Source: Bureau of Economic Analysis US Gross Domestic Product increased at a 6.5% annual rate in the second quarter compared to 6.3% in the first quarter. SPY is up + 0.40%, DXY is down -0.34%. The current-dollar GDP rose 13% annual rate of $684.4 billion in the second quarter to level at $22.72 trillion.The price index for gross domestic purchases rose 5.7% in … [Read more...] about Economic Recovery Puts Real GDP at 6.5% Growth, an Uptick from the Last Quarter
Forex News
US Jobless Claims Drops 24,000 To 400,000 As Economy Rebounds
Source: US Department of Labor. Weekly jobless claims decreased by 24,000 to 400,000 from the upwardly revised 424,000 in the previous period. DJI down -0.36%, EURUSD up +0.31% The seasonally adjusted insured employment rate remained unchanged from previous week’s unrevised rate at 2.4%. The advanced number of insured unemployment rate for the week ended July … [Read more...] about US Jobless Claims Drops 24,000 To 400,000 As Economy Rebounds
Dovish Fed Upbeat About Economic Recovery Despite Surge in Coronavirus Cases
Source: The Federal Reserve The Federal Reserve chose to keep interest rates and bond-buying unchanged but remained optimistic the economic recovery is on track despite the rise in the Covid cases. SPY is up +0.21% on premarket, DXY is down -0.25%. The Fed said it would reduce the $120 billion in monthly bond purchases once it sees strong payroll numbers, saying the … [Read more...] about Dovish Fed Upbeat About Economic Recovery Despite Surge in Coronavirus Cases
China’s Central Bank Injects $4.6 Billion Cash to Soothe Market Crackdown Fears
Source: Bloomberg The People’s Bank of China injected 30 billion yuan or $4.6 billion of liquidity into its financial system in further moves to cool the market from regulatory fears. CSI 300 is up +1.89%, Hang Seng Index is up +3.30%, USDCNY is down -0.49%. PBOC’s move is a shift from its usual daily liquidity operations amid seasonal liquidity tightness in the … [Read more...] about China’s Central Bank Injects $4.6 Billion Cash to Soothe Market Crackdown Fears
China’s Regulator Move to Cool Markets Sends Major Stock Indexes Higher
Source: Bloomberg Chinese security regulator convened an urgent virtual meeting with banking executives on Wednesday helping its under-pressure stock indexes surge. CSI 300 is up +0.19%, Hang Seng Index is up +1.54%. The China Securities Regulatory Commission grew concerned about the rout in stocks and convened a meeting with banking executives on Wednesday night to … [Read more...] about China’s Regulator Move to Cool Markets Sends Major Stock Indexes Higher
