{"id":60999,"date":"2023-04-21T10:50:58","date_gmt":"2023-04-21T07:50:58","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=60999"},"modified":"2025-10-17T12:06:46","modified_gmt":"2025-10-17T09:06:46","slug":"us-recession-worries-intensify","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/nl\/us-recession-worries-intensify\/","title":{"rendered":"US recession worries intensify"},"content":{"rendered":"

The USD maintained its sideways motion yesterday as the market seems to keep a wait-and-see position, given the worries for a possible recession in the US economy and its characteristic how safe haven currencies such as JPY and CHF got some support. It should be noted that the Philly Fed Business Index unexpectedly fell yesterday in another indication of slowing if not contracting economic activity in the US economy, intensifying market worries for a possible recession. Furthermore, the weekly initial jobless claims figure jumped yesterday implying that a slack is building up in the US employment market, while the existing home sales figure dropped implying a lack of demand in the US real estate sector. It was characteristic of a deterioration of the market sentiment as riskier assets such as commodity currencies CAD and AUD as well as US stock markets ended their day in the reds. US equities markets on the other hand seem to have also been adversely affected by unconvincing earnings reports and we note how Tesla has reversed some of the price cuts it had announced after the share price\u2019s downturn in the past few days. We expect today\u2019s stock markets to continue to keep their focus on earnings releases, especially high-profile companies, among which we note Procter and Gamble (#PG) for today. Back in the FX market and north of the US border, we note the continuous weakening of the Loonie over the past few days and besides the deteriorating market sentiment also the drop of oil prices, due to worries for the demand side of the commodity,\u00a0 seems to keep downward pressure on the CAD. Across the Atlantic, we note the contraction of the headline retail sales for March in the UK, yet the issue becomes even more critical should one view the core retail sales growth rate on a year-on-year level, which has been in the reds for over a year now, exactly highlighting the waning demand at a basic level in the UK.<\/p>\n\n\n\n

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