Daily News | China’s credit rating tumbles

Once again, a trading week has reached its end, so you better have a firm plan in place for everything the currency market throws at you! We will supply you with the most important data, which, this Friday, starts with the Chinese yuan. This currency fell from $0.1520 to $0.1518 yesterday, as S&P Global Ratings downgraded China’s credit rating from AA- to A+. They stated that prolonged growth up until now has put China at economic and financial risk. Experts have stated that the country needed to shift its focus from quantity to quality of growth. Even the IMF has warned about a dangerous trajectory for China’s credit growth, so be sure to be on the lookout. We certainly will, but China’s credit rating is not the only news today. The US dollar, in the same period, rose from €0.8333 to €0.8379. The number of Americans filing for unemployment benefits fell last week, but clear labor market data has been tarnished by the impact of Hurricanes Harvey and Irma. Initial claims fell by 23,000 to a seasonally adjusted 259,000 for the week that ended on September 16th. But there could be a new increase in areas hit by the hurricanes so this data might shift soon, which is also something to look for. We will keep you informed next week as well, so see you then!

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Author: Max Rothstein

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