Yesterday we saw the release of US PMI data which came in better than predicted with a recording of 52.2 against a predicted level of 51.7.
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This afternoon the US initial jobless losses data along with the latest trade balance figures are released. A key piece of data will be tomorrows GDP figures for the second quarter, reports are expecting growth of 1.8% which is down from last month’s figures of 3.1%. This has most likely been impacted by the trade war with China.
Donald Trump has been very vocal regarding reducing US interest rates so this week’s GDP data could influence next week’s Interest rate decision.
If you are looking to by USD you may wish to get in contact with your account manager.
At the direction of president Trump, Steve Mnuchin secretary of Treasury and US Trade representative Robert Lighthizer are headed to Shanghai next week to continue trade talks. The meeting is expected to last for two days with a follow up meeting in DC.
Treasury secretary Steve Mnuchin appears optimistic about next week’s meeting and is looking to resolve critical issues and continue to make progress.
This will come as relief to US companies who are feeling the pressure of the tariffs as the two countries battle it out.
Trump has already put tariffs on $250 billion worth of Chinese goods and made threats to do the same with the remaining $300 billion if an agreement is not met.
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