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Macro Roundup (Aug 20)

iconAug 20, 2019 08:26
Source:SMM
A roundup of global macroeconomic news last night and what is expected today

SHANGHAI, Aug 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

The US dollar rose to its highest level since August 1 after Federal Reserve Bank of Boston President Eric Rosengren downplayed the need for more rate cuts. The dollar index, which tracks the greenback against a basket of other currencies, gained close to 0.2% and finished at 98.38.

LME base metals fell for the most part while SHFE metals closed mostly higher. SHFE aluminium climbed 0.8% as market talk suggested that an accident occurred at a major aluminium smelter in Xinjiang. Lead and copper rose 0.4%, zinc advanced 0.1%, while tin lost 0.1%, and nickel fell 0.8%. 

LME nickel and tin fell over 1%, zinc slid 0.5%, aluminium fell 0.2%, while copper increased 0.3%, and lead gained 1%. 

During an interview broadcast Monday, Eric Rosengren argued that lowering the policy rate early could worsen the next downturn. 

He argued that the goal of the monetary policy was not to get the yield curve right, but to get the inflation and unemployment right and added that just because other countries were weak it did not mean that the US should be easing its policy.  

According to Eurostat’s final reading of the eurozone consumer price index (CPI) report, the consumer prices came in at 1% on a yearly basis, missing the flash estimate of 1.1%. While the core figures rose 0.9%, compared with the previous rise of 0.9%.      

Day ahead

The American Petroleum Institute (API) will publish data on its weekly crude oil stock change. 

Macroeconomics

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