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The Israeli military stated that it has detected missiles launched by Iran toward Israel.Qatars Ministry of the Interior stated that the security threat level is "high" and urged the public to stay indoors.On April 8, South Koreas Joint Chiefs of Staff reported that North Korea launched an unidentified projectile eastward from the Pyongyang area on April 7. The projectile experienced abnormalities in the initial stages of launch and was eventually destroyed by fire. The Joint Chiefs of Staff stated that South Korean and U.S. intelligence agencies are analyzing the projectiles detailed parameters. North Korea has not yet responded.Futures News, April 8th: 1. Heavy rainfall and severe convective weather are expected in the Jianghan and Jianghuai regions. From April 8th to 10th, moderate to heavy rain is expected in parts of the Jianghan, Jianghuai, northern Jiangnan, and Chongqing areas, with localized torrential rain or extremely heavy rain, accompanied by short-term heavy rainfall, thunderstorms, strong winds, or hail. ② The Central Meteorological Observatory issued a blue rainstorm warning and continued to issue a blue warning for severe convective weather at 06:00 on April 8th. It is expected that from 08:00 on April 8th to 08:00 on April 9th, heavy to torrential rain is expected in parts of southern and eastern Hubei, central and northern Anhui, southern Henan, and central and northern Jiangsu, with localized extremely heavy rain (100-150 mm) in eastern Hubei. These areas will also experience short-term heavy rainfall (maximum hourly rainfall of 20-40 mm, locally exceeding 50 mm), and localized thunderstorms, strong winds, or hail. 2. Heavy rainfall has occurred in areas near the Great Lakes and in Japan. Yesterday, moderate to heavy rain occurred in parts of Mexico, eastern Brazil, Uruguay, northern Argentina, Okinawa (Japan), Indonesia, Malaysia, Thailand, the North Island of New Zealand, and the Solomon Islands, with some areas experiencing torrential rain or extremely heavy rain. Moderate to heavy snow or sleet occurred in southern Canada, the Great Lakes region, the Labrador Peninsula, Iceland, Norway, Sweden, Finland, and central Russia, with some areas experiencing blizzards or extremely heavy snow. 3. Precipitation will continue in Afghanistan and Pakistan. Over the next three days, influenced by an upper-level trough, a low-level warm and moist jet stream, and orographic lifting, eastern Afghanistan and northeastern Pakistan will continue to experience moderate to heavy rain, with some areas experiencing torrential rain.On April 8, Iranian Foreign Minister Araqchi stated early that morning, in response to a request from Pakistan, he, on behalf of Irans Supreme National Security Council, announced that if the US and Israel cease their attacks on Iran, the Iranian armed forces will cease their retaliation. With coordination with the Iranian armed forces, ships will be able to safely pass through the Strait of Hormuz within the next two weeks, provided that technical restrictions allow.

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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