EUR/USD 1.16629
0.763%
Gold 4487.69
3.542%
Oil 84.833
0.623%
USD/JPY 158.338
-0.796%
GBP/USD 1.36076
0.564%
GBP/JPY 215.465
-0.228%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Canadian Trade Minister LeBlanc and Chief Trade Negotiator Charrett will meet with U.S. Trade Representative Greer at 11:15 a.m. Washington, D.C. (11:15 p.m. Beijing time tonight).The U.S. Energy Information Administration (EIA) reported that net crude oil inputs to U.S. refineries rose to their highest level since September 2019 last week.According to Iranian reports, the Iraqi Prime Minister met with Iranian Parliament Speaker Qalibaf and praised Iran for its support during the war.On August 19th, Hamilton, Head of Client Solutions for Asia Pacific at Invesco, stated that many Chinese technology companies are showing positive profit trends, while their valuations remain significantly lower than most global technology peers. This creates an attractive risk-reward ratio for global investors. Investors are increasingly recognizing that China is not only a user of AI technology but also a significant innovator in areas such as AI big data models, cloud infrastructure, semiconductors, and intelligent manufacturing. We are seeing funds selectively investing in Chinas AI, semiconductor, robotics, and advanced manufacturing-related industrial ecosystems. ETFs have become one of the main tools for implementing this investment strategy. Data shows that from July to mid-August, 217 foreign institutions conducted a total of 547 research visits to 163 A-share companies. The electronics, machinery and equipment, and power equipment industries accounted for nearly half of these visits, with integrated circuits, computing hardware, and optical modules being key areas of focus for institutional research.1. U.S. EIA Strategic Petroleum Reserves for the week ending August 14 were at their lowest level since the week ending December 31, 1982. 2. U.S. crude oil exports for the week ending August 14 were at their highest level since the week ending June 19, 2026. 3. U.S. commercial crude oil inventories, excluding strategic reserves, for the week ending August 14 were at their highest level since the week ending May 29, 2026.

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

 EUR:USD.png

 

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.


Suggestion