Foreign Exchange News

From Yahoo.com:

"I would say that the recent economic data have been central banks' worst nightmare," said Citi Global Chief Economist Nathan Sheets on Yahoo Finance Live (video above). "On the one hand, I would say there is very clear evidence of a slowing in global demand. And on the other hand, there is also clear evidence that inflation pressures are persisting. You kind of put that together, it's really hard for central banks to fight that."

The reads on the economy have collectively painted a picture of a slowing U.S. economy stuck with stubbornly high inflation.

From CNBC:

Inflation has been causing economic hardship for workers across all income levels.

As of June, 61% of Americans — roughly 157 million adults — lived paycheck to paycheck, according to a new LendingClub report. That’s up from 58% who reported living paycheck to paycheck in May. A year ago, the number of adults who felt stretched too thin was 55%.

From Bloomberg

Bitcoin declined after reaching the highest levels since mid-June on Saturday amid optimism that the market may have recovered from its worst levels.

The largest cryptocurrency dropped as much as 3.6% to $22,958 on Monday after breaking above $24,000 over the weekend, its highest since mid-June. Its 27% gain in July made for the best month since October. Ether slid more than 5% at the start of the week as well after posting a 70% jump last month, its best since January 2021.

“August promises to be every bit as stomach-churning for Bitcoin with further bouts of volatility guaranteed,” said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo.