China shows highest levels of confidence among major economies for 2020 - PwC survey

Dhwani Mehta FXStreet

According to an annual global CEO survey by auditing and consultancy firm PwC, China shows the highest levels of confidence among major economies, with 45% of CEOs saying that they are very confident of growing revenues in 2020, as cited by Xinhua news agency.

Key Findings:

“The share of CEOs very confident in their 12-month growth prospects is 36 percent in the US, 27 percent in Canada and 20 percent in Germany. Japan has the least optimistic CEOs with only 11 percent.

The US retains its lead as the top market CEOs look to for growth over the next 12 months at 30 percent, one percentage point ahead of China at 29 percent, trade disputes and political tensions have seriously dented the attractiveness of the US for CEOs in China.

CEOs are showing record levels of pessimism in the global economy, with 53 percent predicting a decline in the rate of economic growth in 2020.

CEO pessimism over global economic growth is particularly significant in North America, Western Europe and the Middle East, with 63 percent, 59 percent and 57 percent of CEOs from those regions predicting lower global growth in the year ahead.”

The above findings of the survey had little to no impact on the market sentiment, as it remains weighed down by the outbreak of Coronavirus and its growing negative impact on human lives. USD/JPY drops back below 110.00, as S&P 500 futures and Asian equities witness sizeable losses.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD clings to recovery gains near 1.3550 after UK CPI data

GBP/USD holds recovery near 1.3550 in European trading hours on Wednesday. The UK annual Consumer Price Index (CPI) inflation picked up to 2.9% in July, meeting estimates, while core CPI rose by 2.6% YoY in July versus 2.5% expected. Mixed UK inflation data failed to provide any impetus to the British Pound.

EUR/USD advances to 1.1600 as USD slips ahead of Fed Minutes

EUR/USD stretches higher toward 1.1600 in Wednesday's European session. The US Dollar resumes its downside as weak US economic data weigh on expectations of tighter Federal Reserve policy. Traders will take further cues from ECB President Christine Lagarde’s speech and the FOMC Minutes later in the day.

Gold surrenders modest intraday gains; trades below $4,450 as FOMC Minutes loom

Gold surrenders modest intraday gains and trades near the lower end of its daily range, below $4,450 heading into the European session. Despite renewed US Dollar selling, bulls seem hesitant and await more cues on the US Federal Reserve's future policy path before placing fresh directional bets on the non-yielding yellow metal.

Shiba Inu's recovery hinges on key support

Shiba Inu recovers slightly, trading at $0.0000044, after finding support around the critical level earlier this week. The dog-themed meme coin shows improving sentiment as social dominance rises, funding rates turn positive, and bullish traders increase their long positions. On the technical side, SHIB suggests a potential recovery if it holds above the key $0.0000043 level.

Inflation prints and FOMC Minutes take centre stage

In the US, the minutes from the FOMC's July meeting are released this evening. Markets are looking for a more detailed sense of the committee's thinking beyond Kevin Warsh's limited forward guidance. Three participants voted in favour of a hike, and since then, several others have flagged willingness to support a hike if warranted by incoming data.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.