In a quiet overnight session, the dollar dropped set for its biggest weekly decline since March as traders prepared for a keynote speech by Fed chair Jerome Powell. Global stocks rose despite disappointment from the latest US-China trade talks as Beijing again intervened to prop up markets.
One day after the the S&P500 bull market set a new duration record, at exactly 0.01 Washington Time on Thursday, the U.S. imposed tariffs of 25% on $16 billion worth of imports from China, sending the US dollar sharply higher across the board.
While traders will focus on Wednesday's retail sales number, the main focus will be the ongoing collapse in Turkey's currency and whether there will be contagion to other EMs as well as any escalations in the US-China trade war.
"The risk of a massively fatal world-wide pandemic is remote, but very real...and is heightened by the hyper-connectedness of our modern society... And our readiness for such an outbreak is woefully lacking.."
A 3-day global stock rally stalled on Wednesday, with Asia and Europe mixed, as investors digested the latest set of earning while waiting for the outcome of a meeting between President Donald Trump and the EU Jean-Claude Juncker
A new, startling report from the Organisation for Economic Co-operation and Development (OECD) warns that positive employment trends are at risk of being derailed by “unprecedented wage stagnation” affecting low-paid workers.