Market Brief: GBP/USD Hits a 30-Month Low

Matt Weller
By :  ,  Head of Market Research

  • 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.

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