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On March 7th, Emirates Airlines issued a statement saying that all flights to and from Dubai have been suspended, and the resumption time will be announced later. The statement advised passengers not to go to the airport, and Emirates Airlines will release updates as soon as they become available. Shortly afterward, Dubai International Airport announced that it had suspended operations to ensure the safety of passengers, airport staff, and crew. Earlier that day, an explosion was heard at Dubai International Airport, and some passengers in the terminal were asked to evacuate to the underground level for safety. It is reported that an interception operation was carried out over Dubai Airport.On March 7th, Yuan Da, Secretary-General of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the 15th Five-Year Plan period is a crucial period for accelerating the comprehensive green transformation of economic and social development. In implementing the concept of green development, low-carbon requirements are given greater emphasis. First, it clearly proposes to take carbon peaking and carbon neutrality as the driving force, and synergistically promote carbon reduction, pollution reduction, greening, and growth. Second, it fully implements dual control over total carbon emissions and intensity. It should be noted that the shift from dual control of energy consumption to dual control of carbon emissions does not mean a relaxation of energy conservation efforts. Energy conservation remains the most direct, economical, and effective way to reduce carbon emissions.On March 7th, Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan has added an indicator for the proportion of nursing care beds in elderly care institutions, guiding these institutions to provide more high-quality nursing services and better meet the care needs of disabled and cognitively impaired elderly people. Simultaneously, an indicator for increasing the enrollment rate of infants under 3 years old in childcare facilities has been set, comprehensively reflecting the degree to which childcare needs are met and enhancing the publics sense of gain.On March 7, Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan has four key characteristics: First, in terms of planning and positioning, it emphasizes building on past achievements and laying a solid foundation for future development, while also focusing on comprehensive efforts. Second, in terms of development orientation, it closely adheres to high-quality development, emphasizing structural optimization and quality improvement. Third, in terms of task arrangement, it strengthens practicality and effectiveness, focusing on precision, efficiency, and strong support. Fourth, in terms of value orientation, it upholds the principle of putting people first, emphasizing tangible results and effectiveness.Iranian President Pezechzian: We have no hostility toward countries in the Gulf region.

EUR / USD Exceeds 1.0600 as Yields Extend Losses, US PCE Inflation in Focus

Alina Haynes

Feb 24, 2023 14:29

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The EUR / USD pair firmly recovered after falling below 1.0580 during the late New York session. The primary currency pair has reclaimed the round-level resistance at 1.0600 and is attempting to maintain its position above it. As demand for US Treasury bonds has increased, the shared currency pair has shown some resilience.

 

As the volatility associated with the Federal Reserve's (Fed) plan to further tighten monetary policy in order to control inflationary pressures subsides, investors are showing some interest in US government bonds. As a consequence, the yield on a 10-year US Treasury note has decreased to 3.87 percent.

 

Prior to the release of the United States Personal Consumption Expenditure (PCE) Price Index data, it is anticipated that the US Dollar Index (DXY) will remain on tenterhooks near 104.20. In the meantime, S&P500 futures have recouped the majority of their recent losses from the beginning of the Asian session, indicating a recovery in risk appetite.

 

Strong labor market conditions and a revival in consumer spending in the United States have confirmed the persistence of inflationary pressures, and it would be imprudent to declare victory in the war against persistent inflation. As a consequence, Fed Chair Jerome Powell is anticipated to raise interest rates in the near future. The economists at TD Securities anticipate two additional interest rate hikes in March and May.

 

Investors have shifted their focus to the publication of the Eurozone's Harmonized Index of Consumer Prices (HICP) data. Analysts at SocGen predict, "With the delayed German inflation release publishing at 9.2%, which is higher than the 8.5/8.6% estimate we believe Eurostat used, the final euro area HICP figure may be revised up from 8.5% to 8.6%." It is uncertain whether the core and other main components will be revised, given that Germany has only released the headline figure."

 

The European Central Bank (ECB) is consistently striving to reduce inflationary pressures by increasing interest rates. The European Central Bank's interest rate is projected by Goldman Sachs. In addition to an increase of 50 basis points in March and 25 basis points in May, the investment banking firm forecasts an increase of 25 basis points in June.


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