Today at the beginning of the trading session China's GDP data was published. As expected, it showed an increase of 6.8% year on year. On a quarterly basis, the index declined by -0.1 from the projected level of 1.5%. Worse than expected were also the industrial production by -0.4%, and investment in fixed assets by 0.2%. However, the data showed improvements in retail sales and amounted to 10.1% instead of the expected 9.7%.
Donald Trump, contrary to reports by the Treasury Department, accused China and Russia in that they play in the "devaluation" of their currencies on his Twitter account on Monday, while the United States is to raise interest rates. The head of the White House has expressed his position on the matter, which he claims is "Not acceptable."
However, according to the semi-annual report of the Department of the Treasury, there was no market "manipulation" and there is no reason to call any country a currency manipulator. At the time of yesterday's trading session the dollar dropped to lows of March this year.
Despite the excitement expressed by the President, Phil Orlando, chief strategist at Federated Investors Stock Market Inc., said that he expects a "good" growth in stocks and the expected return of about 15-20% per annum. Also, he expects a devaluation of the dollar.
