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According to the AXIOS website on January 16, US President Biden slammed President-elect Trump in his farewell speech on Wednesday and reviewed the "political legacy" he left in the Oval Office. Biden promised a peaceful transfer of power and wished the new government success, but he targeted Trump in his speech, saying: "We need to amend the Constitution to make it clear that no president is immune from the crimes he or she committed during his or her tenure." He also said: "Today, an oligarchy is forming in the United States, which has extreme wealth, power and influence, which actually threatens our entire democracy, our basic rights and freedoms." He added that the tax law must be reformed, "not to give billionaires the biggest tax cuts, but to make them start paying a fair share."January 16, Capital Economics economist Abhijit Surya said that the resilience of Australias job market means that the Reserve Bank of Australia is unlikely to rush to relax policy settings. He added that the unemployment rate actually fell from 4.1% in the third quarter to 4.0% in the fourth quarter, significantly lower than the central banks expectations of 4.3%. He said that the Reserve Bank of Australia may not start cutting interest rates before May, although the market believes that a rate cut in February is very likely, and a lot still depends on the fourth quarter CPI data to be released at the end of this month.On January 16, according to the Washington Post, U.S. House Speaker Johnson confirmed on Wednesday that he had decided to remove Representative Michael Turner from his position as Chairman of the House Permanent Select Committee on Intelligence. The leadership change of this closely watched and powerful committee indicates that the party may change its attitude towards the Russia-Ukraine issue in Trumps second term and when the Republicans have a majority in both the Senate and the House. Turner is an advocate of providing funds for Ukraine and he has sometimes been criticized by Ukrainian-skeptic Republicans in the House. Turner allegedly told the media that the House Speaker cited "concerns from Mar-a-Lago" as the reason for his removal. Mar-a-Lago is Trumps residence in Florida.Hong Kong stocks rose, with the Hang Seng Index up 1% and the Hang Seng Tech Index up 1.7%.October Rice Field (09676.HK) rose nearly 15%, and it is expected that its adjusted net profit in 2024 will increase by no less than 110% year-on-year.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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