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US Vice President Vance: The United States could still inflict a major setback on Tehrans nuclear program.On May 29, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, attended a meeting of the "Friends of Global Governance Group" at the United Nations Headquarters in New York on May 28. He elaborated on the extensive discussions among members since the groups establishment regarding reforming and improving global governance, reaching five major consensuses: First, all members advocate promoting the democratization of international relations, believing that all countries, regardless of size, strength, or wealth, have the right to independently choose their social system and development path, and should participate, make decisions, and benefit equally in the global governance process. Second, all members advocate upholding the purposes and principles of the UN Charter, ensuring the equal and unified application of international law and rules, and opposing double standards and imposition on others. Third, all members advocate maintaining the core position of the United Nations, practicing multilateralism, strengthening multilateral mechanisms, and opposing unilateralism and power politics. Fourth, all members advocate improving global governance through reform, gradually narrowing the North-South divide, ensuring that the fruits of development are shared by all people, and leaving no country behind. Fifth, all members advocate addressing the most pressing practical issues of concern to the international community, creating visible results through concrete actions, and ensuring that global governance can withstand the test of time and the people.U.S. officials said no U.S. aircraft were shot down near Bushehr, Iran.US Vice President Vance: (Regarding Iran) No agreement has been reached yet, but we are very close.On May 29, local time, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Pakistani Deputy Prime Minister and Foreign Minister Dar in New York on May 28. Wang Yi stated that China-Pakistan friendly cooperation is all-round, all-weather, and across all fields. The two countries have always trusted, united, and supported each other at the bilateral, regional, and international levels. This is the foundation of the ironclad friendship between China and Pakistan and the value of their strategic partnership. China is willing to work with Pakistan, guided by the important consensus reached by the leaders of the two countries, to maintain high-level exchanges, deepen political mutual trust, expand pragmatic cooperation, enhance Pakistans capacity for independent development, and accelerate the building of a closer China-Pakistan community with a shared future in the new era.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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