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Latest news from #SaxoStrats
FX Update: US data and central bank calendars heat up next week
The US dollar is on its back foot after a weaker than expected GDP number yesterday, while currencies have largely ignored a new stumble in risk sentiment since late yesterday. Later today we get the PCE inflation data, the preferred inflation measure of the US Fed and Fed speaker Bullard, with the US data calendar a busy one next week, together with an interesting global central bank calendar.
Podcast: A strong sense of foreboding
Today features Saxo CIO Steen Jakobsen, who takes a look at the implications of the internals in yesterday's US Q2 GDP estimate miss, which the US market seemed oddly to celebrate before dumping after the market close on very weak guidance from Amazon in its earnings call. We also look at factors that will continue to drive inflation, the bearish equity market technical case that is still in effect after yesterday's action and in particular, the strong sense of foreboding Steen feels as he looks at the market backdrop here. A preview of the busy economic calendar for the week ahead and more on the call.
Market Quick Take - July 30, 2021
The bounce in Chinese equities after an official attempt to soothe markets has already faded overnight, as late trading also saw US equities lower on a weak quarterly earnings report from Amazon, where lower revenue growth guidance for the coming quarter disappointed badly. Elsewhere, retail broker Robinhood saw a weak reception in its IPO yesterday. Today the focus shifts to the latest US PCE Inflation data and Fed speaker Bullard.
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