EUR/USD 1.18208
0.563%
Gold 4981.50
0.923%
Oil 61.059
2.474%
USD/JPY 155.813
-1.645%
GBP/USD 1.36362
0.994%
GBP/JPY 212.474
-0.652%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
January 24th - According to The Hill, a new poll shows that a majority of respondents have a negative view of the performance of U.S. Immigration and Customs Enforcement (ICE). A poll released Friday by The New York Times and Siena College found that 63% of registered voters disapprove of ICEs handling of the situation, while only 36% approve. Of those, 55% expressed "strong disapproval," while only 24% expressed "strong approval." This poll was conducted after the shooting death of 37-year-old Renee Good by ICE officers in Minneapolis, an incident that sparked weeks of unrest in the city. As part of the Trump administrations aggressive crackdown on immigration, the Department of Homeland Security (DHS) deployed immigration officials to Minnesota. However, local officials say that citizens and other legal residents have also been treated unfairly in these operations, and tensions between protesters and federal officials remain high.Air raid sirens sounded in Kyiv, the capital of Ukraine, on January 24 local time.The Cyberspace Administration of China has issued a notice soliciting public comments on the "Guidelines for the Classification and Grading of Financial Information Service Data (Draft for Comment)".Ukrainian President Zelensky: Russia launched a large-scale attack on several regions of Ukraine early this morning, firing more than 370 drones and 21 missiles of different types, resulting in one death and dozens of injuries.January 24th - According to sources, Nvidia CEO Jensen Huang recently visited China, with his first stop being Nvidias new office in Shanghai. This afternoon, Huang was seen visiting a local farmers market in Shanghai. He will also attend the companys annual meeting and distribute red envelopes to employees. This is Huangs first visit to China in 2026.

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

 EUR:USD.png

 

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.


Suggestion