The US dollar is now inching towards gradual decay as global markets are bracing for another sensitive week. The upcoming week is dubbed a macro week for worldwide financial markets, with key events unveiled that may change the course of the markets in the long haul.
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Volatile Week Approaches: Will USD Derail To A New Low Level?
Wu Blockchain says a new sensitive week for global financial markets is almost here. The platform quickly updates the novel critical financial events that may affect the dollar’s valuation in the long haul. For instance, Apple is gearing up to launch its new line of products, which may impact the firm’s share prices.
In addition, the US government is also preparing to launch the August CPI data. If the data metrics are deemed negative, this development may further detail the US dollar’s valuation in the long term.
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The heated US presidential elections are also responsible for adding a bit of drama to the US economic structure and regime. The upcoming week will also consist of the Harris-Trump debate on ABC News. The markets are also bracing for solid and opinionated statements that may be made in the discussion. These statements may have left an impression on the economic structure of the nation, which further can weaken or bolster the dollar’s might.
Furthermore, the upcoming week is also crucial as it will see the unveiling of the September University of Michigan consumer confidence index, a metric that can negatively impact the USD if it’s announced with bearish undertones.
US Debt Debate: Elon Musk Chimes In
Elon Musk, the SpaceX and Tesla chief, took to X to outline the stark rising numbers regarding the US debt. While outlining how grave the development truly is, Musk shared that the interest payments on US debt are higher than the size of the Ministry of Defense’s budget.
“Interest payments on the national debt are now higher than the entire Defense Department budget and rising!”
Retweeting Wall Street Silver’s post, Musk outlined how important it is to subdue the rising US debt metrics. The current US debt stats stand at a whopping $36 trillion and are rising consistently at a rapid pace.
Donald Trump has announced his new plan to thwart global markets’ intent to devalue the US dollar. The former US president said he would levy a 100% tariff on nations that conduct business in currencies other than the US dollar.
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“You leave the dollar and you’re not doing business with the United States. Because we are going to put a 100% tariff on your goods.”