Fed chair Powell signals stimulus tapering could start this year, but warns of Delta variant risks – as it happened

Graeme Wearden

from on 2021-08-27 16:45 (#5NV1B)

Rolling coverage of the latest economic and financial news

Wall Street at record highs as Powell soothes investors
Fed chair Powell says could be appropriate to start tapering this year...
...but also points to risks from Delta variant

Earlier:

China's 996 overtime policy illegal
China proposes clampdown on algorithms
Algorithms must comply with law, social ethics and fairness...
No disrupting public order, unfair pricing, or harming minors
WSJ: China may ban companies with large amounts of sensitive consumer data from overseas floats

5.45pm BST

And finally, here's our economics editor Larry Elliott on Jerome Powell's speech:

Share prices hit fresh records on Wall Street after the head of the US central bank, Jerome Powell, expressed concern about rocketing Covid-19 infections and gave no new clues on when the Federal Reserve would start to ease back on its stimulus programme.

At the FOMC's recent July meeting, I was of the view, as were most participants, that if the economy evolved broadly as anticipated, it could be appropriate to start reducing the pace of asset purchases this year.

The intervening month has brought more progress in the form of a strong employment report for July, but also the further spread of the Delta variant. We will be carefully assessing incoming data and the evolving risks."

5.44pm BST

While Jerome Powell was busy not announcing a QE tapering yet, a new survey was showing that US consumer confidence weakened this month.

The University of Michigan said its consumer sentiment index fell to 70.3 in August - the lowest since December 2011 - from July's final reading of 81.2.

U of MI Consumer Expectations Index shows a strong decline (consistent with sentiment)--the interesting part is that the most dramatic drop is in the top 1/3 of income levels (magenta). Perhaps anticipating tax hikes. pic.twitter.com/hw6M10i58L

Yikes. A big decline in consumer sentiment in August.

University of Michigan says: The Consumer Sentiment Index fell 13.4% from July, recording the least favorable economic prospects in more than a decade."

Delta variant and high inflation are spooking Americans pic.twitter.com/8BsAgkxSMU

University of Michigan consumer sentiment levels ran into a ditch in August, report says lots of factors weighing, but adds 'The falloff also reflected an emotional response to people's dashed hopes that the pandemic would soon end and lives could get back to normal." pic.twitter.com/244MRqD5hY

5.30pm BST

Market happy with what Jerome Powell had to say about tapering and rates. Everyone expects a pullback on the Fed's monthly bond purchases, but the market is addicted to record low rates and is tickled Powell sees that remaining the case for some time. #DOW +218 #FederalReserve

5.00pm BST

Stocks have pushed higher in London too, where the blue-chip FTSE 100 index has just closed 23 points higher at 7148 points, a gain of 0.3% today.

Mining stocks finished on top, with the weaker dollar continuing to push up commodity prices.

Additionally, the reinforcement of the message that tapering is not tightening, and merely a reflection of the improvement in the economy has helped reassure markets that the central bank is not going to be hasty in removing accommodation.

This message has helped deliver the FTSE100 to a positive week, with basic resources leading the gainers, with the likes of Anglo American, BHP and BP leading the gainers on the back of firmer commodity prices.

4.19pm BST

Multi-Asset Portfolio Manager at Janus Henderson Investors Oliver Blackbourn, has a good take on Jerome Powell's speech too:

Chair Powell gave little new detail in his headlining act at the annual Jackson Hole Symposium. Like a music festival headline act, there was a mix of old favourites (transitory inflation, still a way to go in unemployment) and some new material (tapering by Christmas). Ultimately, Powell appeared to give the fans what they wanted judging by the market's reaction. Markets appear to be buying into the dovish taper for the time being.

Powell was clear in his comments that the substantial further progress' that he has been waiting for on inflation has now been met, even if there is still some more to go on unemployment. Therefore, he appears happy to get on with tapering this year, a timetable that the market also appears to have settled on given the number of Fed meetings left in 2021. The question that was not addressed was how quickly the Fed will reduce asset purchases.

4.16pm BST

Wall Street has cheered Jerome Powell's speech to the Jackson Hole symposium, with stocks hitting fresh record highs.

Both the broad S&P 500 index, and the tech-focused Nasdaq, have touched fresh records, continuing their rapid rally since the early days of the pandemic.

Fed Chair Powell doesn't rock the boat. The S&P 500 is poised for its 52nd record high of 2021. https://t.co/btc0Yfl2wl pic.twitter.com/bioLU8e6qJ

More accommodative Fed policy looks to be on the horizon as long as Covid continues to linger over the US economic recovery, and the classic adage of bad news is good news" rings out for markets amid this environment."

What did we learn? Powell is a dove and wants more time to assess the data on employment - as we talked about this last week, the reasons for using this speech to signal the taper have reduced since the July FOMC. Critically the substantial further progress' criterion for the labour market has not been met yet.

Powell is still fully behind the idea that inflation is transitory - but took a huge amount of the speech to explain why, which I guess is answer to critics and hawks on the committee as to the delay in getting on with the taper. And Powell is doing all he can to avoid a taper tantrum - he's still saying that the Fed is overwhelmingly likely to taper this year but is not pre-committing to a schedule before he needs to.

3.49pm BST

Jerome Powell also adds that the Fed has much ground to cover" before it actually achieves maximum employment, and feels ready to raise interest rates from current record lows.

The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff, for which we have articulated a different and substantially more stringent test.

We have said that we will continue to hold the target range for the federal funds rate at its current level until the economy reaches conditions consistent with maximum employment, and inflation has reached 2 percent and is on track to moderately exceed 2 percent for some time.

Fed Chair Powell indicates that the central bank is likely to begin tapering by the end of the year, but says there's much ground to cover" before rate hikes. https://t.co/HotzBsstM4 pic.twitter.com/9N3xm4fdHp

3.49pm BST

Jerome Powell also warns that tightening monetary policy too early, in response to temporary inflation pressures, would be a particularly harmful" mistake.

In a signal that he is determined to avoid a hawkish premature tightening, the Fed chair says that workers would suffer from such an error,.

If a central bank tightens policy in response to factors that turn out to be temporary, the main policy effects are likely to arrive after the need has passed.

The ill-timed policy move unnecessarily slows hiring and other economic activity and pushes inflation lower than desired. Today, with substantial slack remaining in the labor market and the pandemic continuing, such a mistake could be particularly harmful. We know that extended periods of unemployment can mean lasting harm to workers and to the productive capacity of the economy.

3.34pm BST

America's top central banker, Jerome Powell, has just addressed the Jackson Hole economic symposium....and declared that the Federal Reserve could begin to slow its bond-buying stimulus programme later this year.

In an eagerly awaited speech, Powell says that the Fed has achieved the substantial further progress' it was aiming for on inflation, and is making clear progress toward maximum employment" too, given strong jobs gains in recent months.

We have said that we would continue our asset purchases at the current pace until we see substantial further progress toward our maximum employment and price stability goals, measured since last December, when we first articulated this guidance.

My view is that the substantial further progress" test has been met for inflation. There has also been clear progress toward maximum employment.

With vaccinations rising, schools reopening, and enhanced unemployment benefits ending, some factors that may be holding back job seekers are likely fading. While the Delta variant presents a near-term risk, the prospects are good for continued progress toward maximum employment.

We should also keep in our thoughts those who have lost their lives from Covid, as well as their loved ones.

3.03pm BST

Stocks have opened higher on Wall Street after dipping yesterday, with the Dow gaining 107 points or 0.3% to 35,320.

The tech-focused Nasdaq has also opened higher, gaining 0.4% or 64 points to 15,010 points.

2.49pm BST

Energy news: British Gas will freeze the direct debits of 2m households over the winter to help customers manage the highest cap on standard energy bills since the regulatory measure was introduced in 2019.

The UK's largest energy supplier confirmed it would raise the price of its default dual fuel tariff in line with the industry price cap, which will climb by 12% to an average of 1,277 a year.

2.48pm BST

The US multinational technology company Nvidia has said it will answer any concerns" raised by the European Commission as regulators appeared set to launch an investigation into the firm's proposed $54bn (39bn) purchase of the British chip designer Arm.

The world's leading maker of graphics and artificial intelligence chips is expected to notify the commission early in September of its plan to purchase Arm, when regulators would probably undertake a preliminary review.

This transaction will be beneficial to Arm, its licensees, competition, and the industry. We are working through the regulatory process and we look forward to engaging with the European Commission to address any concerns they may have."

1.55pm BST

Just in. The prices paid for Americans for goods and services continues to rise last month, according to a closely watched survey.

The PCE index rose by 4.2% year-on-year in July, up from 4.0% in June. Energy prices were one factor, jumping 23.6% year-on-year, while food prices increased 2.4 percent.

PCE #inflation for July +4.2% y/y (+0.4% m/m) vs. +4.1% est. ... core PCE +3.6% y/y (+0.3% m/m) vs. +3.6% est. pic.twitter.com/o377Z9PGDt

Core pce at 3.6% yr/yr and personal income up 1.1% in July - more evidence that the Fed can move forward with tapering.

INFLATION WATCH: Prices rise 0.4% in July using the Federal Reserve's preferred PCE gauge. Inflation still climbing - it's up 4.2% the past year. Highest since 1991. High inflation likely to persist at least through end of 2021 ...

PCE numbers are out: 4.2% and 3.6% -- that is, in line to very slightly hotter-than-expected inflation. https://t.co/gVcrU2CNOB

Largest Drivers of the PCE Price Index (MoM%): pic.twitter.com/OXq4FjnNVS

Largest Drivers of the PCE Price Index (YoY%): pic.twitter.com/e7r07mdlyL

Disposable personal income sees a slight bump. As the report notes, that's from both "government social benefits and compensation of employees". The Child Tax Credit is the government benefit referred to. Compensation is mostly from wage & salary. pic.twitter.com/uNdyesD6Fu

US Personal Spending for Jun'21 up 0.3% vs 0.4% expected.
Up: Food/ accommodation services.
Down: Autos, transportation, recreation.
A mixed picture. pic.twitter.com/wXtZeDv5aV

The Federal Reserve's preferred measure of inflation was 4.2% for the 12 months ending in July (3.6% excluding food and energy). Personal income rose thanks to wages and the child tax credit. Personal spending fell in real terms as Americans spent more on services, less on stuff.

1.15pm BST

In other tech news...shares in Just Eat Takeaway have tumbled 5.5% in London today after New York's City Council approved legislation to permanently cap commissions delivery apps can charge restaurants.

The move is a blow to Just Eat's Grubhub, one of New York's biggest food delivery apps, as well as rivals like DoorDash and Uber Eats.

By limiting, without expiration, the fees charged to restaurants by third-party food delivery services, we are ensuring that mom-and-pop shops have a real opportunity to recover and thrive.

12.51pm BST

In yet another blow to China's tech sector, Beijing's top court said today the country's notorious 996" overtime policy is illegal.

Under 996, employees work 9am to 9pm, six days a week -- part of an engrained culture of overwork that has been particularly prevalent at fast-growing technology companies.

China's Supreme People's Court said the overtime practice of 996,' working 9 a.m. to 9 p.m. six days a week, is illegal, taking aim at the controversial policy that is common among many Chinese technology firms https://t.co/OvtSW0vqNF pic.twitter.com/eDQRmwbk1U

The strengthening of labour rights followed years of dissent among tech workers over the so-called 996 system, which had been held up for many years as a badge of pride and a source of competitive advantage. Jack Ma, the founder of Alibaba, once told his employees that they needed to be prepared to work 12 hour days at his company, and described 996 as a blessing".

But an anti-996 campaign has taken hold at China's big tech companies after complaints of gruelling conditions and deaths blamed on overwork. In response companies including ByteDance, owner of short video platform TikTok, and the internet group Tencent have recently cut back working hours.

China's top court takes aim at 996' working culture in blow to tech groups https://t.co/bljLJFTVGL

12.27pm BST

Back in Britain, pig producers are warning that healthy animals may end up being culled if the government does not take urgent action to deal with shortages of workers at abattoirs and meat-processing plants.

As many as 70,000 pigs that should have already been taken to slaughter are stranded on UK farms, according to the industry trade body the National Pig Association (NPA).

12.16pm BST

Here's Raffi Boyadjian, lead investment analyst at XM, on the markets and the state of the economy today:

US stock futures were rebounding on Friday, pointing to gains of 0.3% at the open. Shares in Europe were mixed but in Asia, only Chinese indices managed to close higher as virus woes continue to sap sentiment.

It's not just in low vaccinated Asian countries, though, that the Delta variant is spreading uncontrollably. The number of people hospitalized in the United States is back above 100,000 and in Britain, there are fears that cases will soar once schools reopen.

11.43am BST

In another significant move to control its technology sector, China is seeking to tighten oversight of the algorithms they use to drive their businesses.

The Cyberspace Administration of China has issued a swathe of draft proposals to more rightly regulate how companies use algorithms.

My goodness. China's cyberspace watchdog, the CAC, just published a long (and unprecedented) set of draft regulations for recommendation algorithms. The short version: they will be tightly controlled. Key points below. 1/ https://t.co/YDtodrtsSY

Most interesting to me: Users must be provided with a convenient way to see and delete the keywords that the algorithm is using to profile them. 2/

And there are limits on the types of keywords algos can collect: "Providers ... shall not record illegal and undesirable keywords in the user points of interest or as user tags and push information content accordingly, and may not set discriminatory or biased user labels." 3/

Users must be informed that algorithms are being used to recommend content or products to them, and must be allowed to opt out, and see non-personalized results. 4/

There is a clear concern that algorithms will be used to the detriment of socialist core values. "The algorithm recommendation service provider shall adhere to mainstream values ... actively spread positive energy, and promote the application of algorithms for the better." 5/

Also a clear concern they may be used to manipulate consumers: "Providers shall regularly review, evaluate, and verify algorithm mechanisms, models, data, and application results, etc., and may not set up models ... such as inducing users to indulge or consume high amounts." 6/

Alogs can't be used to "falsely register accounts ... or falsely likes, comment, forwards... manipulate search rankings, control hot topics, ... implement self-preferential treatment, unfair competition, influence online public opinion, or evade supervision." 7/

Protecting kids: Algorithms cannot push info to minors that induce them to imitate unsafe behaviors or bad habits, or profile them in order to encourage internet addiction. 8/

No brutal work conditions for ride-hailing drivers, delivery drivers: "Algos that provide scheduling services to workers shall improve ... platform order distribution, remuneration, working hours, rewards and punishments, [to] protect workers' rights and interests." 9/

No using algorithms for differential treatment: "providers shall not use algorithms to implement unreasonable trading conditions such as differential treatment and transaction prices based on consumer preferences and transaction habits and other illegal acts." 10/

The Party does not want algorithms running amok and influencing public opinion. The CAC will keep records of algos that have "public opinion attributes or social mobilization capabilities," and algos which have such attributes must register. 11/

CAC will also conduct security and safety inspections of recommendation algorithm providers. Algo providers must also set up channels to receive, and respond to, complaints from the public. 12/

Buuuttttt... fines for violations are pretty low. First penalty is a warning. If the violation is serious, max fine is RMB 30,000 (around USD 5,000). This is likely because they need to be payable by small app developers, not just big tech. 13/

That said, if a criminal act has taken place (say, a violation of the upcoming Personal Information Protection Law), then fines could be huge. 14/

As far as I'm concerned, this policy marks the moment that China's tech regulation is not simply keeping pace with data regulations in the EU, but has gone beyond them. 15/

11.00am BST

Last weekend, my colleague Vincent Ni wrote a detailed piece about China's attacks on its entrepreneurs, particularly in the technology sector [one target of this latest clampdown on overseas IPOs].

It outlined how their vast fortunes has clashed with Beijing's political philosophy, posing a threat to the communist party, prompting Xi Jinping to rein them in.

China's tech bosses are among its wealthiest citizens, and they are very much in Xi's sights. The boss of social and gaming giant Tencent, Pony Ma, is estimated by Forbes to be worth $43bn (31bn). His peer Jack Ma, founder of Alibaba, is not far behind at $41bn.

With money have come power at home and influence abroad, both of which pose a threat to the Communist party, analysts say. China's technologies increasingly shape the western world, from Alibaba in global trade, linking western buyers with exporters of goods made in China, to TikTok in popular culture, to online gaming, where Tencent has an interest in some of the most successful European developers.

10.44am BST

China's State Council, the cabinet, has issued guidelines on promoting employment in the 2021-2025 period, including targets for boosting the extent of employment and improving workers' skillsets, according to the official Xinhua News Agency.

China will aim to solve structural issues with the workforce and effectively fend off large-scale unemployment risks, Xinhua cited the State Council as saying (via Reuters).

#China's State Council issues the Employment Promotion Scheme for the 14th Five Year Plan.
China's cabinet says will boost the size of employment, effectively fend off large-scale unemployment risks. pic.twitter.com/WMGDxbZL4x

CHINA WILL TAKE STEPS TO AVOID LARGE-SCALE LAYOFFS, ACCORDING TO XINHUA.

CHINA HAS ISSUED A FIVE-YEAR PLAN TO PROMOTE EMPLOYMENT - XINHUA.

10.23am BST

In France, consumer confidence has dipped for the second month running, back below its long-term average.

Households are less confident about the economic situation, and also less upbeat about their personal finances and future living standards in France generally, statistics body INSEE reports.

In August 2021, households' confidence has fallen slightlyhttps://t.co/n3lbcNUg02

French consumer confidence falls for the second consecutive month to a level below the long-term average for the indicator as households became less optimistic about their personal finances and future living standards https://t.co/XWpPqlA188

10.12am BST

There will be a reduced choice of toys in stores this Christmas, and prices are expected to rise by 10% over 18 months because of supply chain disruption, labour shortages and higher transport costs, the chairman of the retailer The Entertainer has warned.

Gary Grant, the founder of the family-run toy store chain, which has about 170 shops in the UK, said the cost of shipping a container from China by sea had risen twelvefold from about $1,500 (1,095) a container in early 2020 to nearer $18,000.

Not all stock we have is being shipped at the very latest container rates, so I think it will probably see 18 months for those prices to flow through to a significant change at retail, which might be a 10% increase over an 18-month period."

It now costs $15,800 for a 40ft container to get from China to the west coast of America, a tenfold increase since the start of the pandemic. There are about 350 containerships waiting to dock, meaning 4.6% of the global fleet is idle, up from 3.5% last month #shipping #transport pic.twitter.com/1DU0egYYWG

10.08am BST

In Australia, the pandemic has hit consumer spending.. adding to concerns that its economy is faltering.

Australian retail sales fell by 2.7% in July, as regional lockdowns hit its economy, forcing some shops and service providers to shutter.

Stay-at-home orders & closing non-essential retail hits household spending. Retail sales fell 2.7% July, with a sharp 8.9% collapse NSW. Question is whether household spending will rebound alongside easing restrictions at the same rapid pace we've seen with previous lockdowns pic.twitter.com/Lr4HQmQCkb

9.52am BST

European stock markets are holding steady this morning, with the FTSE 100 index gaining a modest 0.1% or 7 points to 7132.

Mining stocks and energy are among the risers in London, including Anglo American (+1.5%), gold and silver miner Polymetal (+1.3%) and Glencore (+1.1%).

On the Fed's website, the title of Powell's speech is simply given as The Economic Outlook", and DB's US economists think that the speech will largely mirror his remarks at the July FOMC press conference, and so aren't expecting a strong signal on the Fed's September meeting.

Instead they think that a tapering announcement will come at the following meeting in early November.

Tepid tones in Europe to kick start the day
Eurostoxx -0.1%
Germany DAX -0.1%
France CAC 40 -0.1%
UK FTSE flat
Spain IBEX -0.1%

9.31am BST

In the UK, ministers and unions fear that Liberty Steel faces a cliff edge", risking thousands of jobs when the UK's furlough scheme ends next month, unless owner Sanjeev Gupta can secure a new source of financing after months of delays.

Liberty's main UK plants have been running intermittently for months, and it is understood that the salaries of about 70% of its workers - more than 2,000 employees - have been supported by the government's furlough scheme in the last month. The company has relied on orders and upfront payments from major customers such as jet engine manufacturer Rolls-Royce.

9.31am BST

China's central bank has signaled overnight that it could take steps to support the rural economy, and cushion it from the slowdown.

The People's Bank of China pledged to use its monetary policy tools to help rural development, such as its reserve ratio rate -- which controls now much money banks can lend to the real economy, rather than keeping on their books.

PBOC Governor Yi Gang earlier this week pledged to boost credit support to the economy and improve efforts to bring down real lending rates for businesses. In a front-page commentary in the China Securities Journal Friday, analysts said there could be an increase to credit supply soon and another reduction in the RRR following July's surprise cut.

Zhou Hao, senior emerging market economist at Commerzbank AG in Singapore, said the PBOC's comments have fueled speculation of a RRR cut as early as Friday. Lu Ting, chief China economist at Nomura Holdings Inc., sees more than 70% chance of a RRR cut in the next two months.

#China | #PBOC Signals Reserve Ratio Cut to Boost Rural Finance - Bloomberg
*Link: https://t.co/5cfCCiZdPy pic.twitter.com/XCQGCVc7Hs

The People's Bank of China said it will use monetary policy tools including re-discount and relending facilities and the reserve requirement ratio (RRR) to help financial institutions fund rural rejuvenation - @reuters #PBOC #china #RRR #centralbanks #policy

The PBOC held a meeting with MOA and MOF on Thursday and highlighted policy instruments such as RRR cuts and relending / rediscounting as ways to support rural development. This points to a new round of targeted RRR cuts in coming weeks. pic.twitter.com/KXHjqyruKV

9.07am BST

We also have data showing that profits at China's factories have slowed for the fifth month running, indicating that its recovery may be fading.

China's industrial profits rose 16.4% year-on-year in July, down from 20% in June.

#China's #industrial profits in Jul rose 16.4% y/y, up 39.2% from the same period in 2019, leaving the two-year growth at 18%, 2.3 percentage points faster than that in June, said National Bureau of Statistics. pic.twitter.com/thTkJfyreC

The profitability of more than 70% of the surveyed industries exceeded the pre-pandemic level, said Zhu Hong, an economist with China's statistics bureau.

The profit growth of the pharmaceutical manufacturing industry improved significantly as demand for medical supplies and vaccines increased, Zhu said.

8.57am BST

China is also introducing new data security laws to tighten up how companies use confidential data.... and some lawyers fear firms could fall foul of them by mistake.

The Data Security Law (DSL), which will take effect on September 1, 2021, aims to regulate a range of data activities", including safeguarding data security, protecting individuals, and safeguarding state sovereignty and security.

For example, the law says only that companies looking to transfer important data" overseas must perform a security assessment each time.

There is no list, there is no annex, there are no examples," says Nicolas Bahmanyar, senior consultant at Beijing-based law firm LEAF. So we're a little bit in the dark here."

China's coming data laws leave firms with more questions than answers https://t.co/G4xbVo2b33 pic.twitter.com/s0Fg6Stxw5

8.16am BST

China is continuing its crackdown on its tech sector, according to reports this morning, by proposing new rules that would ban firms with large amounts of sensitive consumer data from going public in the United States.

China Securities Regulatory Commission officials said that companies with less sensitive data, such as those in the pharmaceutical industry, are still likely to receive Chinese regulatory approval for foreign listings, according to the people.

The new rules are likely to help Beijing exert more control over the complex corporate structure that China's biggest tech companies use to sidestep restrictions on foreign investment. Chinese leaders consider sectors such as the internet, telecommunications and education sensitive because of political or national-security concerns.

China's stock regulator plans to propose new rules that could thwart Chinese internet companies' plans to list in the U.S. @QiZHAI https://t.co/GZR6gHv7Aw via @WSJ

8.11am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

Investors around the globe are eager to hear from Federal Reserve chair Jerome Powell later today, at the Jackson Hole economic symposium -- the Kansas City Fed's annual gathering of central bankers, which is being held virtually.

With the Delta-linked resurgence in coronavirus infections adding to the downside risks to economic growth and officials still split on exactly what qualifies as substantial further progress" toward meeting the full employment goal, we don't expect Chair Jerome Powell to provide any definitive guidance in his Jackson Hole speech tomorrow on when the tapering of the Fed's asset purchases will begin.

More generally, there is still uncertainty surrounding the pace and composition of the run-down in asset purchases and whether the Fed will commit to a pre-announced deterministic path or prefer to make adjustments on a meeting-by-meeting basis.

European Opening Calls:#FTSE 7132 +0.10%#DAX 15785 -0.06%#CAC 6664 -0.03%#AEX 781 +0.06%#MIB 25888 +0.10%#IBEX 8895 +0.02%#OMX 2371 -0.01%#STOXX 4170 +0.01%#IGOpeningCall

Powell speech and core PCE the key focus today https://t.co/yUqR6JUTt3 #USD @CMCMarkets

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