Market Brief: GBP/USD Hits a 30-Month Low
Matt Weller, CFA, CMT August 9, 2019 8:59 PM
- 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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