Fed Chair: US economy still has long way to recovery
Federal Reserve Chairman Jerome Powell said on Tuesday the US economy has "a long way to go" in order to reach full recovery, and called the Congress for continued fiscal stimulus to face the coronavirus damages.
Powell renewed his call the US lawmakers to continue to provide fiscal and monetary stimulus support to the economy until it is clearly "out of the woods."
However, Powell sees progress in job creation, goods consumption levels and business investment.
The Fed Chair warned the Congress from stopping the fiscal support, and stressed that such a move could lead to a weak recovery.
One of the greatest football managers and two times UEFA Champions League winner, José Mourinho, has been appointed as the new brand ambassador for XTB. XTB, the global leader in FX and CFD trading, has signed a partnership with José Mourinho, one of the greatest managers of all time in football. The Portuguese coach has led 4 team in 4 different countries (Portugal, England, Italy and Spain) to win their league, and one of only 3 coaches to win the UEFA Champions League twice with two different teams. Mourinho will be the brand ambassador for XTB for the next 2 years. Omar Arnaout, CEO of XTB stated "I am very pleased to announce our partnership with José Mourinho, who is not only an exceptional personality, but also a symbol of a manager who has built his success on both strategy and winning mentality, which fits very well with the values and strategy of our brand, and also share the same desire to achieve the goals we set ourselves, Just as José helps his team to become the best in the world, we want to help our clients to become better investors with XTB, in which we provide the highest level of service and technology." The announcement marks the beginning of the broker's new global branding campaign, Be Like José. The creative idea of the story is based on the perception of the similarity between the challenges that investors face every day and those that the football manager faces. Good strategy, a desire to win and learn from failure are the main success factors in both football and investment. XTB launched the promotional campaign with the release of a video including the new brand ambassador. Jose Mourinho said "I am glad to be an XTB ambassador for the coming years, when we had discussions about starting cooperation with XTB, it turned out that we share many of the same values such as passion, professionalism, commitment, this is why I'm really happy to work with the amazing team at XTB and share my own experiences with more than 200,000 traders around the world. If you want to trade, be like me, choose XTB."
IHS Markit revealed today that the composite PMI output index fell to 54.4 points in September from 54.6 points in August. The services PMI fell to 54.6 points in September vs. 55 points in August, but came slightly higher than forecasts of 54.5. While the manufacturing PMI rose to 53.5 points in September vs. 53.1 in August, beating forecasts of 52.5.
The Japanese yen fell against the US dollar on Wednesday, following Bank of Japan Governor Kuroda's warnings. Kuroda commented on the monetary policy today, and warned that uncertainty about the Japanese economic remained very high. The bank governor stated that the global economy is facing massive challenges due to the coronavirus crisis, in addition to other hurdles, such as the climate change. However, Kuroda stressed that the world’s third-largest economy after the US and China is likely headed for a moderate recovery. He stressed that the Bank of Japan "won’t hesitate to take additional easing steps as needed" to ease corporate funding restrictions and to provide support to the economy from this health crisis. "We will closely monitor the pandemic’s impact on the Japanese economy and markets" Kuroda added. As of 21:20 GMT, USD/JPY rose 0.3% to 105.9, after hitting a high of 106.1 and a low of 105.6.