Jobless claims fall, as U.S. retail sales beat expectations
Data released today showed that retail sales figures in the U.S. continue to increase, as businesses reopened post the COVID-19 lockdowns.
Estimates expected this figure to come in at around 5% , however they came in better than expected at 7.5%.
In further positive news, initial jobless claims continued to slow this week. Hitting a post pandemic low of 1.3 million claims today.
ECB opts to keep rates unchanged
The ECB opted to keep rates unchanged today, however they said they would “remain flexible” on further actions moving forward.
The central bank now led by Christine Lagarde also confirmed that its stimulus program of €1.35 trillion will also be left as is.
So a dovish tone by the ECB today saw the DAX fall to a low for the week.
Chinese economy returns to growth level
After being the first nation to shutdown due to the coronavirus outbreak, China’s economy today grew, for the first time since the pandemic began.
Initially expected to come in at 2.5% , China’s economy returned to growth in the second quarter (April – June) with GDP being reported at 3.2%.
Although GDP is now in positive territory, this number is still the weakest expansion on record, as domestic consumption continues to suffer.
Quote of the day: . “In trading/investing, it’s not about how much you make but rather how much you don’t lose.”Bernard Baruch
USDJPY: After failing to break the 107.307 resistance yesterday and dropping to the support level. Today USDJPY rallied, as it attempted to recapture Wednesday’s highs, reaching 107.200.
EURGBP: As the ECB failed to excite markets today, EURGBP was unable to sustain yesterday’s break out, and instead sold off, reaching a low of 0.90557 today.