The US stock market was in doubt about the economic recovery, which immediately affected the quotes of leading companies. Does the huge amount of money that has been pumped does not help?
The data published by the Ministry of Labour showed that the value of initial applications for unemployment benefits remained the same at 884,000. Overall, the number of unemployed people in the USA reached 29.5 million.
American analysts are not discouraged by this situation and believe that the US economy is recovering at an excellent pace. US GDP growth in the third quarter may be higher than consensus and will be 23% year-on-year. A solid figure for the world’s largest economy.
On Thursday, the S&P500 traded at 3380, which is almost at the opening level. The DAX closed with a slight drop of 0.35% to 13200.
The British pound became an outsider against the US dollar on Thursday. In just one trading week, due to tough disagreements between governments over Brexit, the GBP/USD pair lost all profits since late July.
The pound is now in a very bad situation. The bearish trend is starting to develop at a rapid pace. The pair came close to the daily SMA200 at 1.2730. Probably there should be a slight upward correction from it, and then the decline will continue. Until there are some optimistic statements from the UK government about Brexit, no growth in the pound is expected.
As many have already noticed, the crypto market and, in particular, the cost of bitcoin move together with the US stock market. This is not surprising, because bitcoin is a risky asset that can be compared to company shares. In the current situation, the rate will depend on the dynamics of the US dollar as well as the recovery of the stock market. So far, the goal for a bitcoin is to get above the important $10950-$11000 range. If this is not achieved by the end of the week, it is likely that the rate will fall to $9000 per bitcoin.
What awaits us today?
08.00 UK GDP since the beginning of the year
08.00 UK manufacturing output for July
14.30 US Consumer Price Index Baseline for August
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