U.S. Consumer Confidence continues to rise

Data today showed that U.S. consumer confidence is once again on the rise. Signalling what many hope is a sign of further economic growth. 

The report revealed that the consumer confidence index rose to a level of 98.1 this month, after being projected to come in at 91.8.

This was also an increase from a  revised 85.9 in May.  However confidence still remains 34.5 points below its pre-pandemic levels. 

Stock indices remained fairly muted on the news, with many likely consolidating till NFP later this week.

British economy drops by most in 40 years

After a tough start to the year, news today reported that Britain’s economy shrank by the most since 1979.

The report stated that since the COVID-19 lockdowns and Brexit uncertainty, UK households have slashed their spending, leading to a 2.2% drop in GDP during Q1.

In addition, Britain’s economy also contracted by 20% in the first half of 2020,   as the full effects of the lockdown continued to impact most sectors in the April-June period.

This slump is said to be the worst in three centuries.

COVID-19  to cost  400 million jobs in Q2, says UN

The UN today stated that in the second quarter of the year we will likely see working hours drop by 14%.

This fall is said to be the equivalent of 400 million full-time job losses globally in the second quarter, based on a standard 48-hour working week. 

The report stated that the Americas were the most affected region, with an estimated 18.3% drop in working hours, or 70 million full-time jobs.

Quote of the day: Bulls make money, bears make money, pigs get slaughtered.

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Biggest Bull

Gold: XAUUSD bounced from a recent low of $1,766, to reach a daily high of $1,785 on Tuesday. Many believe a weak NFP number could see this break $1,800 for the first time since 2012.

Source: Tradeview MT4

Biggest Bear

EURGBP: After rallying to its highest point since March of this year, EURGBP today sold off at the long term 0.91708 resistance to as low as 0.90841

Source: Tradeview MT4