Another rough week for the U.S. dollar as the Federal Reserve’s policies, uncertainty with the next U.S. government stimulus, and increasing coronavirus fears continued to weigh on the Greenback.
United States Headlines and Economic data
Monday:
Republicans to include $1,200 checks and smaller federal unemployment aid in new stimulus proposal
U.S. Durable Goods Orders Extend Substantial Rebound In June -“The Commerce Department said durable goods orders surged up by 7.3 percent in June after skyrocketing by a downwardly revised 15.1 percent in May.”
Texas factory activity continued to expand in July following a record contraction in the spring
Senate GOP unveils coronavirus relief plan with 70% wage replacement in unemployment insurance
Six U.S. states see record COVID-19 deaths, Latinos hit hard in California
Tuesday:
Second U.S. Republican says will vote against Trump Fed pick Shelton
The Richmond Fed manufacturing index rose from 0 in June to 10 in July
US Home prices rose at a slower rate in May, according to S&P Case-Shiller
McConnell says he will not negotiate with Democrats on liability protections in coronavirus bill
Wednesday:
U.S. goods trade deficit narrows; global flow of goods improving – “The goods trade deficit dropped 6.1% to $70.6 billion last month. Exports of goods accelerated 13.9% to $102.3 billion, eclipsing a 4.8% increase in goods imports to $173.2 billion. Goods imports fell in May to their lowest level since July 2010.”
Trump says administration, Democrats far apart on coronavirus relief bill
Powell: Economic recovery depends on success in controlling pandemic
Powell: Business investment not yet recovering
Thursday:
Second-quarter US GDP plunged by worst-ever 32.9% amid virus-induced shutdown – this was better than expectations of around -34.7%, but still the worst period ever.
U.S. weekly jobless claims rise for a second straight week, total 1.434 million – “Continuing claims — which are composed of those receiving unemployment benefits for at least two straight weeks — rose by 867,000 to 17.018 million for the week ending July 18.”
U.S. economic growth revised slightly down in 2019
Trump floats delaying election despite lack of authority to do so
Florida faces pressure, sees record high virus deaths
Friday:
US consumer spending up 5.6%, but virus could stall gains
U.S. Consumer Sentiment Extended Its Decline in Late July – “The University of Michigan’s final sentiment index for July was 72.5, compared with a preliminary reading of 73.2 and June’s final reading of 78.1”
Chicago PMI rises to 51.9 in July, topping expectations