TOKYO - The dollar held onto gains on Friday after a surge in U.S. retail sales eased concerns about the world’s top economy, but traders cautioned against reading too much into one piece of data given the growing risks to the outlook.
Data showing American consumers continued to splurge in July came as a relief to investors after the U.S. bond market sounded alarms of a recession.This week’s inversion in the U.S. Treasury yield curve, which has historically preceded several past U.S. recessions, has stoked fresh worries about the economic impact of the Sino-U.S. trade war.
More protests are also expected in Hong Kong over the weekend, which could become a new geopolitical flashpoint and further complicate the U.S.-China trade war.
It’s almost like the corporate media is trying to fracture investor confidence despite reality. I guess if you scare investors enough, maybe you can weaken the markets sufficiently to cause a recession that may cost Trump a re-election. But is it worth it?
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