Open: New York Session | Forex, Metals, Oil, Agriculture August 05, 2022

A member of the National Guard plays a trumpet during a flag rai

Agriculture

As a major importer of wheat and energy, Turkey has been hit hard by the economic fallout from Russia s war in Ukraine, with domestic inflation racing to 80%.

Currencies

In currency markets, the dollar rose against most peers and gold edged lower.

Oil

Later, there s the release of the Baker Hughes oil rig count, and earnings include Adient, Cinemark as well as Goodyear. Oil was steady after recent declines and Bitcoin advanced above $23,000.

United States

Jobs, jobs, jobs The markets are holding their breath for July’s non-farm payrolls data out of the US, with economists forecasting that employers added 250,000 jobs. Beijing announced sanctions on Pelosi and her immediate family members and said it would take other measures including halting climate change talks with the US. I was going to start this section with banal statement like Fed officials pushed back in a big way against markets pricing in a so-called pivot.
Today we look at the outlook for the US consumer as savings retreat, what big-name economists are worried about, and why China may no View in browser Hello. Elon Musk also reiterated his comments that he thought a recession in the US was likely, expecting the downturn to be “mild” and lasting up to 18 months. The stock market is another story, where traders are apparently lining up to fight the Fed. Under current policies, the US is on track to cut its emissions between 24% and 35%, depending on the analysis.
Today s Must Reads The doomsayers | Meet the five economists who reckon the US economy will contract again in the current quarter. In the US, greener living is getting easier for people who want to go on lower emissions vacations. That s a much different style than the Fed, which will likely never outright forecast a recession.

China

The show of force comes after Beijing broke another precedent by firing four ballistic missiles over Taiwan yesterday, according to the Japanese Defense Ministry.

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