Here is what you need to know on Friday, August 30th:
– Easing tensions between the US and China boosted the market’s sentiment. The dollar recovered alongside Wall Street, which closed around August highs, and US Treasury yields, which recovered nicely.
– The EUR remained under selling pressure and neared its yearly low against the greenback, despite some hawkish comments from ECB’s Knot, who said that the ECB does not need to resume QE, and the market’s expectations for the ECB’s September decision were “overdone.”
-Scottish Conservative leader Ruth Davidson resigned as Scottish Tory leader, while George Young has resigned as Tory whip in the House of Lords over UK PM Johnson’s decision to suspend parliament. Meanwhile, Labours are still open to call a no-confidence vote on the MPs, which needs to take place early September.
-Gold retreated sharply down roughly $20 a troy ounce amid a better market mood. Crude oil prices recovered.
-Cryptocurrencies remained under pressure, extending their latest decline.
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