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0.016%
GBP/JPY 213.431
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Most Hong Kong-listed film and entertainment stocks fell, with NetEase (09999.HK) down more than 5%, and Tencent Music (01698.HK) and Huanxi Media (01003.HK) down more than 4%.May 13th - According to customs statistics, in the first four months of this year, the total import and export volume of the nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached 3.37 trillion yuan, a year-on-year increase of 18.4%. This represents 20.7% of the national total, an increase of 0.6 percentage points compared to the same period last year, contributing 24.9% to the national growth. Specifically, exports reached 2 trillion yuan, an increase of 11.4%; imports reached 137 trillion yuan, an increase of 30.4%.On May 13, the yield on Japans 5-year government bonds rose 3.0 basis points to a record high of 1.945%. The yield on Japans 20-year government bonds rose 5 basis points to 3.495%, also a record high. The yield on 10-year government bonds briefly rose to 2.590%, the highest level since May 1997.On May 13th, Futures News reported that although fund buying continued to drive some metal commodities to a volatile close, the bleak prospects for a US-Iran peace deal continued to have a negative impact. Overnight, LME nickel prices weakened again, failing to maintain the previous days gains. Three-month LME nickel closed at $18,955 per ton, with an intraday decline of around 1.6%. Hopes for a peace agreement with Iran have gradually faded after the US indicated the ceasefire agreement with Iran was on the verge of collapse. However, after the London market opened, systematic buying still entered some metal commodities. Domestically, SHFE nickel consolidated at low levels overnight, suffering another setback, but support remained around 145,000 yuan. It closed at 145,650 yuan per ton, a decrease of 1,290 yuan or 0.88%. Short-term industry factors continue to influence price trends, with prices consolidating within a range. Market trading activity is expected to change, and further growth in consumption remains to be seen.Bank of Japan officials: We will continue to closely monitor the impact of the situation in the Middle East on the economy and prices.

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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