• Daily Digest

    Daily Digest 8/6 – Investors Fret About Dollar Reserve Status, 1.2M Filed For Unemployment For The First Time Last Week

    by Daily Digest

    Thursday, August 6, 2020, 12:40 PM


Economy

As dollar slides, some investors fret about its status as world’s reserve currency (Sparky1)

These factors are already weighing on the dollar =USD, which stands 9% below its high of the year and notched its worst monthly performance in a decade in July.

Changes that may affect the dollar’s reserve currency status “have historically been glacial,” said Alan Ruskin, chief international strategist at Deutsche Bank AG. “Lately, they have been speeding up.”

Gold just hit $2,000 an ounce — but that’s not necessarily a good sign (Sparky1)

“The market is not confident that we have witnessed the end of the coronavirus outbreak,” said Giles Coghlan, chief currency analyst at HYCM, a U.K.-based brokerage. “Stock markets may be making modest daily gains — but the chance of a second outbreak of cases, which seems to be increasingly likely, could result in these gains’ being lost.”

Around 1.2 million people filed for unemployment benefits for the first time last week (Sparky1)

Global outplacement firm Challenger, Gray & Christmas said U.S. employers announced a total of 262,649 job cuts in July, the third-largest monthly total since the coronavirus pandemic began, according to Reuters. Layoffs for the year to date are currently just 109,180 away from the record 1.957 million job cuts announced in 2001.

“It is clear that many job losses are now permanent, and it will be challenging for many workers to find new jobs and feel safe taking jobs that are public-facing,” said Andrew Challenger, senior vice president at Challenger, Gray.

Democrats introduce bill to give the Federal Reserve a new mission: Ending racial inequality (TourGuideDC)

The Federal Reserve Racial and Economic Equity Act requires the central bank to take action “to minimize and eliminate racial disparities in employment, wages, wealth, and access to affordable credit.”

It would be the first major change to the Fed’s mandate since 1977 and would significantly alter the central bank’s focus. The Fed’s current mandate from Congress is to keep prices stable and maximize the number of Americans with jobs.

Two U.S. senators seek ban on collecting customer biometric data without consent (Sparky1)

“We have to fight against a ‘big brother’ surveillance state that eradicates our privacy and our control of our own information, be it a threat from the government or from private companies,” Merkley said in a statement.

The bill is backed by the American Civil Liberties Union, Electronic Frontier Foundation and Open Technology Institute.

Exclusive: Gov. Ron DeSantis Acknowledges State’s Unemployment System Was Built With ‘Pointless Roadblocks’ To Pay Out ‘Least Number Of Claims’ (edelinski)

“From the end of the third week, third, fourth week of March through most of April, you know, we were in really dire straits with that system. So I do think we should get the results of the IG. And then, if there needs to be some type of suit or some type of accountability, we absolutely need to do it. I mean, my thing is like a lot of these unemployment systems throughout the country, you know, weren’t very good, but a lot of them were like 40, 50 years old. Ours wasn’t really old. I mean, ours was really five, six years ago. And it should have been done better for that price tag to produce better results.”

Bowser Had ‘Black Lives Matter’ Painted On A D.C. Street. Now Other Groups Say They Should Get A Turn (TourGuideDC)

In the wake of Mayor Muriel Bowser’s attention-grabbing painting of the words “Black Lives Matter” along a two-block stretch of 16th Street NW in early June, a pair of conservative groups is now waging a fight to gain the same right to have their messages displayed on city asphalt.

And the fight is not limited to D.C.: a similar street mural in Tulsa could soon be removed after a pro-police group sought to paint its own message on another street, while “Back the Blue” was painted on a street in front of Tampa’s police department over the weekend.

Chants of ‘revolution’ in Beirut as France’s Macron is mobbed by angry crowds (Sparky1)

“Revolution, revolution!” people chanted, as shock at the devastation in the city gave way to anger on Thursday. New information reveals that Beirut officials had ignored repeated warnings about a stockpile of dangerous chemicals linked to the blast that has killed 137 people and injured 5,000.

Gold & Silver

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