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On May 26, Liu Xiaoming, Governor of Hainan Province, visited Hainan Data Industry Service Co., Ltd. on May 25 to investigate the construction of cross-border computing power facilities, inspect the online operation of the "Hainan Provincial Computing Power Monitoring and Dispatch Platform," and chair a research symposium. Liu Xiaoming pointed out that it is necessary to focus on green and low-carbon development, deepen the synergy between computing and electricity, promote direct green electricity supply, green electricity substitution, and energy-saving and carbon-reducing transformation, and solidify the energy security foundation for the high-quality development of the computing power industry with a stable, green, inexpensive, and reliable power supply, achieving a virtuous cycle of "strengthening computing with electricity and promoting electricity with computing."According to Fox News: U.S. Central Command says the U.S. strike operation has temporarily ended.On May 26, the Russian Foreign Ministry website published a statement on May 25 saying that Russian Foreign Minister Sergey Lavrov spoke by phone with US Secretary of State Marco Rubio that day. Following instructions from Russian President Vladimir Putin, Lavrov informed the US that Russia had begun a systematic offensive against military facilities in Kyiv, the capital of Ukraine. Lavrov stated that in response to Ukraines continued attacks on Russian civilians and civilian facilities, the Russian military was conducting systematic and sustained strikes against facilities in Kyiv serving the Ukrainian Armed Forces. He reminded the US of the statement issued by the Russian Foreign Ministry that day and advised US diplomats and citizens to evacuate from Kyiv. The statement also said that the two sides exchanged views on the Strait of Hormuz and the situation in Cuba. Furthermore, both sides expressed their commitment to intensifying efforts to normalize the work of their respective diplomatic missions.U.S. Central Command spokesman Captain Tim Hawkins said the U.S. military conducted a self-defense strike in southern Iran on the 25th, “aimed at protecting U.S. forces from the threat posed by Iranian forces.” The spokesman said the targets included missile launch sites and Iranian vessels attempting to lay mines. “U.S. Central Command continues to defend U.S. forces while exercising restraint during the current ceasefire.”The UKs BRC Shop Price Index rose 1.2% year-on-year in May, down from 1.00% in the previous month.

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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