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August 30th - A press conference on the "8.26" mudslide disaster in Gyirong, Tibet, was held today (August 30th) in Gyirong Town. On the morning of August 26th, a mudslide on the Nepalese side caused significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. Analysis indicates that the most prominent risk hindering the disaster response was the landslide dam located above the core area of the border crossing. The dam has already overflowed and is currently in stable condition, with a low probability of a complete collapse.On August 30th, a press conference was held in Gyirong Town, Tibet, regarding the "8.26" mudslide disaster. On the morning of August 26th, a mudslide occurred on the Nepalese side, causing significant casualties and missing persons at the Gyirong Port in Gyirong County, Shigatse City, Tibet. The conference explained that this disaster was caused by glacial instability due to long-term climate warming. The disaster was sudden, with a large peak flow, rapid movement, strong destructive power, and a wide impact area, representing a new and significant characteristic of cryosphere disasters in the Qinghai-Tibet Plateau and surrounding areas. Monitoring revealed that the ice avalanche took only about 6 to 7 minutes from its occurrence to its impact on the Gyirong Port in my country.On August 30, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that, through a joint comprehensive search and comparison of clues conducted by multiple departments including foreign affairs, public security, culture and tourism, and emergency response, 261 missing foreign nationals have been identified in the investigation of the Gyirong landslide disaster in Tibet. These individuals come from 23 countries: Kazakhstan (1), Malaysia (3), Nepal (104), India (49), South Africa (4), Ireland (2), Estonia (2), Germany (3), Russia (3), France (2), Finland (1), Netherlands (2), Latvia (33), Lithuania (1), Portugal (1), Ukraine (1), Spain (1), Hungary (1), United Kingdom (15), Canada (6), United States (18), Australia (6), and New Zealand (2). The Chinese side has notified the relevant embassies and consulates in China.According to Icelandic Broadcasting Corporation: Partial results of Icelands referendum on restarting EU accession negotiations show that the "yes" vote is leading by a narrow margin.On August 30th, it was learned from a press conference held by the Information Office of the Peoples Government of Tibet Autonomous Region that the cause of the mudslide disaster in Tibet has been determined. The Cryosphere Emergency Disaster Reduction Team of the Chengdu Institute of Mountain Hazards and Environment, Chinese Academy of Sciences, through analysis of remote sensing monitoring data and on-site feedback data, combined with field surveys and visits, concluded that: at approximately 10:52 AM Beijing time on August 26th, a glacier on the southern slope of Mount Lamtang in Nepal broke off at an altitude of approximately 5200 meters, causing an ice-rock collapse. The debris flow rapidly fell from a high altitude to approximately 4000 meters, eroding the mountain and forming a giant mudslide. After traveling at high speed for approximately 22 kilometers, it reached the Gyirong Port in China at an altitude of approximately 1800 meters, resulting in the razing of approximately 0.7 square kilometers and 27 buildings and related facilities in the area.

US Dollar Index Follows Yields Higher To Reclaim Monthly High Prior To Powell's Speech

Daniel Rogers

Feb 07, 2023 15:55

 US Dollar Index.png

 

The US Dollar Index (DXY) surges to 103.60 as buyers flex their muscles ahead of an important speech by Federal Reserve (Fed) Chairman Jerome Powell. By tracking positive US Treasury bond yields and hawkish Fed worries, the dollar's signal versus the six major currencies keeps DXY bulls happy.

 

However, statements by US Treasury Secretary Janet Yellen and Vice President Joe Biden help DXY bulls by delaying recession fears and bolstering hawkish wagers on the Fed's impending actions. In their respective remarks, both policymakers, however, minimized the probability of a U.S. recession. In response to favorable US data, traders increased their hawkish wagers on the Fed, which contributed to the dollar's strength.

 

Notably, last week's upbeat US employment, wage, and activity figures reignited optimism that the Federal Reserve still has work to do before it can welcome rate hawks and policy doves.

 

Recent discussions regarding Sino-American relations, especially after the United States shot down a Chinese balloon and postponed a diplomatic visit to Beijing, provided additional support for the DXY bulls the day before, along with fading recession fears and a buoyant US data-driven hawkish Fed bias. Recent comments by US Vice President Joe Biden appear reassuring, as he noted, "The balloon incident does not impair US-China relations."

 

Wall Street ended in the red as 10-year US Treasury bond yields extended Friday's rally, allowing the DXY to climb for a third consecutive day.

 

Aside from Fed Chair Jerome Powell's speech and US Vice President Joe Biden's State of the Union (SOTU) address, the US Dollar Index may move sideways in the near future. If Powell chooses to laud recent economic advances in the United States and reiterates his hawkish stance on monetary policy, the DXY might extend its gains.