Ahead of Weekend Markets Remain Calm As the Dollar Brush Aside CPI, US Budget Deficit Rises

Ahead of Weekend Markets Remain Calm As the Dollar Brush Aside CPI, US Budget Deficit Rises

Markets are generally quite stable today, awaiting the close of the week. Major European indices are trading in a narrow range. US futures are pointing to a slightly higher open, arguing that yesterday’s sell-off may not last yet. Commodity currencies are generally more resilient today, with the dollar and yen the weakest.

Stronger than expected US CPI values ​​are being ignored. The sterling appears to be stabilizing for now as the EU indicates it will wait for the Brexit negotiation deadline before taking the next step.

Sterling weakness remains a common theme in the markets this week. Today in the Asian session, the pound remains under pressure, although the attempt to recover was short and weak. As for the week, the Canadian dollar is currently the second weakest due to a sharp drop in oil prices. The Swiss franc and the yen are the strongest so far as they avoid risk. After the ECB rebounded, there are no further purchases in euros. The dollar is also hesitant to take a clear direction.
United States’ Federal Budget Deficit Rises
The US federal budget deficit surpassed $3 trillion in the first eleven months of fiscal 2020 amid significant increases in government spending to counter the negative impact of the coronavirus outbreak, according to data released by the US Treasury Department on Friday. For the same period in 2019, the deficit amounted to $ 1.067 trillion.

In August, the budget deficit was $200 billion, down from analysts’ estimates of $245 billion. However, in reporting this, Reuters noted that $55 billion in benefits had been pushed back to July because August started as a weekend.

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