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On August 20th, Samsung Foundry updated its technology roadmap at SAFE Forum 2026, adjusting its 1.4nm mass production timeline. It now anticipates mass production in 2029, approximately one year later than TSMC (TSMCs A14 is scheduled to enter mass production in 2028). Samsung Foundry initially released a press release in 2022 announcing mass production of its 2nm process in 2025 and its 1.4nm process in 2027.Germanys July PPI month-on-month rate and Switzerlands July trade balance will be released in ten minutes.On August 20th, according to US sources on the 19th, the US Department of Defense updated its casualty statistics, showing that since the US military action against Iran on February 28th, 18 US soldiers have been killed and 757 wounded. The report stated that four dead and dozens of wounded personnel had disappeared from the statistics in the US Defense Casualty Analysis System before reappearing, drawing criticism from the media and lawmakers. The US Department of Defense responded on social media, stating that this was due to a "temporary data interruption." Furthermore, regarding the Pentagons slow disclosure of wounded personnel information throughout the Iran conflict, the official explanation was "security needs."August 20th - According to Yonhap News Agency, SK Hynix and its labor union have reached a preliminary collective bargaining agreement on wages and bonuses, including a 6.3% pay rise and adjustments to its profit-sharing bonus system. Under the proposed plan, 40% of the profit-sharing bonus will be paid in cash, and 60% in stock. Of the stock bonus, 40% can be sold in the same year it is granted, while the remaining 20% will be deferred. The agreement also includes an increase in employee benefit points. The union plans to hold a representative vote as soon as possible to finalize the agreement.On August 20, Iranian Ambassador to Russia, Qazim Jalali, stated in an interview that Iran appreciates Russias offer to assist in dialogue between Iran and the Gulf states and is prepared to cooperate with Russia in this regard. Jalali said in the interview, "We highly value the role and efforts Russia has made in improving relations between Iran and its neighbors, and view this matter positively… We welcome any role our Russian friends may play in improving relations between Iran and its neighbors, and we are ready to cooperate in this regard." Jalali added that Iran considers Russia a true friend during difficult times, and Iran has no doubt about Russias goodwill.

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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