What drives the market on July 8?
The market takes breath after the long rally. What opportunities do traders have today?
British consumer spending faces the longest dip since 2013
In July, British consumer spending went down for the third month in a row, proceeding with its longest losing streak in more than four years, as Monday’s data states. That’s another sign that the impact of the previous year's Brexit vote is starting to affect households.
The engine of the British economy, consumer spending sank by 0.8% in real terms the previous month compared with July last year, as payments company Visa states.
It was quicker than June's 0.2% sag, and following May’s further sink, it marks the longest consecutive tumble since February 2013, when the British economy was trying to revive from the financial meltdown.
The previous week the Bank of England dared to downgrade its prediction for economic surge this year and 2018, because of slower-than-expected wage leaps. The key bank sees a weaker outlook for household spending compared to other sectors of the British economy.
Similar
The US labor market is in focus again
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
How to trade on July 7?
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Latest news
Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
Deposit with your local payment systems
