Weekly Market Snapshot – August 5th, 2019
Created by: Sam Tenney
- August 1st President Trump tweeted his intent to impose a 10% tariff on the remaining 300 billion of Chinese imports starting September 1st.¹
- CNY/USD Dollar trading pair reaches 10-Year high of 7.05 CNY/USD due to mounting pressure of tariffs on the Chinese economy. There is speculation this could be an action by the Chinese to dilute trade tariffs set in place by the US.²
- US Purchasing Managers Index (PMI) Data Falls to 49.3 in July, continuing a decline and reaching new 10-year lows. ²
- The Federal Reserve met on Wednesday, July 30th and settled on a 25 basis point cut to the rate. Chairman Jerome Powell cited his previous thoughts on sustaining the expansion of the economy by lowering rates.²
- Bond market yields re-invert on the 3-month and 2-year yields, dropping lower and pricing in fully another 25-basis point cut by the Federal Reserve who are meeting in September. The 30-year US treasury falls to 2.29%, near the federal funds rate of 2-2.25%.³
1. https://am.jpmorgan.com/us/en/asset-management/gim/adv/insights/weekly-m…, August 5, 2019.
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