Daily Markets Broadcast August 6, 2019
Wall Street drops most this year
As the trade war intensifies, Wall Street feels the pressure. Trump labeled China a currency manipulator after allowing the to drop through 7 to the dollar.
US30USD Daily Chart
The index posted the biggest daily loss of the year yesterday on trade war escalation. The index has fallen further this morning, extending the current decline to a sixth consecutive day, the longest losing streak since December last year.The index closed below the 200-day moving average at 25,543 for the first time since June 4.It’s mostly second-tier data on the US calendar today, with June and August’s IBD/TIPP economic optimism index on tap. A speech from the Fed’s Bullard may arouse more interest.
DE30EUR Daily Chart
The index fell for a third day yesterday and has continued those losses in early trading this morning. The index is now at its lowest level since March 29.The index closed below the 200-day moving average at 11,648 for the first time since April 1.German are expected to rebound in June, the latest survey of economists shows. Orders probably rose 0.5% m/m after suffering a 2.2% decline in May.
CN50USD Daily Chart
The index slumped to the lowest level in two months yesterday, pressured by the ongoing escalation in the trade spat between the US and China.The index appears to be heading toward the 200-day moving average at 12,307.In response to calls for the US Treasury to call China a currency manipulator, Peoples Bank of China Governor Yi Gang said China will not have a competitive devaluation of its currency and that the current CNY level is appropriate.
Original Post
