. After the data, the greenback changed little against its major opponents. The greenback was trading at 109.71 against the yen, 1.1877 against the euro, 1.3947 against the pound and 0.9066 against the franc around 10:02 am ET. The material has been provided by InstaForex Company - www.instaforex.com

  • *U.S. Consumer Sentiment Index Upwardly Revised To 81.2 In July
    on July 30, 2021 at 4:00 pm

    U.S. Consumer Sentiment Index Upwardly Revised To 81.2 In July The material has been provided by InstaForex Company - www.instaforex.com

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  • US stock market and tourism hinder economic growth
    on July 30, 2021 at 3:05 pm

    Although the US economy has gained steam over the past few months, not all sectors seem to be able to recover at a rapid pace. Among those that are lagging and even hampering the overall growth are tourism and the stock market.Returning to pre-crisis levels has proven to be rather difficult for the US economy. Of course, the world's leading economy is handling the coronavirus crisis much better than others. Nevertheless, it is too early to talk about full recovery since such a key industry in the US economic activity as tourism is still struggling to bounce back from the devastating impact of the pandemic. According to Omer Zarpli, a researcher in political science at the University of Pittsburgh, the tourism industry in the United States tumbled by 69% over the year, in the European Union - by almost 90%, and in the UK - by 73%. Given that the US is not the worst-hit country in this regard, it has not yet been able to revive tourism and is unlikely to succeed in the near future.The stock market is ranked second on the list of the sectors inhibiting the US economic recovery from the crisis. This sector used to generate investments in the country’s economy through Americans or foreign investors’ extra free cash. Nowadays, the back-to-normal index reflects global changes in the US economy, signaling that it is operating 7% below normal.The material has been provided by portal MT5.com - www.mt5.com

  • Aging population may hit US economy like 'ton of bricks'
    on July 30, 2021 at 11:12 am

    US lawmakers are well-known for their saucy and colorful comparisons. Yet, oftentimes they reflect quite well the brutal reality. Nowadays, the world is facing rapid aging of the population. The US is very concerned about this issue. Commerce Secretary Gina Raimondo said that "America's aging demographics were going to hit the country 'like a ton of bricks'.The secretary stressed that currently 16% of the US population of 328 million people, or 54 million, are over the age of 65. By 2030, that number will increase to 74 million people. In addition, the number of people over the age of 85 is growing rapidly. Therefore, the problem of the aging population is getting more serious every year. The US takes great care of its senior citizens. It provides them with financial support and gives them many other benefits. However, as the number of senior citizens is rising, the government will have to increase federal aid. Naturally, it may increase the burden on the federal budget even more. In the next 10 years, the US authorities plan to allocate $400 billion to secure $400 billion in spending for at-home care for the elderly and disabled. At the same time, politicians cannot reach an agreement on the issue of increasing medical care costs.Raimondo also said that "1.5 million women still had not returned to the workforce after exiting during the pandemic to care for children whose schools had closed, and elderly and disabled relatives." "We can't afford for half of our workforce - women - to be held back and held out of the workforce because they can't get excellent and adequate childcare or eldercare. Just giving those women a raise would be a huge boost to our economy ... and a huge drag on the economy if we don't get it done," Raimondo said.The material has been provided by portal MT5.com - www.mt5.com

  • Delta variant poses major risk to global economic recovery
    on July 30, 2021 at 11:07 am

    The media is currently widely discussing the topic of the third wave of the pandemic. The new strain of coronavirus, its Delta variant, is spreading rapidly. Many experts have already called the Indian strain one of the biggest risks to global growth. Apparently, the world community has prematurely declared victory on COVID-19.This is why analysts around the world are voicing concerns. The greenback has asserted strength amid coronavirus worries. Moreover, markets are now overheated. If the economic outlook worsens, the US currency is highly likely to soar. The US dollar index may reach 95 or even 100. In case this forecast turns out to be correct, the yen is likely to be the only currency that will not give in to the rising US dollar.The commodity market has recently entered the correctional phase. Oil prices remain almost unchanged. Traders hope for the positive outcome of negotiations on Iran's nuclear program. So far, there has been no progress yet. If the parties reach a consensus, oil may gain bullish momentum. The only positive news for the oil market was the decision of OPEC members to extend the deal. Nevertheless, it is not recommended to bet on the strengthening of commodity currencies against the US dollar.US indices are showing steady growth. Stocks included in the NASDAQ Composite index are constantly rising. If the epidemiological situation in the United States does not worsen and Jerome Powell does not announce the tapering of the bond-buying program, the index is highly likely to move to new highs.The material has been provided by portal MT5.com - www.mt5.com

  • US dollar rallies as Fed downplays inflation concerns
    on July 29, 2021 at 2:47 pm

    The US dollar continues to show strong performance. The rapid pace of the US economic recovery as well as the risks posed by a devastating third wave of the coronavirus pandemic have contributed to stronger demand for the greenback.The value of the US dollar against a basket of six world currencies has almost reached its April high and is currently trading at 92.78. The euro lost 0.7% against the US dollar, falling below its 3-month low, $1.1778. The dollar’s rally was also supported by a record surge in US consumer prices. The inflation rate in the country jumped by 5.4%, hitting a 13-year high. Core inflation rose by 4.5%, posting the largest increase since 1991. This was supposed to trigger a swift monetary policy tightening response from the Fed. However, the regulator sees this explosive rise in consumer prices as a temporary phenomenon. Indeed, inflation may slow down in the coming months. Nevertheless, it will take quite a while, especially given a booming US economy and Americans with their pockets full of money. According to ING Chief International Economist James Knightley, considering the pandemic and its impact, supply chain disruptions, as well as labor shortages, demand seems to be outstripping economic growth. This year, the Fed will have to at least start winding down its bond-buying program that implies $120 billion in monthly bond purchases, Knightley believes. This, in turn, will most likely support the US dollar, he notes.The material has been provided by portal MT5.com - www.mt5.com

  • American bluff and Chinese warning: the US is afraid of China!
    on July 29, 2021 at 9:17 am

    The United States will not be afraid to impose new sanctions against China, if necessary, and will not pay attention to retaliatory measures. After all, the Chinese must pay for violating international norms. It was with this attitude that the first US Deputy Secretary of State, Wendy Sherman, was sent to China for negotiations. This is like the official version. In fact, Joe Biden sent Sherman as a secret agent to clarify the prospects for a summit meeting. Anyway, the trip marked the first visit to China of the new American administration. The negotiations were held on July 25 and 26, the conclusions should be made.If the United States does not learn to deal with other countries on an equal footing, we together with the international community are obliged to teach them a good lesson. This is how the American guests were greeted. It is unlikely that the Chinese were shy in their expressions later.China rocks – why not? If the Chinese were wary of Donald Trump because they did not quite understand what kind of billionaire he was, who unexpectedly took office as the president of the United States. Trump's words and actions sometimes defied explanation, it was not easy to understand and predict him. Joe Biden, on the other hand, has studied China well and for a very long time.Biden himself likes to talk about how well he knows Xi Jinping and how many face-to-face meetings he held with him during the times when they both were vice presidents. However, a good acquaintance is not in a hurry to meet with Biden, though he flew to Trump just two months after his appointment, besides violating protocol. It was America's turn to pay a visit to China.Xi will not go to the United States, although it is his turn now. There is no need. Biden will also abstain. By the way, no one invites him. There remains a meeting on neutral territory – at some summit. The earliest one is in Rome at the end of October.Now China feels confident and, judging by the tone of the Chinese negotiators, it will still get on America's nerves.The material has been provided by portal MT5.com - www.mt5.com