Daily News | American growth diminished

In the months from April to June, the gross domestic product growth was only 1.2 percent (annual rate) in the U.S. Having in mind that the predictions were 2.6 percent, it’s certainly not a very good result. Even though it can be seen as a decline, most experts agree that this could boost the American currency. However, Sam Lynton-Brown, BNP Paribas’ currency expert says that the U.S. data flow will support U.S. yields and the dollar. Because of that, the bullish U.S. dollar investments have also experienced a growth and reached their highest level in the last couple of months. The dollar gained half a percent on Monday and went up to 102.54 yen.

As for the interest rates, it seems that the Federal Reserve is rather cautious. William Dudley, New York Fed President, held a speech at a joint New York Fed-Bank Indonesia conference in Bali where he said that policy tightening in 2016 is still on the table. He added that negative shocks were expected after Brexit, especially because the dollar is going very strong. According to Dudley, it is good that investors are expecting a less aggressive tightening measures.

In the U.K., the British GDP also experienced a growth. Here it was 0.5 % in the three months to June, which confirmed most experts’ expectations. Two important economic branches – production industries and the services industries – increased by 0.5 % and 2.1 %, respectively. It looks like the best month for the British economy was April and this may suggest that pre-Brexit calculations were offset by a very good April performance.

In Japan, the government’s fiscal stimulus package of 28 trillion yen is supposed to be approved on Tuesday, but the amount of the direct fiscal spending will be only 7 trillion yen.

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Author: Max Rothstein

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