Weekly Market Snapshot – July 27th, 2020
Created by: Sam Tenney
- June Purchasing Managers Index (PMI) data came in at 52.6 on the index. While this is somewhat of a rebound in manufacturing data, given a PMI of 50 means no growth has occurred, losses on the index from the prior three months mean overall manufacturing activity in the US is still very depressed.¹
- The Dollar hit a two year low as of Monday, July 27th in global currency exchange markets, slipping 0.6%. Future expectations of more economic stimulus due to the increasing severity of Covid-19 could be to blame, as well as the previous rounds of record setting stimulus passed by Congress already.²
- Gold has reached new all-time highs of $1,939.20 as of Monday, July 27th. Previous price records were set in 2011 after large rounds of federal stimulus, this is likely market reaction based on assumptions of more global government stimulus. ³
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