Dollar little changed after lackluster job data

Optimism for a COVID-19 vaccine initially caused a resurgence in equity interest but fizzled out overnight amid concerns of worsening US-China relations. US jobless claims fell less than expected and retail sales rose 7.5% in June, but were down 8.1% in a year over year comparison.

“I have learned over the years that when one’s mind is made up, this diminishes fear; knowing what must be done does away with fear.”
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    July 16, 2020

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  • USD

    The dollar stayed slightly higher amid Q2 earnings reports and mixed economic data. Jobless claims posted their smallest weekly decline since March with new claims coming in at 1.3M versus 1.25M expected. Continuing claims came in at 17.3M versus 17.5M expected. Additional stimulus talks are at a standstill with the current $600 per week for the unemployed set to end.


    UK unemployment data released this morning showed the economy rebounding more than anticipated with a reading of 3.9% vs a forecasted 4.2%. The pound recovered earlier lost ground versus the dollar and is net unchanged near the $1.2560 mark.


    The euro erased an earlier loss versus the dollar ahead of the ECB announcement and held steady after the central bank kept its emergency monetary stimulus program unchanged. 

    Oil retreated from a four-month high after the OPEC+ alliance confirmed they will be tapering production cuts starting next month. As a result, the Canadian dollar declined versus its US counterpart.
    Chinese YoY GDP for Q2 showed growth of 3.2%, a sign the economy is bouncing back. Behind the headline number, consumer spending was weaker than expected. President Xi Jingping reassured global companies that China continues to be a good place to do business despite the US’s push to isolate their geopolitical rival. President Trump has agreed to rule out additional sanctions on top Chinese officials for now.
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Kathryn Garvey
Kathryn Garvey

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