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Russia’s quarterly gross domestic product report is due later today, and markets claim it had seen a 9% decline during the second quarter of 2020. In the previous quarter, the Russian economy had seen a 1.6% increase in GDP. On the other hand, its trade balance is expected to report a lift for June at 4.10 billion from 3.67 billion in May. In Norway, consumer prices increased by an annual rate of 1.3% in July, lower than the yearly 1.4% but much higher than the headline CPI recorded in the month before. Core CPI rose by 3.5% in July after rising by 3.1% in June, despite falling slightly from 1.4% to 1.3% in comparison to last year. Core inflation also increased on a monthly basis in July for Norway, which came in at 0.9% against 0.4% the month prior. As investors await an increase for Norway’s consumer confidence, to be reported later this week, these figures will help the Norwegian krone instead of the Russian ruble near-term.
Europe reported mixed signals on today’s trading. Germany’s ZEW current condition saw a fall in August instead of an increase from -80.9 in July to -81.3, disappointing market consensus of -68.8. Meanwhile, the same county’s Economic Sentiments increased in August in its place. The figure increased from 59.3 in July to 71.5 in August, way up from expectations of 58.0. The full bloc’s ZEW monthly economic sentiment upped on previous and market comparisons of 59.6 and 55.3, respectively, when it recorded a 64.0 figure earlier today. These conditions will help the euro currency boost against the Norwegian krone in the upcoming sessions with surging crude prices and less relevant economic data from Norway. Its increase in monthly CPI might dampen the euro currency’s increase short-term, which came in at 0.7%, a little above 0.2% in the previous month. Investors are now bracing themselves for Norway’s consumer confidence report for Q3.
The UK reported a lower-than-expected percentage for its average earnings index +bonus figure for June at -1.2% against estimates of -1.1% and the previous record at -0.3%. Its unemployment rate isn’t looking as pretty as it used to be, either, as although the record didn’t increase to 4.2% as the market expected, it retained its 3.9% for June with the looming threat from the Bank of England that it might reach 7.5% by the end of this month alone. The City is bracing for its quarterly GDP reading for the second quarter tomorrow with an expectation to contract by -20.5%, which is already much lower than the previous, already negative record of -2.2% in the first quarter ending March. Meanwhile, banks claim the worst in the US economy has already departed after it announced a much better-than-estimated claimant count change in July at 94.4 thousand against expectations of 10.0 thousand, and much farther than June’s record of -28.1 thousand.
Job recovery reached pre-coronavirus levels from a 121.5 million job losses in June to a 100.3 million recovery in June. July saw a further recovery in jobs by 11 million, but economists are seeing a catch: the plight of salaried employees worsened since the lockdown began in April to nearly 19 million by the end of July. Although these jobs aren’t easy to lose, experts claim they are hard to get back once they’re gone. When salaried jobs went 22 percent lower in late July in comparison to the same month last year, investors are getting increasingly worried about its overall job market and economic recovery by the end of the year. Meanwhile, the US is preparing to report a higher PPI for the month of July at 0.3% compared to -0.2% in June. Yesterday, it announced 5.889 million job openings in June against 5.371 million recorded the month prior. These will help the US dollar increase against the Indian rupee within the week.
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