Accelerating growth boosts US dollar | IFCM Brasil
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Accelerating growth boosts US dollar

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    2023/02/27
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US stock markets extended gains last week in thin trading and the US dollar index of ICE London exchange recovered as upgraded second quarter economic growth boosted market sentiment aided also by President Trump’s much less stern response “all options are on the table” after North Korea fired a missile over Japanese airspace as investors assessed the damage caused by hurricane Harvey. The SP 500 ended the week 0.9% higher and the US dollar index advanced 0.3% for the week. However weaker than expected August jobs report lowered chances of another rate hike this year.

The SP 500 inched higher on Monday and the next day. It rose 0.5% on Wednesday as US second quarter GDP was upgraded to 3% from the first reading of 2.6%. USDIDX rose 0.5%, adding to 0.1% gain in previous session and erasing the 0.4% decline on Monday due to euro advance following European Central Bank president Draghi’s Friday speech at Jackson Hole. At a rally in Springfield, Missouri, President Trump said he wanted to see the corporate tax rate reduced from 35% to 15%. SP 500 rose 0.6% on Thursday while USDIDX declined 0.3% despite higher consumer spending in July as Treasury Secretary Steven Mnuchin shrugged off dollar weakness, suggesting a weaker currency may be good for trade.

The dollar index rose 0.3% and SP 500 ended up 0.2% on Friday despite the August payroll report coming in at 156 thousand new jobs, below expectations. US markets are closed today for the Labor Day holiday. The major events this week are the interest rate decisions of major central banks: the Reserve Bank of Australia will meet on Tuesday; Bank of Canada rate decision will be announced on Wednesday at 16:00 Central European Time, and European Central Bank rate decision will be released at 13:45 CET on Thursday. While no changes in interest rates are expected investors will watch closely for any clues about timing of the start of tapering of ECB 60 billion euro monthly stimulus program.

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