Latest Market News: 4th August 2023
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A sell-off at the long end of the US Treasury market has cast a shadow over risk assets and hit cyclical currencies. The dollar has been the main beneficiary. Expect focus to remain on the US bond market very much into next week's quarterly refunding.
Amidst a backdrop of a declining infection rate and a growing economy with low unemployment in the UK, one concerning issue still looms: inflation remains unacceptably high. In June, prices surged by a staggering 7.9% compared to the previous year.
Data released yesterday saw US Unemployment Claims edge up to 227,000 from 226,000. Which was still near the lows for this year. US Factory Orders rose to 2.3%, beating median forecasts at 2.0%. Global bond yields lifted, spurred on by higher US treasury rates.
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