America’s economy has shown “marked improvement” since the coronavirus pandemic drove it into recession, but the path ahead remains uncertain and the US central bank will do more if needed, Federal Reserve Chair Jerome Powell
Global equity markets and gold slumped, while the dollar eased on Thursday after the Federal Reserve reminded investors of the long slog ahead for a full recovery that was reinforced by data showing persistently high claims for US unemployment benefits.
The dollar traded at $1.1656 per euro on Thursday, just shy of a two-month high reached on Wednesday. The greenback held near a nine-week high against the Swiss franc at 0.9236, and also held on to gains made in the previous session against the Japanese currency, to stand at 105.45 yen.
After racking up its biggest weekly gains since early April last week as markets turned cautious and sought safer assets, the dollar erased some losses on Monday and resumed gaining on Tuesday, ahead of the debate between President Donald Trump and Democratic challenger Joe Biden.
The US economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the US economy will likely shrink this year,
Stocks are pulling lower Friday, as Wall Street’s first reaction to President Donald Trump’s testing positive for the coronavirus was to retrench.
US airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid.
Global shares gained ground and crude prices rose on Monday as investor risk appetite was stoked by renewed stimulus optimism and news of President Donald Trump’s health progress.
US consumer prices rose solidly in August, with the cost of used cars and trucks accelerating by the most in more than 51 years likely as Americans shunned public transportation because of fears of contracting COVID-19.