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The commander of the Ukrainian drone force stated that a Ukrainian drone attacked an oil refinery in Taganrog, Russia.On May 30th, the Guangdong Provincial Peoples Government announced on its official website that the "Hong Kong vehicles traveling north" policy will be extended for another five years, until June 1, 2031. It is understood that in May 2023, the "Administrative Measures of Guangdong Province on the Entry and Exit of Hong Kong Motor Vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge" were published, effective from June 1, 2023, for a period of three years. From 00:00 on July 1, 2023, eligible Hong Kong motor vehicle owners, after obtaining approval from the Hong Kong side through an appointment for border crossing, can drive into Guangdong via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge. Data shows that since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies, the number of Hong Kong and Macau passengers entering and exiting through the port has increased by an average of 34% annually, reaching nearly 18 million in 2025. Border inspection authorities predict that the number of Hong Kong and Macau passengers entering and exiting through the port is expected to exceed 20 million in 2026.May 30th - According to several airlines, fuel surcharges for domestic flight tickets sold starting June 5th, 2026, will be reduced. The adjustment standard for adult passengers is: RMB 150 for routes over 800 kilometers, and RMB 80 for routes of 800 kilometers or less. This represents a reduction of RMB 20 and RMB 10 respectively compared to the previous standards. This reduction in fuel surcharges will, to some extent, lower travel costs for passengers.On May 30th, it was reported that on May 29th local time, the Louisiana Senate passed a new congressional district redrawing bill, splitting a district currently controlled by Democrats and predominantly populated by African American voters. The states Republican Governor Jeff Landry subsequently signed the bill into law. Analysts say that with the midterm elections approaching, the struggle between the Republican and Democratic parties over redrawing congressional districts will intensify.May 30th - According to an AFP report on May 29th, Iranian state media reported on the 29th that Iranian authorities are preparing a "grand" funeral for the countrys assassinated former Supreme Leader Ali Khamenei. The funeral had been long postponed due to Irans war with the United States and Israel. Although the specific date is still uncertain, Iranian state television quoted Mohsen Mahmoudi, head of the Islamic Propaganda Coordination Committee, as saying, "A special headquarters has been established to prepare for the funeral, and various departments are currently making preparations and arrangements." Ali Khamenei, who led Iran for more than 30 years, was killed in the first wave of US-Israeli attacks that began on February 28th. His son and successor, Mojtaba Khamenei, was also injured in the attacks and has not made a public appearance since taking office.

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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