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February 15th - According to statistics released by the State Administration of Foreign Exchange (SAFE), in January 2026, banks settled 2.0048 trillion yuan in foreign exchange and sold 1.4457 trillion yuan; banks foreign exchange receipts on behalf of clients totaled 5.4722 trillion yuan, while their payments totaled 4.8974 trillion yuan. Li Bin, Deputy Director and Spokesperson of SAFE, explained that in January, both the banks foreign exchange settlement surplus and the net inflow of cross-border funds from non-bank sectors such as enterprises and individuals declined compared to the previous month. This was mainly due to seasonal factors; while corporate receipts and settlements increased rapidly, the growth slowed recently as demand gradually increased. "Overall, my countrys foreign exchange market is active, expectations are stable, and cross-border capital flows are becoming more stable," said Li Bin.On February 15th, a netizen raised a question on social media: SpaceX is shifting its focus from Mars to the Moon and plans to build an autonomous city on the Moon within ten years, but why is it making this change? Musk responded: "It needs to be clear that we will continue to advance the Mars program. I believe this adjustment will not affect the timeline for the autonomous development of a Martian city by more than five years, and may even accelerate the development process on Mars."February 15th - According to Iranian media reports on February 14th, Iranian Foreign Ministry spokesman Baghae stated in a media interview that the right to peaceful use of nuclear energy is Irans inherent and inalienable right, and no form of political pressure can undermine this right. Baghae stated that as a signatory to the Treaty on the Non-Proliferation of Nuclear Weapons, Iran enjoys the right to peaceful use of nuclear energy. Iranian President Peshichiyan recently stated that Iran does not seek nuclear weapons and is prepared to accept any form of inspection, but will not back down in the face of excessive demands and injustice. The United States has recently continued to pressure Iran, deploying multiple warships, including the aircraft carrier USS Lincoln, in the Middle East and threatening military intervention. A new round of US-Iran talks will be held on February 17th in Geneva, Switzerland, with Omani representatives coordinating the contacts between the two sides.February 15th - The Bank of England will be closely watching a series of data releases in the coming days. The bank made the difficult decision to keep interest rates unchanged due to concerns that inflation remains too high. British economic observers are facing a busy week: starting with labor market data and consumer price statistics, and ending with public finances and retail sales reports. Wednesdays inflation report will be the focus, especially as it is the last data release before the Bank of Englands next policy meeting in March, and there is significant internal disagreement on its interpretation. Meanwhile, Tuesdays employment report is also an important indicator. Evidence of a continued weakening labor market would be reassuring to officials, as it would suggest easing price pressures.Market news: Australia will invest AU$3.9 billion in a new submarine construction plant.

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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