Market Brief: GBP/USD Hits a 30-Month Low
Matt Weller, CFA, CMT August 9, 2019 8:59 PM
See a summary of the top market themes and trends from today's US trading session!
- FX: The Japanese yen was the strongest major currency, while British pound was the weakest, taking GBP/USD through 1.2100 to its lowest close in more than 30 months.
- President Trump was (of course) tweeting today, stating that the US doesn’t have to devalue the dollar, but that he’d like to see the Fed cut interest rates by 1.00%. Initial fears about the US government banning Huawei were assuaged by news that Federal authorities are still accepting applications for certain non-sensitive companies to deal with the firm.
- Commodities: Oil prices rallied nearly 4% today to finish just below the week’s opening levels. Gold was flat on the day.
- US indices fought back from early losses but still closed lower on the day and down slightly on the week overall
- Health Care (XLV) was the strongest sector on the day, while Communication Services (XLC) brought up the rear.
- See the key economic data and market trends we’ll be watching in the coming week!
- Stocks on the Move:
- Uber (UBER) ultimately closed down -1%, despite slightly disappointing earnings after the bell yesterday. Lyft (LYFT) outperformed its rival, tacking on 1% today.
- Advance Micro Devices (AMD) surged 16% today, completely erasing yesterday’s big drop.
- Overstock.com (OSTK) surged nearly 20% after the online retailer reported strong earnings.
Disclaimer: GAIN Capital UK Limited (trading as "Forex.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, Forex.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by Forex.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although Forex.com is not specifically prevented from dealing before providing this material, Forex.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.