FXStreet (Guatemala) - Analysts at TD Securities noted the shift in global economic data surprising to the downside.
“The biggest market movers over the last week were equities, where we saw the European banking sector drag everything else lower. Q2 earnings season, which picks up next week, will help to determine whether markets stabilize or extend their losses over the coming week, although Chinese GDP data and testimony from Yellen will also have some influence”.
“We’ve also seen G10 yields move lower on risk aversion, and on generally poor data as most countries are seeing economic data consistently surprising to the downside”.
“The payrolls euphoria in the US has worn off, and UK markets are re-thinking rate hike timing as we seem to finally be seeing growth decelerate, and the UK data surprise index is at its lowest level in more than a year”.