Summary
Webinar by Joseph Trevisani.
Brexit is a fact, but nothing else is. How, when, what and by whom the British exit from the European Union will be negotiated is still to be decided. The U.S. economy seems to have rebounded from two quarters of dismal growth and falling job creation. Yet there is nothing in sight beyond more of the same-- mediocre growth, flat productivity and stagnant wages. China has resumed devaluing the yuan, 10 percent since last August and the currency is headed to 6.83 against the dollar, where it was fixed for two years during and after the financial crisis. In Japan, the first arrow of Abenomics, yen devaluation has failed, and the second and third arrows, fiscal stimulus and economic reform are moribund.
All this is despite eight years of vast and continuing monetary stimulus from the world's central banks, $10 trillion of negative yielding sovereign debt and the lowest interest rates in history.
Wherever the world economy goes from here it is bound to chancy, interesting and without precedent.
Join us for a survey of the global economy in the second half of 2016.
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Editors’ Picks
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EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold stays in consolidation above $2,300
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.