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Mixed week for the U.S. dollar as geopolitical news and macro economic updates eventually split the performance to wins against the comdolls & Sterling, but losses to the safe haven yen and Swiss franc.
United States Headlines and Economic data
Monday:
- China reportedly halts US agricultural imports in retaliation for Trump’s tariff increase – this headlines sparked volatility right at the week’s start, pushing the Greenback to out perform the comdolls & Sterling on Monday, while losing out to the safe havens (yen & franc) and euro.
- China takes on Trump by weakening Yuan, halting crop imports
- ISM Non-manufacturing Business Activity Index at 53.1%; New Orders Index at 54.1%; Employment Index at 56.2%
- IHS Markit US Services PMI: New business growth accelerates to four-month high in July
- Former Fed chairs Volcker, Greenspan, Bernanke and Yellen call for independent central bank
Tuesday:
- Geopolitical updates had global risk sentiment on a roller coaster ride during the Asia trading session. First, a downward move in risk and the U.S. dollar in reaction to the U.S. officially labeling China as a currency manipulator. The turn around later came when the PBOC made moves to limit the weakness in the yuan.
- San Francisco Fed’s Daly says she’s focused on trade tensions
- Kudlow: Trump is flexible on China tariffs depending on how trade talks go
- Job Openings in the U.S. Remained Elevated in June
- Fed’s Bullard sticks with his outlook for one more 2019 rate cut
Wednesday:
- Trump calls for the Fed to cut rates ‘bigger and faster’ and says China is not the problem
- Fed’s Evans signals support for reducing borrowing costs further
- The combination of calls from both the President of the U.S. and the Federal Reserve is likely what had USD pairs broadly moving lower on the session.
- U.S. consumer credit increased less than forecast in June
Thursday:
- U.S. weekly jobless claims fall; labor market strong
- U.S. June wholesale inventories revised lower
- Trump voices dismay over strong Dollar, renews Fed cut call
Friday:
- Trump says US is not going to do business with Huawei, not ready to make a trade deal with China – this headline sparked global risk aversion sentiment once again to close out the week, causing the U.S. dollar to lose out against the safe haven majors (yen & Swiss franc) while beating the comdolls & the British pound on Friday.
- Trump says U.S. economy ‘handcuffed’ by Fed, wants further rate cut