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Samsung Electronics shares rose more than 4%.March 17 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed sharply lower on Monday, with the benchmark contract hitting its daily limit down. This mainly reflected the decline in international crude oil futures and higher-than-expected US soybean oil inventory data. The monthly crush report released Monday by the National Oilseed Processors Association (NOPA) showed that as of February 28, 2026, member companies soybean oil inventories reached 2.08 billion pounds, a 13-year high, higher than the 1.9 billion pounds at the end of January and the 1.503 billion pounds in the same period last year, and also higher than the 1.93 billion pounds expected by analysts before the reports release.On March 17th, according to the Wall Street Journal, OpenAI executives are finalizing a major strategic shift, refocusing the company on programming and enterprise users, as management believes its previous "do-everything" strategy has put the company in a passive position. OpenAI Applications CEO Fidji Simo announced these changes to employees at an all-hands meeting, stating that executives, including CEO Sam Altman, are actively evaluating which business areas need to be de-prioritized. The company expects to inform employees of the adjustments in the coming weeks. Current and former employees say that last years "do-everything" strategy sometimes led to a lack of focus and made it difficult for outsiders to understand OpenAIs strategic direction. Computing resources were often moved from one team to another at the last minute, and the companys organizational structure became increasingly complex. OpenAI is facing increasing pressure from competitor Anthropic. Compared to OpenAI, Anthropic has fewer product bets, focusing primarily on the enterprise and programming markets. Both companies are moving towards IPOs, potentially as early as this year.Japanese Finance Minister Satsuki Katayama: I am aware of the high volatility in the financial markets.Japanese Finance Minister Satsuki Katayama: We will be ready to respond to fluctuations in the financial markets, including foreign exchange, at any time.

EUR / USD Investors Challenge 1.0600 As Mixed US Data Tests Fed Conservatives, US NFP, and ECB's Lagarde

Daniel Rogers

Mar 10, 2023 11:31

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EUR / USD gains bids to extend the midweek rebound from a two-month low, rising 0.16 percent intraday near 1.0600 on Friday morning. In doing so, the Euro-Dollar pair celebrates the broad weakness in the US Dollar ahead of the important US employment report for February and Christine Lagarde's speech as president of the European Central Bank (ECB).

 

The major currency pair reversed a two-day losing trend due to mixed US data and a decline in US Treasury bond yields the day before. Hawkish ECB remarks and the market's positioning for today's crucial US data bolstered the run-up. However, inflation worries and geopolitical tension present challenges for EUR / USD buyers.

 

Despite this, US Initial Jobless Claims increased to 211K for the week ending March 3, compared to the predicted 195K and the previous week's 190K. In addition, there was a decline in Challenger Job Cancellations and an increase in Continuing Jobless Claims. Consequently, early indications for Friday's Nonfarm Payrolls (NFP) appear mixed and challenge the market's push for a 0.50 percentage point Fed rate hike in March, which is supported by Federal Reserve Chairman Jerome Powell's most recent signals.

 

Despite contradictory data, inflation worries continue to favor Fed conservatives, especially after Chairman Jerome Powell defends the stricter monetary policy, which restrains Euro prices. It should be noted that the most recent report from the New York Fed noted that recent upward revisions to inflation data and higher-than-anticipated levels of inflation had altered what had previously appeared to be a decline in price pressures.

 

Francois Villeroy de Galhau, an ECB policymaker, stated on Thursday that they will return inflation to 2% by the end of 2024 or 2025.

 

In addition to the aforementioned catalysts, geopolitical concerns emanating from US President Joseph Biden's proposed budget for 2024 and the US's partnership with the UK and Australia for nuclear submarines should challenge EUR / USD buyers.

 

In this context, US 10-year and 2-year Treasury bond yields extend yesterday's losses to 3.88% as of press time, dragging on the US Dollar Index (DXY), which is presently down 0.10 percent to 105.12. Despite this, Wall Street benchmarks closed with daily losses exceeding 1.5%, causing S&P 500 Futures to post modest losses as of press time.

 

According to market predictions, the employment report for February in the United States is expected to reveal a general softening. The same contrasts with the Fed's hawkish inclination to emphasize the likelihood of a significant market move in favor of the US Dollar in the event of a positive surprise. However, Lagarde of the ECB must confirm this.

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