GLOBAL & REGIONAL DAILY (Friday 31 July, 2020)
GLOBAL & REGIONAL DAILY
July 31, 2020
Reacting to yesterday’s weak Q2 GDP releases from the US and major EA economies, UST and German Bund yields declined further. In FX markets, the EUR/USD extended recent gains testing levels slightly above 1.19, favored by reports suggesting that the US President raised the idea of postponing the US presidential election on the view that mail-in voting could be subject to fraud.
The economic sentiment indicator increased at 90.8 points in July 2020 from 87.6 and 99.3 points in June and May 2020 respectively.
In yesterday’s address to the public, Serbia’s President Aleksandar Vucic expressed the view that the GDP will remain unchanged in 2020, despite the anticipated contraction in Q2 by -9.9% YoY. One day earlier, top officials from six Western Balkan countries held a virtual summit to discuss how to prevent and address economic stagnation from the pandemic.
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