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On Monday, December 22, the Hang Seng Index closed up 111.24 points, or 0.43%, at 25,801.77; the Hang Seng Tech Index closed up 47.79 points, or 0.87%, at 5,526.83; the H-share Index closed up 38.45 points, or 0.43%, at 8,939.68; and the Red Chip Index closed up 24.0 points, or 0.59%, at 4,075.4.December 22nd - According to sources within the supply chain, in response to the most dramatic price surge in the global memory chip market in nearly five years, an executive from a leading global PC manufacturer recently made intensive visits to major global memory chip manufacturers, including Samsung Electronics, SK Hynix, and Micron, and has reached preliminary supply guarantee agreements with these suppliers. The source did not disclose which leading PC manufacturer this was, but industry analysts believe that Lenovo or HP are currently the two companies most likely to possess this negotiating power. Lenovos PC business held a 25.5% global market share in the latest quarter, while HPs was 19.8%.Hong Kong Stock Exchange: As of December 19, 106 newly listed companies raised HK$274.6 billion through initial public offerings (IPOs).The UK FTSE 100 index opened down 40.31 points, or 0.41%, at 9857.11 on Monday, December 22; the French CAC 40 index opened down 12.31 points, or 0.15%, at 8139.07; the Euro Stoxx 50 index opened down 2.45 points, or 0.04%, at 5757.90; the Spanish... The IBEX 35 index opened down 39.27 points, or 0.23%, at 17,130.53 on Monday, December 22; the Italian FTSE MIB index opened up 12.95 points, or 0.03%, at 44,770.50 on Monday, December 22; and the German DAX 30 index opened down 3.12 points, or 0.01%, at 24,292.83 on Monday, December 22.On December 22nd, Baowu Magnesium Industry stated during a targeted survey that since the release of the new national standard, upstream and downstream companies in the electric vehicle industry chain have quickly taken action to actively initiate the replacement of plastic parts with magnesium alloys. It is expected that during the 15th Five-Year Plan period, the use of magnesium in electric two-wheelers will continue to increase rapidly. Currently, many electric bicycle companies have begun to actively adopt magnesium alloy materials. Industry leaders such as Aima, Yadea, and Niu have already used magnesium alloys to manufacture wheel hubs, frames, and other components in some models. Judging from the companys orders, the use of magnesium alloys in two-wheeled electric vehicles is increasing rapidly, a trend driven by the new national standard policy, lightweighting requirements, and technological advancements. With increased penetration and expanded application components, even greater growth is expected in the coming years, indicating a broad market prospect.

USD/CAD Extends Gains Following Fed Remarks on Aggressive Policy Tightening

Larissa Barlow

Apr 08, 2022 10:31

Tips 

  • The dollar gained strength versus a basket of major currencies.

  • Benchmark yields have retreated following a recent surge.

  • Gold and silver prices increased in response to inflation fears and the imposition of fresh sanctions on Russia.

  • Oil prices continue to decline as more reserves are released.

 

The dollar nearly reached a two-year high against a basket of currencies as the Federal Reserve made it clear that it intends to battle inflation forcefully through rate hikes. Benchmark yields decreased a few basis points today after the Federal Reserve announced its intention to continue tightening rates. The 10-year yield reaches its highest level since March 2019 of 2.67 percent as investors digest news of the Fed's policy tightening. Gold and silver prices increased as rising inflation fears fueled a surge in demand for safe-haven assets. This circumstance contradicts the Federal Reserve's recommendations on interest rate hikes. Oil prices fell as EIA member states announced plans to release additional strategic reserves. This is the largest release since the stockpile was established in 1980. Analysts disagree on the extent to which the release of supply will affect market tightness.

 

For the latest week, jobless claims decreased by 5,000 to 166,000. This figure, which is the lowest since 1968, indicates the extent to which the job market tightened last week. Dow Jones estimated the figure at 200,000. The figures indicate that the labor market has been experiencing a significant labor shortage. Increased demand for labor has resulted in rising wages and soaring inflation.

Technical Evaluation

The USD/CAD exchange rate continues to increase, staying near a two-week high of 1.258. The substantial increases come in the context of the Federal Reserve's aggressive policy stance and declining oil prices. New penalties against Russia, on the other hand, will bolster the Loonie and may limit gains. Reduced yields may act as a brake on the dollar's strength. In general, the Fed's tightening policy benefits USD bulls. Resistance is located near the 10-day moving average, which is now at 1.265. Near yesterday's lows near 1.243, support is seen. The short-term momentum shifted to the upside when the fast stochastic crossed above the buy signal.

 

Although the MACD line generated a crossover sell signal, the medium-term momentum is negative but favorable. When the MACD line (the 12-day moving average minus the 26-day moving average) passes the MACD signal line, this scenario occurs (the 9-day moving average of the MACD line).




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