Weekly Report - 04/03/2019
The President of the United States of America Donald Trump repeated his objection to the Federal Reserve's monetary system and stated that it is supporting a strong U.S. dollar, perhaps at the cost of the U.S. economy. The Statement occurred during a speech at the Conservative Political Action Conference on Saturday. Trump said, "America is now booming like never before,". "Other countries are doing very poorly. That makes it even harder for us to be successful. Plus, we have a gentleman that likes raising interest rates in the Fed," he said, referring to Federal Reserve Chair Jerome Powell.
The S&P 500 fell almost 0.3% to close the session at 2,784.48. The Dow Jones Industrial Average fell 69.18 points and closed at 25,914 while the Nasdaq Composite too lost about 0.3% to close at 7,532.52. The popular Netflix, Facebook and Apple, and all fell more than 0.5%.
The week ahead includes the following important Key stats for the GBP. February’s construction and Service PMI figures are coming out on Monday and Tuesday. Minor importance will be the BRC Retail Sales Monitor, expected to come out on Tuesday. We can expect a change in focus regarding the UK economy while sentiment will continue to support an extended suspension over Brexit.
