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On September 7, local time, European Commission President Ursula von der Leyen, during her visit to Greenland, a self-governing territory of Denmark, signed a joint statement with Danish Prime Minister Jean-Michel Frederiksen and Greenlandic Prime Minister Jens-Frederik Nilsson on EU-Greenland relations. At a press conference, von der Leyen stated that the EU will deepen connectivity with Greenland and strengthen cooperation in areas such as clean energy and key raw materials. She also announced a partnership investment plan totaling approximately €200 million for related investments and cooperation in Greenland from 2026 to 2027. In addition to economic and infrastructure cooperation, the EU will also strengthen its support in areas such as housing, tourism, education, and youth exchanges. Von der Leyen stated that in the next budget cycle until 2034, EU financial support for Greenland will increase to approximately €530 million, further expanding long-term cooperation between the two sides. Von der Leyen also reiterated the EUs support for Denmark and Greenland, emphasizing that the future of Greenland should be decided by the people of Greenland and Denmark.At the start of the night trading session, domestic futures contracts showed mixed performance. Fuel oil, asphalt, and low-sulfur fuel oil (LU) rose by more than 2%, while benzene, methanol, and SC crude oil rose by more than 1%, and palm oil and liquefied petroleum gas (LPG) rose by nearly 1%. On the downside, soda ash, coking coal, ethylene glycol (EG), and coke fell by more than 1%, while polyvinyl chloride (PVC) fell by nearly 1%.September 7th - According to foreign media reports, Iraq is struggling to find buyers for crude oil loaded from the Persian Gulf this month. The Iraqi National Oil Marketing Organization (SOMO) significantly reduced its crude oil discounts last week, effectively raising prices. Months ago, Iraq offered low-price deals to attract traders to reload Iraqi crude oil amid high shipping costs and the dangers of crossing the Strait of Hormuz. An Iraqi government spokesperson said on Friday that the country is seeking to charter tankers to transport crude oil through the Strait of Hormuz. SOMOs predicament highlights the continued hesitation of buyers to take delivery within the Persian Gulf. Several regional oil-producing countries are offering shipping options outside the Strait of Hormuz via ship-to-ship transshipment in the Gulf of Oman, but the crude oil still needs to be transported out of the waterway. Saudi Arabia continues to supply crude oil from the Persian Gulf and has kept the price of its flagship Arab Light crude unchanged for October, contrary to market expectations of a significant price increase. SOMO has also offered buyers options for delivery from locations outside the Persian Gulf, but this plan has not yet materialized, partly because prices mean that not enough companies are willing to undertake the transportation through the Strait of Hormuz.On September 7, Minister of Commerce Wang Wentao met with Finnish Minister of Economic Affairs Puisto. The two exchanged views on China-Finland and China-EU economic and trade relations. Wang Wentao stated that maintaining the overall stability of China-EU economic and trade relations is of great significance under the current circumstances. Recently, China and the EU have conducted intensive consultations on several important issues within the framework of the trade and investment consultation mechanism. He hoped that the Finnish government would adhere to free trade, encourage the EU to work with China in the same direction, uphold the new positioning of a stable and balanced key trade partnership between China and the EU, and properly handle trade frictions through dialogue and consultation based on WTO rules.September 7th - According to statistics from the China Construction Machinery Association on major excavator manufacturers, 19,716 excavators of various types were sold in August 2026, a year-on-year increase of 19.3%. Domestic sales reached 7,986 units (including 184 electric excavators), a year-on-year increase of 3.92%; exports reached 11,730 units (including 60 electric excavators), a year-on-year increase of 32.7%. From January to August 2026, a total of 191,557 excavators were sold, a year-on-year increase of 24.2%. Domestic sales reached 94,619 units (including 411 electric excavators), a year-on-year increase of 17.4%; exports reached 96,938 units (including 257 electric excavators), a year-on-year increase of 31.8%.

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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