Research: Rebound loses pace and virus sways FX

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Rebound loses pace and virus sways FX

By Blu Putnam, Chief Economist & Erik Norland, Senior Economist, CME Group

State of the US Economic Recovery in Real Time

  • Brisk recovery in May and June slowed from July to early September.
  • Entertainment and recreation sector remains down 60% from a year ago.
  • Restaurants and hotels regain some lost business during the summer.
  • Healthcare spending has recovered to 10% below pre-pandemic level.
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Economic Impact of Virus Drives FX

  • Yuan has gained 6% against US dollar from June through late September.
  • Euro’s 10% rally from March lows curbed by resurgence in virus.
  • Pound’s summer surge halted by fresh virus outbreaks, Brexit.
  • Coronavirus’s economic impact influences moves in currencies.
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