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On August 7th, the National Energy Administration issued the "15th Five-Year Action Plan for Power Safety Production." The plan emphasizes strengthening safety governance through "artificial intelligence+", innovating high-precision fault prediction and health management methods for equipment, promoting the embedding of artificial intelligence technology into intelligent safety tools, and researching power safety production auxiliary decision-making technologies based on large-scale artificial intelligence models. It also calls for increased independent research and development of key power equipment, enhanced research and development of new protective materials, the establishment of a special plan for tackling key technologies in core components of power equipment, and promoting breakthroughs in key technologies such as power chips and ultra-high voltage (UHV) unit components. Furthermore, it promotes technological innovation in safety and quality control of power construction projects, researches and constructs an intelligent supervision system for power construction projects, and utilizes artificial intelligence, big data, and other means to strengthen off-site supervision and quality control of key power projects.According to the Philippine Institute of Volcanology and Seismology, a 5.8-magnitude earthquake struck near Occidental Mindoro province in the Philippines at approximately 10:38 a.m. on August 7, with a focal depth of 10 kilometers.August 7th - TSMC has achieved a breakthrough in next-generation technology, successfully developing a high-performance monolayer molybdenum disulfide (MoS2) top-gate transistor in collaboration with a team from National Chiao Tung University, which could help push the limits of Moores Law. The findings were published in the journal *Nature Electronics*.On August 7th, it was learned from the Anhui Provincial Key Laboratory of Quantum Computing Chips that a joint research team from Origin Quantum and the University of Science and Technology of China has successfully solved the long-standing problem of the trade-off between speed and fidelity in superconducting quantum computing by proposing the innovative "Parameter Space Extended Controlled Phase Gate (PSE-CZ)" scheme. This allows a two-qubit quantum gate to significantly improve accuracy while maintaining high speed. The relevant results have been published in the top international physics journal *Physical Review Letters*, and experimental verification was completed on my countrys independently developed superconducting quantum computer, "Origin Wukong".Hong Kong-listed stocks related to large-scale modeling continued to rise, with MINIMAX-W (00100.HK) up nearly 25% and Zhipu (02513.HK) up over 17%.

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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