Market recap for week of Aug 27 for FX:EURUSD by schmidtke_jake

Fundamental Analysis EUR USD TRY ARS USDARS china PMI GDP brexit

fundamental eur usd try ars usdars china pmi gdp brexit

-Monday=Markets reacted to Fed governor Jerome Powell's speech on Friday which knocked the USD lower. SPX makes a new high.
While political turmoil in the Australian govt weaken the AUD but the recovered towards the end of the trading week
-Emerging markets currencies were pretty weak last week with majority of them plus one percent
-WSJ reports issues on China & US that 40% could be dealt with immediately but 20% are intractable & non-negotiable.

-US and Mexico are closing in a trade agreement between the two countries, Trump tweets "A big Trade Agreement with Mexico could be happening soon"
-Profit for China's industrial firms up 16.2% to 75B in June, missed estimates.
-Australia's new Prime Minsiter Scott Morrison makes changes to his cabinet.
-Germany's business climate index climbs to 103.8 improving off of July's reading

-Turkey's Finance Minister Berat Albayrak to meet with France's Finance Minister
-Iran's economy minister was removed from his post by Iran's parliament.

-Tuesday
-Stocks again strengthens due to Positive sentiment on a new NAFTA deal

-China gains control of the Yuan's slide against the USD once they announced reintroducing the counter-cyclical factor in setting the rate each day.
-French President Macron comments on Brexit deal, will not make a deal at expense of EU's integrity but respects Uks decision.
-Canada's Foreign Minister Chrystia Freeland to head to US for negotiations today.
-Trump comments that he will rejects China's efforts to negotiate a deal. Chinese officials want to suspend talks until after elections in November.
-Trump to begin his emergency agriculture plan after Labor Day.

-UK's Prime Minister Theresa May comments on ongoing Brexit negotiations. Mean while Trade Secretary Liam Fox is in Singapore talking about UK inclusion into TPP's Comprehensive & Progressive Agreement. They are taking credit for the trade deal.

-Wednesday
-US consumer confidence strong reading in August 133.4, Trumps tweets a story from CNBC
-WSJ interviews Dallas Fed Pres Robert Kaplan. Expects 2 more hikes this year and another 2 next year

-China creates a way for its bonds to be included in global indexes. Another attempt to rid the US dollar as the global juggernaut. China Premier Li comments will tighten intellectual property rules.

-Prime Minister Luigi Di Maio claims nation may break the EU's rule of breaching its 3% public deficit limit.
-EU's lending sector see's improvement
-US states that for a deal to be reach with Canada Friday will be the deadline.
-Senate confirms Richard Clarida to become Federal Reserve vice chairman.
-2nd estimate of GDP data release 4.2% increased, a 0.1 percentage point greater than the previous release of data back in July
-Florida's race for governor is determined between Andrew Gillum a progressive backed by Bernie Sanders while GOP runner will be Ron DeSantis one who has defended Trump.

-Brexit deal as a date set for a deadline for an agreement Oct 18. Bloomberg reports they may extend it to mid Nov.

-Consultancy group wood Mackenzie forecasts India to beat out China for oil demand.

-South Korea's government proposes largest budget increase in a decade.

-Thursday
-Greater than expected draw for Crude Supplies saw Crude oil prices gain a good percentage on Wednesday
-News out of Europe as EU negotiator Michel Barnier spoke some positive words for cutting a deal with the UK , the EURGBP had a high to low range of 1.51% price movement.
-Now it is the Argentina's peso turn to have large down move against the USD dollar, President Macri asked the IMF to speed up its delivery of a $50B bailout. The USDARS surged over 20% on the headlines.

- Corporate profits jump to 16.1% in Q2 from a year earlier, largest year-over-year gain in six years.

-President Trump is providing some relief for countries on steel & aluminum quotas.

-Friday
-Trump threatens more tariffs on China imports. According to Bloomberg he plans to impose another $200 billion more. A lot of other thoughts also coming from Trump linking capital gains taxes to inflation. Also to may withdraw from WTO if it doesn't shape up.

-Emerging market currencies have been the focus this week as Lira, Argentine peso and Rand all losing again this week against the USD
-German Finance minister Olaf Scholz comments hard to tell if there will be a Brexit agreement.

-EU economic sentiment down to 111.6 points in August from 112.1 in July.

-Oil surplus looks to be lowering as traders are expecting a more losses in supply due to the Iran sanctions. Atlantic Basin crude supplies have nearly doubled in lower supply. This is oil that has not found a buyer yet.

-China's manufacturing PMI up for july 51.3 vs a 51.2 from July. Exports shrinks for third strength month, while a rise in inventories of finished goods.

-Brazil's economy grew with GDP reading for 2nd qtr up 0.2% from 1st qtr. Despite a trucker strike.

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