The US July ISM Manufacturing PMI released last night was 48, lower than the expected 49.5, marking the fastest contraction in nine months, and the employment index hit its lowest point in over five years.
Although the data appears to indicate stagflation, I believe it’s not that serious. The market was overly optimistic before, as seen when the US Dollar Index broke 100, which indicates a bit of floating. The US economy is indeed not bad, but a slowdown is a fact.
After last night's data, the US stock market is set to enter a correction, with support levels for the Nasdaq at 20500 and 20000,
US Treasury yields rose, with the 10-year yield returning to 4.23%. The market is breathing a sigh of relief, as there will be another 3-4 trillion in Treasury bonds to issue in August. A yield of 4.5% is an important threshold; if it breaks, US Treasury bonds will be worth watching #加密市场回调 #美国初请失业金人数 .
Although the data appears to indicate stagflation, I believe it’s not that serious. The market was overly optimistic before, as seen when the US Dollar Index broke 100, which indicates a bit of floating. The US economy is indeed not bad, but a slowdown is a fact.
After last night's data, the US stock market is set to enter a correction, with support levels for the Nasdaq at 20500 and 20000,
US Treasury yields rose, with the 10-year yield returning to 4.23%. The market is breathing a sigh of relief, as there will be another 3-4 trillion in Treasury bonds to issue in August. A yield of 4.5% is an important threshold; if it breaks, US Treasury bonds will be worth watching #加密市场回调 #美国初请失业金人数 .
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