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China’s economic growth has disappointed investors this year, due in part to the property sector’s struggles but also outsize expectations. But the real source of concern should be the United States, now grappling with a full-blown debt crisis amid a looming recession and political dysfunction.
Consumer spending has been holding up the economy.Over the summer, it seemed the US economy could defeat inflation without a crash.Even as interest rates skyrocketed
FX: Another strong day for the USD, with USD/JPY challenging new highs and EUR/USD moving further below 1.06. Thus far into the week however, SEK outperforms rest of G10 (inc. USD) and USD/SEK broke below 11.00 yesterday, despite another sour day for risk. Neighbouring NOK does not follow suit however, and instead EUR/NOK continues to trade within the 11.40-50 interval.