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On March 29th, at the Global Unicorn Companies Conference, Zhou Hongyi, founder of 360, interpreted the recent "Lobster Craze" (OpenClaw intelligent agent). Regarding the question of when tokens will become as accessible and affordable to ordinary people as mobile data, Zhou Hongyi stated: The core of the traditional internet is data traffic. Its infrastructure (such as fiber optic cables) has almost unlimited capacity, and user data usage is directly proportional to duration and volume. The more users a platform has, the lower the marginal cost becomes. However, AI is completely different. The essence of AI operation is the consumption of computing power, information processing, and "intellectual costs," following the logic of information and energy conservation: the more complex the task and the deeper the demand, the higher the computing power and resources consumed will inevitably be. It is impossible to complete extremely complex tasks with extremely low investment. Tokens are a unit of measurement for the intellectual and computing power consumed by artificial intelligence. The unit price is relatively fixed, and the more it is used, the higher the cost. Therefore, tokens can never achieve unlimited monthly usage like mobile data.On March 29, Ukrainian President Volodymyr Zelenskyy stated that following the Ukrainian attack on an oil refinery in Russias Leningrad region, the refinerys capacity was reduced to approximately 40%. "We responded to the attacks on the energy sector—we launched a strong counterattack… After a series of corresponding actions, the facility is now operating at only about 40% capacity," Zelenskyy added. He further noted that the attack utilized long-range drones, and that related technologies are constantly evolving. On the night of March 25-26, the Ukrainian Armed Forces attacked the Kirishi oil refinery in Russias Leningrad region. The Ukrainian military stated that the refinery is one of Russias three largest, producing various petroleum products, including fuel for the Russian Armed Forces.Novartis IgAN data, published in the New England Journal of Medicine, showed that Fabhalta® slowed the rate of kidney function decline by 49.3%.Cambodias Ministry of Commerce announced on Saturday midnight that diesel prices have risen further and gasoline prices have fallen due to the Middle East conflict. The ministry stated that starting Sunday, the price of regular gasoline will be 5,000 riel (US$1.25) per liter until further notice, a decrease of 8.2% from the previous three days price of 5,450 riel. Diesel prices will be 7,200 riel (US$1.80) per liter, an increase of 1.4% from the previous 7,100 riel. Liquefied petroleum gas (LPG) prices have also climbed to 3,400 riel (US$0.85) per liter, an increase of 6.2% from the previous 3,200 riel.Israel Defense Forces: As part of this airstrike, the Israel Defense Forces further weakened the Iranian regimes weapons production infrastructure.

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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