July market update – the US dollar was notably weaker over July

July market update – the US dollar was notably weaker over July

Chris Godding
Published: 10 Aug 2020 Updated: 13 Jun 2022

Movements in global markets during July largely reflected the fine balance between concerns over Covid-19 outbreaks and the pickup in economic activity in countries that were already emerging from lockdown measures.

In this edition

  • Against this backdrop, the US dollar was notably weak over the month – with the greenback spot index dropping the most in a single month since September 2010 – as second quarter GDP data set an unwanted record for the size of the economic contraction and US policymakers failed to reach an agreement on a fiscal response
  • The weaker dollar supported a number of market returns in July, including Asian, Emerging Markets and US equities, alongside another strong month for precious metals prices
  • Returns in sterling terms were more subdued

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This article was previously published on Tilney prior to the launch of Evelyn Partners.