President Trump puts more pressure on the Fed, Prices may rise in China for Teslas, & Turkey remains unyeilding off the coast of Cyprus.
U.S. President Donald Trump urged the U.S. Federal Reserve to cut rates “bigger and faster” for the United States to be competitive against other countries as many banks around the world lower their rates. Affects USD
Denying a media report published as European leaders seek a way to defuse a brewing confrontation between Tehran and Washington, the Iranian President Hassan Rouhani has not been invited to this month’s G7 summit. Affects Brent
As both companies pledged to proceed with plans for developing a low-cost electric car, China’s Great Wall Motor on Wednesday said that its joint venture with BMW faced regulatory uncertainties. Affects BMW
As a dispute over natural resources there fuels tensions between Ankara and Cyprus, two Turkish drill ships are continuing operations in the eastern Mediterranean and another ship will join them this month, Energy Minister Fatih Donmez said. Affects TRY
Tesla Inc is considering lifting its prices in China as response to yuan-related uncertainty, two people familiar with the matter said. Affects Tesla
The Japanese GDP (QoQ) from Q2 will be published. Gross Domestic Product (GDP) measures the change in the inflation-adjusted value of all goods and services produced by the economy. Affects JPY.
The discontent of the EU authorities remains unregistered by the Turkish side. Turkey still continues to extract minerals in Cyprus waters. Media reports that the squadron of geological exploration ships in the country will be added by the end of August.
Against this background, the lira’s course is rapidly strengthening. President Erdogan managed to avoid sanctions for the purchase of Russian missile systems, so investors decided to sell the USD/TRY.
This asset has been fixed above the resistance level of 1.80000, so the trend is likely to continue upward.
The currency pair may receive support at 0.97000. Though, positive moment may come for the US dollar.
USD/CHF on this day in history
- Since 2000 August 8th has been a trading day 14 times.
- On 38.5% of those days, the asset ended with growth.
- The maximum reinforcement range was 0.72%.
- The trend down was limited to 1.53%.