US Treasury Secretary Steven Mnuchin said on Friday that he and senior Republican lawmakers will try to draft a targeted stimulus package with the Democratic Party in the coming weeks. Steven Mnuchin believes that House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer may be more willing to compromise after the election.
On Friday the dollar against a basket of currencies fell sharply, investment experts had predicted the dollar will fall further. This week, the U.S. dollar index fell as much as 1.9%, the largest weekly decline since March. Joe Manimbo, senior market analyst at Western Union Business Solutions, said: “We still believe that the US economy is decelerating, which is reflected in the apparent weakening of the dollar.”
The renewed rush to “Bitcoin”, which exceeded its value in trading last Friday, is reviving the debate about the nature of digital currencies : Are they “digital gold” or assets that involve risk? Bitcoin’s value rose more than 30% in two and a half weeks, approaching the highest level recorded in December 2017, which was close to $ 20,000.
Is cash still relevant? What is the future of the euro, and more importantly, what is the future of cash in general? These past few months have been tough for advocates of cash, with unfounded insinuations that cash can be a source for the spread of COVID-19. The Advocate General of the European Court of Justice, Giovanni Pitruzzella, has published a timely advisory opinion on the use of cash within the European monetary system.
The financial report released in the past week shows that the five largest banks in the United States (JP Morgan Chase, Citi, Goldman Sachs, Morgan Stanley, Wells Fargo) achieved a rebound in profits in the third quarter. The main contributing factors were the sharp drop in provisions, transaction and investment banking income.
In the European market on Friday, U.S. crude oil futures prices fluctuated down by about 1% and traded at around $ 40. A strong U.S. dollar impacted oil prices. In addition, the market was worried that the surge of new coronavirus pneumonia cases in Europe and the United States would reduce these two in the world’s largest fuel-consuming regions.
The US Commodity Futures Trading Commission (CFTC) on Friday released a report, as of October 7 to October 13 the week: AUD see more willingness to cool; to see more gold willingness to cool down, gold speculative net longs decreased by 7,916 contracts to 240,671 contracts, indicating that investors’ willingness to be bullish in gold has cooled.
In the past week, spot gold fell by more than 100 US dollars, and spot silver plummeted by nearly 15%. The market logic is very clear, that is, the liquidity panic in the context of the global epidemic, especially the worsening epidemic in Europe, the dollar index rose sharply, hitting two months high.
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