Turkish Lira sinks to new lows as US tensions grow
US stocks shrug off trade concerns but remain shy of record highs
Stock of the week: Tesla
USD gains despite PPI miss
Asian crypto valley in Philippines
It’s been yet another bad day for the Turkish Lira with the currency slumping further and hitting new all-time lows against both the USD and EUR. The latest swoon comes after an escalation in the country’s dispute with the US with a Turkish delegation in Washington failing to show any progress on lifting the sanctions that were recently imposed upon them.
US stocks are showing little signs of worry despite the ongoing trade tensions with the US500 and US100 both not far from record highs. The US500 is struggling a little with its recent highs this week but the US100 is in a more bullish mood and has already taken out Wednesday’s top.
Speaking of the US100, Tesla has fallen lower today despite the broader market gains. The stock has had quite a wild ride of late, and we look more closely at its future prospects in our latest stock of the week.
On a quiet day of economic releases, the standout data from the US has shown mixed signals with the latest inflation figures disappointing while at the same time employment figures beat forecasts. This in a nutshell sums up the seemingly unusual place we have found ourselves in for a while now with regards to US macro data as the country still appears to be lacking any real pick-up in price pressures despite a relatively tight labour market. The US dollar remains higher against most of its peers on the day, with the trade-weighted index remaining near prior swing highs around 95.45.
Wednesday morning brought a relief for the cryptocurrency bulls as declines we were observing since the beginning of the week eased. Over the past 24 hours a majority of digital currencies were decreasing, but not as much as previously. The capitalization of the whole cryptocurrency market stands around $225 billion. The Bitcoin market capitalization sits subtly below $110 billion. Today’s major topics concern the Philippines government’s new idea and financial regulators’ initiative related to financial technologies.
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