Comments from Mnuchin
Reports say they’re something like $1 trillion apart on state/local funds. It’s a bit puzzling why Republican governors are so against this money. Instead, they’re going to have to drastically reduce services and cut workers. I don’t know in which world that’s a popular move. Or maybe that’s where the White House will

Weekly FX speculative positioning data from the CFTC.
– EUR long 180K vs 157K long last week. Longs increased by 23K
– GBP short 15K vs 25K short last week. Shorts trimmed by 10K

NASDAQ 7-day win streak broken today
A look at the final numbers shows:
The Dow had his best week since June 5.. The S&P index at its best week since July 2.

Comments from Pelosi
Question to Pelosi: „What’s next“
Pelosi: „Perhaps you missed what I said — I said, `come back when you’re ready to give us a higher number.'“

The market is keeping a watchful eye ahead of the US jobs report later
There is a lot of focus on the US non-farm payrolls later today, as market participants are in search of more clues on how the rise in coronavirus cases across the US is impacting the labour market. At this point, it feels

Der Spiegel reports, citing a video call between senior government officials
The report says that the government plans to bring forward stimulus spending worth €16 billion for a total of €26 billion. This compares with the previous plan to speed up only €10 billion in investment in digital, security and defense projects.

Forex news from the European trading session – 7 August 2020
Headlines:
Markets:
– USD leads, NZD lags on the day
– European equities mixed; E-minis down 0.4%

Further comments by Ramsden
The BOE published a box on negative rates in its yesterday – the first time it has done so – and that is inviting market participants to get used to the idea that policymakers are almost likely to pursue such a measure if the economic recovery falters.

Comments by China top diplomat, Yang Jiechi
Uh oh, China is starting to pull out the Phase One trade deal card in light of recent tensions between the two. There are known boundaries that both sides should not cross that may lead to the deal breaking down, so China is making that clear once again.

Latest data released by Challenger, Gray, and Christmas Inc
– 170k
US-based employers announced another 262,649 job cuts in July and this does provide some indication that perhaps the labour market recovery is losing some steam as demand conditions continue to suffer across the country.