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January 25th – The Fourth Session of the 16th Beijing Municipal Peoples Congress opened at the Beijing Conference Center on the morning of January 25th. Mayor Yin Yong delivered the government work report. The report proposed vigorously developing high-tech industries. It called for consolidating and strengthening the foundation of the real economy, promoting the expansion of key integrated circuit projects, constructing a high-level international pharmaceutical innovation park, and advancing key projects across the entire ecosystem, including green advanced energy, new energy vehicles, robotics, and commercial aerospace. It also emphasized accelerating the construction of a global digital economy benchmark city, fully implementing the "Artificial Intelligence+" action plan, and building a national artificial intelligence application pilot base. Furthermore, it stressed promoting the construction of a future industry pilot zone and cultivating new growth points such as 6G, quantum technology, and biomanufacturing. Finally, it called for promoting the upgrading of traditional industries and facilitating the digital transformation of the manufacturing industry.January 25th - The Fourth Session of the 16th Beijing Municipal Peoples Congress opened on January 25th. Beijing Mayor Yin Yong delivered the government work report. This year, Beijing will optimize the implementation of key projects, accelerate the construction of key projects such as the "3 x 100" projects, proactively launch eligible major projects from the "15th Five-Year Plan," and solidly prepare project reserves, maintaining a strong momentum of "one project initiation and three backups." The city will continue to optimize its investment structure, strengthen industrial investment, increase investment in improving peoples livelihoods and upgrading consumption, leverage the investment capabilities of central government units and municipal enterprises, and promote major projects with a total investment of no less than 200 billion yuan to private capital.The U.S. Department of Energy issued an emergency order to deploy backup power resources to data centers and other critical facilities in Texas during the storm.January 25th – The Fourth Session of the 16th Beijing Municipal Peoples Congress opened at the Beijing Conference Center on the morning of January 25th. Mayor Yin Yong delivered the government work report. The report stated that during the 14th Five-Year Plan period, Beijing achieved remarkable results in high-quality economic development. The leading role of scientific and technological innovation has become more prominent. The pioneering reforms in Zhongguancun and the construction of the "two zones" have yielded fruitful results. R&D investment intensity ranks among the top in the world. The number of unicorn companies ranks first among all cities in China. The number of high-value invention patents per 10,000 people and the number of national-level specialized and innovative "little giant" enterprises have doubled compared to 2020. Three trillion-yuan-level and seven hundred-billion-yuan-level industrial clusters have been cultivated, and the endogenous driving force of economic development has become stronger.January 25th - The Fourth Session of the 16th Beijing Municipal Peoples Congress opened on January 25th. Beijing Mayor Yin Yong delivered the government work report. The "Outline of the 15th Five-Year Plan for National Economic and Social Development of Beijing (Draft)" sets 29 major indicators across six dimensions: innovation, coordination, green development, openness, sharing, and security. These include: an average annual GDP growth rate of 4.5%-5%, striving for even better results; total labor productivity reaching approximately 580,000 yuan per person; total social R&D investment accounting for over 6% of GDP; an average annual GDP growth rate of over 5% in the sub-center of Beijing and the Pingyuan New City; an average annual growth rate of around 5% in service trade; an urban surveyed unemployment rate controlled below 5%; a workplace accident fatality rate per unit of GDP controlled below 0.6 deaths per 10 billion yuan; and a colorization rate of 24.2%, among others.

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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