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On May 12, South African President Cyril Ramaphosa addressed the nation on television, denying any wrongdoing in the 2020 theft from his private farm and emphasizing that he would not resign. On the same day, the South African National Assembly decided to initiate impeachment proceedings to reopen the investigation into allegations of misconduct against Ramaphosa. On May 8, the Constitutional Court ruled that the National Assemblys obstruction of further investigation four years ago into the theft of approximately $580,000 in cash from Ramaphosas private farm was unconstitutional. The Constitutional Court ordered the National Assembly to establish an impeachment committee to review the relevant reports and decide whether to initiate formal impeachment proceedings against Ramaphosa.On May 12th, the International Organization for Standardization (ISO) officially released five international standards in the natural gas sector, spearheaded by my country. These standards will provide a "Chinese solution" for cost reduction, efficiency improvement, and security assurance in the global energy market through precise quantitative indicators. In shale gas development, the series of international standards led by my country, titled "Determination and Calculation of Shale Brittleness Index," addresses the pain points of difficulty in identifying high-quality reservoirs and high costs of fracturing in shale gas development. For the first time, it standardizes a technical framework for compressibility evaluation at the international level. After applying this standard, the accuracy rate of identifying high-quality shale reservoirs is expected to improve by about 10%, supporting an increase in the success rate of single-well exploration and development from the industry average of 65% to over 85%. The operating cost of a single shale gas well can be reduced by more than 10%.1. Russian reports indicate the ceasefire agreement has expired. 2. Russian Ministry of Defense: Ukraine violated the ceasefire agreement. 3. Finnish President: Europe should consider direct dialogue with Russia. 4. Ukrainian Ministry of Energy: The Chernobyl nuclear exclusion zone fire is under control. 5. Zelenskyy met with the German Defense Minister to advance several military and energy cooperation initiatives. 6. Zelenskyy: Ukraine is preparing for a new attack. Ukraine and the US maintain diplomatic communication; a prisoner exchange plan between Ukraine and Russia is under discussion. 7. According to Russian reports, Ukraines attack on Russias Belgorod region resulted in one death and three injuries. 8. Russian Deputy Prime Minister Novak: Russia lowered its 2026 economic growth forecast from 1.3% to 0.4%. It lowered its 2027 GDP growth forecast from 2.8% to 1.4%; growth is expected to reach 2.4% in 2029.Top Control announced on the Hong Kong Stock Exchange that it plans to issue 65.3 million H shares in Hong Kong, priced at HK$26.39 per share, and is expected to start trading on May 20.According to the Wall Street Journal, sources say senior officials from the U.S. Department of Justice and the Department of Defense have met to discuss the investigation.

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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