NFP, Bank of England, Trump and Goldman Sachs
Yesterday started with the announcement Bank of England meeting results. Monetary policy parameters were left unchanged, with the decrease in the pace of bond purchases to 4.4 billion pounds per week from August 11. The main concern of the markets was that the Central Bank may take measures to tighten monetary policy soon. But the Bank of England assured that they would not tighten monetary policy in the nearest future. At the same time, they directly stated that no one was going to soften it yet. In general, nothing unexpected, the status quo remains.
So, attempts to growth of the pound like yesterday's are nothing more than a reason for selling it. The only thing is that in conditions when the dollar is not in favor in the foreign exchange market, it is better to do it against the euro or franc.
The main event of today, and of the week as a whole, is the publication of statistics on the US labor market. After the disastrous data from ADP and a series of weak statistics on jobless claims, we expect a significant deviation of the fact from the forecast, in downward direction. In theory, this could provoke a sell-off in the US stock market, and would also be another blow to the dollar.
Trump issues executive orders banning TikTok and WeChat from operating in 45 days if they are not sold by Chinese parent companies.
Goldman Sachs analysts, meanwhile, have generate an interesting idea that a successful coronavirus vaccine could turn financial markets upside down, triggering selloffs in bonds and high-tech stocks. We are especially interested in the second part - shares of high-tech companies. Little is thought about this now, but indeed, the return to the former reality means that the transition of FAANG companies to a new existence will at least be greatly extended in time, if not postponed at all. So, this fact must be taken into account in their price, which is now precisely based on the fact that the pandemic is a new reality with all the ensuing benefits for FAANG companies.
So, attempts to growth of the pound like yesterday's are nothing more than a reason for selling it. The only thing is that in conditions when the dollar is not in favor in the foreign exchange market, it is better to do it against the euro or franc.
The main event of today, and of the week as a whole, is the publication of statistics on the US labor market. After the disastrous data from ADP and a series of weak statistics on jobless claims, we expect a significant deviation of the fact from the forecast, in downward direction. In theory, this could provoke a sell-off in the US stock market, and would also be another blow to the dollar.
Trump issues executive orders banning TikTok and WeChat from operating in 45 days if they are not sold by Chinese parent companies.
Goldman Sachs analysts, meanwhile, have generate an interesting idea that a successful coronavirus vaccine could turn financial markets upside down, triggering selloffs in bonds and high-tech stocks. We are especially interested in the second part - shares of high-tech companies. Little is thought about this now, but indeed, the return to the former reality means that the transition of FAANG companies to a new existence will at least be greatly extended in time, if not postponed at all. So, this fact must be taken into account in their price, which is now precisely based on the fact that the pandemic is a new reality with all the ensuing benefits for FAANG companies.
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