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On March 30, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice proposes exploring extraterritorial enforcement of anti-unfair competition laws. It calls for exploring and promoting the extraterritorial application of my countrys anti-unfair competition laws and regulations, resolutely cracking down on unfair competition practices such as false advertising, online unfair competition, commercial defamation, and infringement of trade secrets committed overseas that disrupt domestic market competition order and harm the legitimate rights and interests of domestic businesses or consumers, thereby safeguarding the security of my countrys industrial and supply chains and protecting the interests of my country and its enterprises. The notice also encourages actively exploring extraterritorial enforcement practices, accelerating the development of a specialized team of personnel for foreign-related law enforcement, and supporting qualified localities to conduct pilot programs.On March 30th, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice proposes establishing a multi-dimensional collaborative mechanism to address the issue of large enterprises and other operators defaulting on payments to small and medium-sized enterprises (SMEs). It emphasizes the need to comprehensively assess whether large enterprises and other operators hold a dominant position by considering factors such as the trading parties industry standing, trading habits, and impact on SMEs and the overall market order. Accurate identification of illegal behavior requires that the perpetrator be a large enterprise or other operator, that the behavior demonstrates a specific abuse of its dominant position, and that SMEs be forced to accept clearly unreasonable trading conditions, resulting in defaulted payments.On March 30th, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice emphasizes curbing typical unfair competition practices. Adapting to the requirements of high-quality development and the development of new productive forces, it calls for continued efforts to combat common and prevalent unfair competition practices such as counterfeiting, false advertising, infringement of trade secrets, and unfair sales promotions, thereby promoting a fair and competitive market environment. The notice also emphasizes correctly understanding the constituent elements of unauthorized use of others product names as search keywords, fraudulent transactions, and false reviews, and reasonably defining the legal responsibilities of those who aid and abet confusion and sellers of illegal goods, avoiding both overgeneralization of protection and condoning illegal activities.Irans deputy energy minister said that power has been restored to normal in Tehran and Alborz province.On March 30, the State Administration for Market Regulation issued a notice on further implementing the "Anti-Unfair Competition Law of the Peoples Republic of China." The notice emphasizes strengthening the supervision of unfair competition online. It calls for balancing vitality and order, improving online competition rules, and enhancing the level of routine supervision of unfair competition online. It also stresses the need to effectively utilize special provisions prohibiting infringement of data rights and rules protecting trade secrets to accurately identify unfair competition related to data, balance data protection and data utilization, strengthen protection for emerging industries such as artificial intelligence, effectively protect the legitimate rights and interests of all participants in data elements, and maintain order in the data market competition. Furthermore, it calls for timely responses to various new types of unfair competition online and effective regulation of unfair competition using data, algorithms, technologies, and platform rules.

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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