Aside from the employment figures, the US Federal Reserve left its benchmark interest rates unchanged and said US growth stood on firm ground. Second quarter GDP grew at an annualised pace of 4.10% while consumer spending remained brisk. In corporate earnings news, Apple topped Wall Street’s earnings and revenue expectations, sending shares soaring and in the process helping the tech giant become the first company to move above a trillion dollar market capitalization. Across the Atlantic, the Euro remained weak as subdued July manufacturing growth in the region kept investors cautious. Meanwhile, the British Pound was the worst performing major currency as investors questioned the Bank of England’s need to unleash its hawkish policy stance. The Yen continued its struggle against the US Dollar after the Bank of Japan caught a few market watchers by surprise on Tuesday when it voted to retain its ultra-easy monetary policy. The effort is intended to boost inflation, which the Central Bank acknowledged could remain below its 2.00% target until at least 2021.
US – China Trade War Reignites
Weekly Report - 06/08/2018