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On August 1st, Yonhap News Agency reported that driven by strong demand for memory chips, South Koreas exports surged nearly 63% year-on-year to $98.99 billion in July, marking the second-highest monthly export value on record, second only to Junes $102.2 billion. Imports increased by 26.5% to $68.56 billion, resulting in a trade surplus of $30.32 billion. By industry, semiconductor exports skyrocketed 179% to $41 billion, exceeding the $40 billion mark for the second consecutive month. Despite intensified competition, global memory product prices remained high. Data shows that exports to the US surged 68.7% to $17.4 billion, driven by AI data center investment projects launched by major high-tech companies. South Korean Minister of Trade, Industry and Energy Kim Jung-kwan stated that, driven by the strong performance of the semiconductor industry, 19 of South Koreas 20 major export categories achieved growth, demonstrating the significant effectiveness of export diversification.August 1st - According to the China State Railway Group, the two-month summer railway travel season, which began on July 1st and lasted until July 31st, saw a total of 432 million passenger trips. Since the start of the summer travel season, passenger flow has been concentrated in the Chengdu-Chongqing, Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area regions. Data shows that as of July 31st, the Beijing Railway Bureau of China State Railway Group transported a total of 38.774 million passengers, and the Guangzhou Railway Bureau of China State Railway Group transported a total of 58.925 million passengers.August 1, 2026 - Li Auto announced its July 2026 delivery figures. In July 2026, Li Auto delivered 30,468 new vehicles. As of July 31, 2026, Li Autos cumulative historical deliveries will reach 1,764,155 vehicles.DeepBlue Autos: Global sales in July 2026 reached 29,213 units, a year-on-year increase of 7.52%; cumulative global sales from January to July reached 193,369 units, a year-on-year increase of 13.48%; cumulative global sales exceeded 910,000 units.1. A missile attack in the Ukrainian capital injured 12 people. 2. Trump denied allowing Ukraine to produce Patriot interceptor missiles. 3. Polish Defense Minister: Polish F-16 fighter jets intercepted a Russian reconnaissance plane in the Baltic Sea. 4. Ukrainian President Zelensky: He spoke by phone with US Vice President Vance to discuss the outcome of his recent meeting with Trump in Washington. 5. Russian Grain Exporters and Producers Union: Attacks in the Black Sea region could lead to a complete blockade of export routes in the near future. 6. Ukrainian President Zelensky: Ukraine attacked Russian logistics facilities in three regions and a maritime terminal in the Krasnodar region of Russia. 7. Russian Ministry of Defense: Russian forces attacked a Ukrainian mail sorting center in the Dnipropetrovsk region, a fuel storage depot and oil refinery in Odessa, and struck a ship delivering supplies to the Ukrainian army in the Black Sea.

Before US Retail Sales, the US Dollar Index declines from a multi-year high due to cautious optimism

Daniel Rogers

Jul 15, 2022 11:33

截屏2022-07-15 上午9.48.59.png 

 

Bulls of the US Dollar Index (DXY), which hit a 19-year high earlier in the day at 108.65, find it difficult to gain momentum during Friday's Asian session.

 

The dollar index increased to a multi-year high against the six major currencies in reaction to recession fears and worries about the Federal Reserve's rapid rate hikes. However, the price decrease from the previous day was brought on by recent inconsistencies in Fedspeak and US statistics.

 

Among the most notable Fed speakers who sought to downplay the probability of an increase in interest rates were Christopher Waller, governor of the Federal Reserve, and James Bullard, president of the Federal Reserve Bank of St. Louis. Bullard of the Fed, however, noted that "up to this point, we've framed this conversation exclusively in terms of 50 vs 75." Reuters quotes Fed's Waller as saying that markets may have anticipated a 100 basis point rate increase in July too soon. It should be noted that the Federal Reserve will observe a blackout period before the July 28 Federal Open Market Committee meeting starting this weekend (FOMC).

 

The Producer Price Index (PPI) for final demand in the US increased to 11.3 percent on an annual basis in June, up from 10.9 percent in May, according to the US Bureau of Labor Statistics. This outcome was higher than the 10.7% market expectation. In addition, compared to the previous week's total of 235,000 and the market's projection of 235,000, there were 244,000 first claims for unemployment benefits for the week ending July 9. The number of weekly claims for unemployment rose to its highest level in five months.

 

It should be recalled that the previous day, DXY bulls were under pressure due to the shrinking spread between the 2-year and 10-year US Treasury rates. While 2-year bond coupons decreased by 0.75 percent to 3.12 percent, 10-year US Treasury rates finished Thursday at 2.95 percent, up 0.95 percent from the previous day. As a result, the difference between the coupons of short-term and long-term bonds shrank from 23 basis points (bps) on Tuesday to 17 bps.

 

The Wall Street benchmark had a mixed performance as a result of these moves, and as of press time, S&P 500 Futures had also seen moderate increases.

 

It will be vital to follow US Retail Sales, which are predicted to grow 0.8 percent MoM in June from -0.3 percent in May, in addition to watching Fed speakers for new encouragement. The Michigan Consumer Sentiment Index (CSI) preliminary readings for July, which are forecast to be 49.9 vs. 50.0 before, should therefore be watched for certain signs of future changes.


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