” U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years and putting the economy on track to hit the Trump administration’s goal of 3 percent annual growth.
Gross domestic product increased at a 4.2 percent annualized rate, the Commerce Department said on Wednesday in its second estimate of GDP growth for the April-June quarter. That was slightly up from the 4.1 percent pace of expansion reported in July and was the fastest rate since the third quarter of 2014.
The economy grew at a 2.2 percent pace in the January-March period. The slight upward revision to growth last quarter reflected more business spending on software than previously estimated and less imported petroleum.
Stronger software investment and a smaller import bill offset a downward revision to consumer spending. President Donald Trump, whose administration has vowed to boost annual economic growth to 3 percent on a sustainable basis, cheered the revised second-quarter data.
“Our country is doing great!” Trump tweeted. ” […]
“The United States and Mexico agreed on Monday to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute settlement rules to remain part of the three-nation pact.
Auto stocks soared and the and the Nasdaq rallied to record highs on the expectation that Canada would sign onto the deal and ease the economic uncertainty caused by U.S. President Donald Trump’s repeated threats to ditch the 1994 accord.
Details of gains and concessions in the deal were only starting to emerge on Monday. Trump threatened he still could put tariffs on Canadian-made cars if Canada did not join its neighbors and warned he expected concessions on Canada’s dairy protections.”
” Making America great again isn’t proving so great for other parts of the world.
With the rise in the dollar and interest rates already squeezing emerging economies just as President Donald Trump’s trade war threatens China, the U.S. is set to be the only Group of Seven nation to see economic growth accelerate this year as Trump’s tax cuts kick in.
The end of the short-lived euphoria of a synchronized global upswing is already evident in financial markets. NatWest Markets notes its basket of so-called growth assets such as the Australian dollar and is down about 4.5 percent this year compared with the almost 7 percent gain of the Standard & Poor’s 500 Index.
The gap in performance “certainly captures the imbalanced nature of growth this year,” said Jim McCormick (NYSE:), head of cross-asset strategy at NatWest.
The global backdrop will frame discussions when the Federal Reserve holds its annual policy symposium this week in Jackson Hole, Wyoming, at which Chairman Jerome Powell will speak. The Fed’s two interest-rate hikes of 2018 have helped lift the dollar almost 6 percent on a trade-weighted basis this year, making it costlier for international borrowers to repay loans. ”
” The dollar edged higher against a basket of the other major currencies on Wednesday as investors awaited the outcome of trade talks between China and the U.S. this week and monitored growing political risks in the U.S.
The , which measures the greenback’s strength against a basket of six major currencies, edged up 0.13% to 95.26 by 04:03 AM ET (08:03 AM GMT) after falling 0.69% the previous day.
Market sentiment has been boosted by the between Washington and Beijing. ”
” The U.S. dollar pushed higher against a currency basket on Monday, buoyed by expectations for trade talks that investors hope will ease tensions between the U.S. and China.
The , which measures the greenback’s strength against a basket of six major currencies, edged up 0.1% to 96.11 by 03:41 AM ET (07:41 AM GMT) after falling 0.5% on Friday, the largest one day decline in almost a month.
Mounting tensions between the U.S. and its trading partners, along with a propelled the dollar to 14-month highs late last week. ”
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” The dollar slipped lower on Tuesday giving back some of the previous sessions gains, while the pound regained ground after falling to eleven-month lows amid worries over the growing prospect of a no-deal Brexit.
The , which measures the greenback’s strength against a basket of six major currencies, was down 0.17% to 95.03 by 03:29 AM ET (07:29 AM GMT), after edging up close to a one-year high of Monday.
Demand for the dollar continued to be underpinned by expectations for a faster pace of interest rates hikes from the Federal Reserve this year.
was up 0.15% to 1.2962 after falling as low as 1.2919 on Monday, pressured lower by fears that Britain is on course to with no deal.”
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“The dollar and the euro were little changed in rangebound trade on Wednesday as traders awaited a Federal Reserve policy announcement later in the day and looked ahead to Thursday’s European Central Bank meeting.
The , which measures the greenback’s strength against a basket of six major currencies, was trading at 93.88 by 03:46 AM ET (07:46 AM GMT), little changed for the day after rising 0.29%.
The Fed is widely expected to for the second time this year at the conclusion of its policy setting meeting later in the day. ”
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“U.S. President Donald Trump described his meeting with North Korea’s leader Kim Jong Un as “honest, direct and productive” after North Korea pledged to work towards complete denuclearization.
“We are ready to start a new history, to begin a new chapter between our nations,” Trump stated in a press conference on Tuesday following the signing of an agreement between the two nations.
The deal signed by both leaders highlighted four major points which included their commitment to establish new relations “in accordance with the desire of the peoples of the two countries for peace and prosperity”.
The U.S. and North Korea agreed to “join their efforts to build a lasting and stable peace regime on the Korean Peninsula”.
North Korea has further promised “to work toward complete denuclearization of the Korean Peninsula”.”
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The main political happening that we are waiting for is the Trump-Kim summit. I will probably share some infos about it…
The most importan economy datas will come from Great Britain, but we also have to be careful of US Core CPI, that will be published after the US market opening.
PAIRS TO CHECK
USDJPY is the only pair I see as a possible trading opportunity right now. I hope it will change and I will see lot more trading options later.
This pair can be a good one, because the JPY will probably become stronger, but the USD is not a safe pair, because of the Trump-Kim meeting.
Go to $100 to $1,000,000 to see the fresh trades and come back here to see the most important news, that shows you why market moved that way…
I wrote about the stronger JPY earlier in the daily MARKET REVIEW…
“The safe-haven yen edged higher while the Canadian dollar fell in early Asian trade on Monday after U.S. President Donald Trump threw the G7’s efforts to show a united front into disarray following a verbal spat with Canadian Prime Minister Justin Trudeau.
The yen, which is often used as a funding currency for riskier investments and tends to gain when investors’ risk appetite sags, rose 0.15 percent to 109.40 yen on the dollar.
The Group of Seven summit held in Canada laid bare a deep rift on trade and tariffs between Trump and other leaders as the U.S. president tweeted he was backing out of the joint communique and lashed out against Trudeau.
Trump has infuriated the European Union, Canada and Mexico by imposing tariffs on steel and aluminum imports, and the latest G7 jolt is expected to keep financial markets on tenterhooks amid fears of a global trade war.”