Subscribe to RSS

Forex Market Overview:  Markets fall as China devalues yuan

US stocks retreated on Tuesday on concerns over the negative impact of China’s 1.9% yuan devaluation on US economy. The dollar strengthened, with the ICE US Dollar Index, a measure of the dollar’s strength against a basket of six currencies, rising 0.2%. The S&P 500 500 fell 1% closing at 2084.07, led by losses in the materials sector, which declined 1.9%. Shares of exporters and makers of luxury goods sold off. Apple plunged 5.2% as 27 % of its sales in the second quarter came from China. General Motors and Tiffany & Co. declined more than 2.1%. Miner Freeport-McMoRan plunged 12%. Today at 12:00 CET Mortgage Applications will be released in US. At 15:00 CET July job openings and labor turnover summary report will be released. The tentative outlook is positive. At 15:30 US crude oil inventory will be published by Energy Information Administration. And at 19:00 CET July monthly budget statement will be released.

European stocks tumbled on Tuesday on concerns the Chinese yuan devaluation will hurt euro-zone exports to world’s second largest economy. The euro strengthened against the dollar as Greece agreed on terms of third bailout with its international creditors. The deal must still be approved by the parliaments of the euro-zone countries. The Stoxx Europe 600 lost 1.6%. Euro-zone exporters including automakers and makers of luxury goods were hit hardest. BMW fell 4.3%, Daimler AG sank 5.2%, and Volkswagen lost 3.7%. Germany’s DAX 30 was down 2.7% as exporter shares fell, and stayed lower after ZEW indicator of German economic expectations fell in August to 25.0 from 29.7 in July. The Athex Composite rose 2.1% after the country moved closer to receiving 86 billion euros as an agreement was reached on third bailout with creditors. Today at 10:00 CET June industrial production will be released in euro-zone. The tentative outlook is positive. At 9:30 CET job market data will be released in UK. The tentative outlook is negative for the Pound. Tomorrow at 7:00 CET final consumer price index for July will be released in Germany. The tentative outlook is neutral.

Nikkei fell 1.2% to two-week lows today as yen rose on haven demand after Chinese yuan fell for the second day. Exporters fell with steelmakers leading decliners. Tomorrow at 00:50 CET June Machine orders will be published in Japan. The tentative outlook is negative. At the same time financial data on foreign and domestic purchases of bonds and stocks will be released.

Chinese yuan fell for the second day as the central bank set yuan's midpoint rate lower than Tuesday's closing market rate. The official data released today showed factory output growth slowed further to 6% in July from a year earlier, and fixed asset investment and retail sales were also weaker than expected.

Commodity futures are falling today following yuan’s declines.

Oil futures are extending losses today after falling to six-year lows on Tuesday on concerns yuan’s depreciation will lower China’s oil import demand at the time when OPEC reported the organization’s output rose to its highest level in more than three years. Global supply gut persists as major producers pump more crude in an effort to retain revenues as prices fall.

Nickel led decliners among industrial metals today as it fell 3.1%, with aluminum, lead, zinc and tin declining at least 1% and copper slipping 0.5% on London Metal Exchange.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

$25 Free Welcome Trading Gift to Start Trading – TRADE

$25 Free Welcome Trading Gift to Start Trading – TRADE(0)

Sign up and receive $25 Free Trading Welcome Gift to Start Forex Trading. $25 Free Forex Welcome Trading Gift by TRADE.com to trade forex live trading without any Deposit and investment to verify live account Link:  $25 Free Welcome Gift to Start Trading Available to: All new trading account Bonus offer: Sign up and receive

Stay Informed About Crucial BREXIT News – UFX Broker

Stay Informed About Crucial BREXIT News – UFX Broker(0)

How will BREXIT affect the value of the GBP? Could the EUR be affected, as well? Other European markets may see volatile market reactions as investors wonder how the UK may profit from its own market, rather than remain part of the EU’s single market. Stay Informed About Crucial BREXIT News with UFX Link:  Stay

Up to 444% Profit Receive for a Single Trade – Grand Capital

Up to 444% Profit Receive for a Single Trade – Grand Capital(0)

Up to 444% Receive Profit with our new Express Options for Grand Capital Ltd Binary Option Broker. Make a correct prediction for 3 assets at the same time Link: Up to 444% Profit Receive for a single trade Link:  $500 Forex No Deposit Welcome Bonus Link:  40% Forex Welcome Deposit Bonus Available to: All new

$6000 First Deposit Bonus Limited Time Offer – XTrade

$6000 First Deposit Bonus Limited Time Offer – XTrade(0)

Up to $6000 First Deposit Bonus Limited Time Offer (T&C applied) on all Deposits for all Customers. Become an XTrade customer, and get 60% Forex Special bonuses (T&C applied) on all deposits made during your first 7 days!! Link:  $50 Free Cash Welcome Bonus Promotion  (T&C applied) Link:  $30 Free Account Verification Bonus (T&C applied) Link: 

50% Deposit Bonus and $50 No Deposit Bonus – FortFs

50% Deposit Bonus and $50 No Deposit Bonus – FortFs(0)

$50 Forex No Deposit Bonus Promo Action to all eligible clients. Every client who passed the verification process in their trader’s room can get the $50 No Deposit Welcome Bonus Link:  $50 Forex No Deposit Welcome Bonus Link:  Up to 50% Bonus of Every Deposit Link:  15% Support Margin Bonus Promo Available to: New and

15% Forex Welcome Deposit Bonus Up to $1000 – XM

15% Forex Welcome Deposit Bonus Up to $1000 – XM(0)

15% Forex Welcome Deposit Bonus Up to $1000 and $30 Forex No Deposit Bonus Welcome Bonus brings Real Account clients the best rewards available. Entering the markets and trading with XM enables you to earn from your trades and build your own bonus up to a maximum of $1,000. Link:  $30 Forex No Deposit Bonus

Free $200 Earn with Binary No Deposit Bonus – Ayrex

Free $200 Earn with Binary No Deposit Bonus – Ayrex(0)

Earn $200 Free with Binary Options No Deposit Bonus to all new activated trading account. Ayrex presents its very first Binary Options No Deposit Bonus for new traders. Sign up to get FREE $30 and turn them into a fully withdrawable $200! Link: $200 Earn with No Deposit Bonus Link:  $100 Free Win in Just One

$30 Free No Deposit Welcome Bonus Campaign – Tickmill

$30 Free No Deposit Welcome Bonus Campaign – Tickmill(0)

$30 Free No Deposit Welcome Bonus Campaign to All new traders. $30 Free Welcome Account is available to all new clients who expressed a wish for it during the registration process. Link:  $30 Free Welcome Bonus Offer Available to: All new traders Ending Date: 31 December 2017 Bonus Offer: $30 Free No Deposit Welcome Bonus

Get $2017 No Deposit Hot Bonus Promotion – FreshForex

Get $2017 No Deposit Hot Bonus Promotion – FreshForex(0)

$2017 No Deposit Hot Forex Bonus Offer to all new verified customers. The $2017 Hot No Deposit Forex Bonus offers you a unique opportunity to test trading strategies of FreshForex Link:  $2017 No Deposit Hot Bonus offers Available to: All New Traders. Ending Date: 30 April 2017 Bonus Offer: $2017 No Deposit Exclusive Hot Bonus

100% Real Money Cash Back Bonus Promotion – UFX

100% Real Money Cash Back Bonus Promotion – UFX(0)

100% Real Money CashBack Promotion 2018 to all new and existing clients. Join and gain exclusive access to the ONLY online trading 100% Cashback rewards bonus program Link:  100% Real Money CashBack Promotion Link:  $50 Forex No Deposit Bonus Promotion Available to: All new trading account Ending Date: 31 December 2017 Bonus offer: 100% Real

read more

Forex Featured Broker

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories