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February 7th - Canada and France opened consulates in Nuuk, the capital of Greenland, a Danish autonomous territory, on February 6th, marking a substantial step forward in strengthening relations with Greenland and enhancing their participation in Arctic affairs. Canadian Governor General Mary Simon, Foreign Minister Anand, and Greenlandic Foreign Minister Vivian Mozfeldt jointly attended the opening ceremony of the Canadian consulate in Nuuk on February 6th. Danish Foreign Minister Rasmussen had also planned to attend but was unable to arrive due to a plane malfunction. According to the schedule, Rasmussen, Anand, and Mozfeldt will also hold a joint press conference. The French Ministry of Foreign Affairs announced on February 6th that Jean-Noël Poirier assumed the post of French Consul General in Nuuk, making France the first EU country to establish a consulate in Greenland. According to the French Ministry of Foreign Affairs, in addition to providing routine consular services to French citizens, the consulate will promote scientific cooperation with Greenland and provide guidance to French companies intending to invest and establish offices there.Market news: The union has approved a nationwide agreement reached with Marathon Oil for 30,000 oil industry workers.February 7th - According to sources familiar with the matter, Apple (AAPL.O) is preparing to allow other companies voice-controlled AI applications to integrate with its CarPlay system. This move will allow users to interact with AI chatbots through their in-car interface for the first time. The sources indicated that the company will work to support applications within the CarPlay system over the next few months. This change marks a strategic shift for Apple. Previously, Apple only allowed its own Siri assistant as a voice control option in its popular in-car infotainment system software. With this move, AI vendors such as OpenAI, Anthropic PBC, and Google will be able to release CarPlay versions of their applications that support voice control. However, some limitations remain. Sources say that Apple will not allow users to change the Siri button on CarPlay or the wake word to activate the service. Users will need to open the relevant application to activate third-party voice control functions.U.S. Department of Defense: The U.S. State Department has approved the sale of $185 million worth of Class IX spare parts and related equipment to Ukraine.According to Fortune, OpenAI’s ChatGPT app’s market share plummeted from 69.1% in January 2025 to 45.3% the following year, while Google’s Gemini chatbot app’s market share climbed from 14.7% to 25.2%.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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