The CHF is the strongest and the NZD is the weakest as the NA session begins

As the North America session begins, the CHF and USD are running neck and neck with each other for the strongest of the major currencies. The CHF is the weakest (with the JPY following behind). There are lots of different stories driving the summer trading today. Energy and growth remains a concern. Although the Rhine is expected to benefit next week from rain this week (levels stalled the transport ships with call and energy to powerstations halted), China is having the same problem from draught conditions as the river Yangtze dips to half its normal level. China has also provided support to their fledgling real estate market. UK consumer confidence (Gfk consumer confidence) fell to a new low.

US stocks are lower as the meme stocks tumble after word that Chewy founder Ryan Cohen dumped all of his stock and options after a „pump and dump”-like scheme this week sent shares of Bed, Bath and Beyond racing to the upside. Investors had hoped that Cohen would stay a major holder and guide a turnaround. Fed officials also started to chirp with more of a hawkish anit-inflation tone again (and the market is paying attention today). Next week is the Jackson Hole summit where the same rhetoric is expected highlighted by Chair’s Powell speech next Friday (at 10 AM ET – oh no we have to wait all week).

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