The Greenback takes the top spot this week thanks to a positive turn in the U.S.-China trade story, calming last week’s extreme fears of a full out war between the two countries.
United States Headlines and Economic data
- Trump moves to cool tension over China, Iran as G7 summit wraps up
- Trump says US and China to resume trade talks – this was the catalyst for the big market sentiment turn around just before the European session open from the extreme negativity sparked during last Friday’s events. The U.S. dollar rallied on the news that “China called the U.S.” to restart trade talks, even after Chinese media debunked the idea that China called the U.S. over the weekend, and managed to hold its gains through the whole week.
- Durable goods orders jump in July, boosted by Boeing orders
- U.S. business investment appears weak in third quarter
- Manufacturing Activity Moderate in August — Richmond Fed
- U.S. house prices rise in June, but momentum slowing
- US consumer confidence dips in August
- U.S. mortgage applications drop in latest week: MBA
- Fed’s Barkin Says Economy Looks ‘Great’ But Uncertainty Elevated
- Broad mover higher in the Greenback against the major currencies during the morning London session, possibly on the news that China won’t retaliate to new U.S. tariffs and their rhetoric on resolving the trade dispute with a ‘calm attitude.’ It showed China isn’t looking to escalate the trade war further which calmed down fears of further damage to the U.S. economy.
- U.S. weekly jobless claims increase slightly
- U.S. second-quarter GDP growth revised to 2.0%
- The U.S. Advance International Trade in Goods deficit decreased in July 2019 to $72.3B from $74.2B in June
- U.S. Pending Home Sales Drop Most Since Early 2018