US economy has hit turning point
Fundamental Forex Analysis

US economy has hit turning point

In an interview with CNBC late Wednesday, White House (WH) Economic Adviser Larry Kudlow offered an upbeat outlook on the US economy.

Key quotes

“The stock market is presaging an upturn in the economy.” 

“Expect upcoming reports for June and July to also be strong.”

On further stimulus plans, said “there’s a lot of options.”

“No one is happy with the $600 plus-up (addition to unemployment benefits).” 

 “We’re looking very carefully” at a type of return-to-work bonus or credit for workers.

These comments likely hit the wires before the US Federal Reserve (Fed) Chairman J. Powell’s post-policy press conference. Powell offered a gloomy outlook on the US economy, which hit the market mood and sent the global equities under the bus.

An uphill task for the dollar bulls

The US dollar index is struggling to extend the post-Fed recovery momentum and trades flat around 96.00 despite the negative sentiment on the Asian equities and a 0.40% drop in S&P 500 futures.

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