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On August 27th, the General Offices of four departments, including the Ministry of Industry and Information Technology, issued a notice on launching a special campaign to improve the consistency and quality of road motor vehicle production. The notice emphasizes strengthening publicity and guidance. It calls for organizing a special campaign to promote the upward development of Chinese automotive brands, holding joint brand events such as "Seeing Chinese Cars," focusing on the technology, quality, and service levels of Chinese automakers, telling the stories of Chinese automotive brands, and enhancing their influence. It also calls for researching and establishing standardized, open, fair, and traceable guidelines for third-party evaluation activities in the automotive industry. The notice further emphasizes the need to continuously rectify online chaos in the automotive industry and severely crack down on exaggerated and false advertising. Finally, it stresses strengthening the release of authoritative and professional information, publicly reporting problematic road motor vehicle manufacturers and testing institutions, drawing clear "red lines" and upholding "bottom lines" for the industry, resolutely deterring irrational competition, and guiding the industry to improve product consistency and quality and safety levels.On August 27th, the National Internet Finance Association of China held a symposium on credit reporting self-regulation in Beijing. The meeting heard reports from the association on its plans to establish a credit reporting working committee, strengthen risk prevention and governance, conduct self-regulatory evaluations of industry institutions, and standardize the behavior of practitioners. The Beijing branch of the Peoples Bank of China required credit reporting agencies under its jurisdiction to implement the spirit of the head offices documents, comply with the self-regulatory management regulations for the credit reporting industry, further enhance their awareness of legal compliance, and strengthen their ability to operate soundly. Participants engaged in in-depth discussions on the current state and development prospects of the credit reporting industry and offered suggestions on credit reporting self-regulation.On August 27th, the General Office of the Hubei Provincial Peoples Government issued the "Implementation Plan for Hubei Province to Address Bottlenecks and Obstacles in Multimodal Transport (2026-2030)". The plan proposes that by 2030, efforts will be made to upgrade the multimodal transport functions of approximately 30 major provincial freight nodes, maintaining a 100% railway access rate at major ports. The Wuhan Multimodal Transport Service Center will be fully established, achieving seamless data exchange between rail, water, road, air, warehouse, and mail. The annual growth rate of port container rail-water intermodal transport volume will be around 10%, maintaining Hubeis leading position in inland waterways nationwide, with the proportion of "single bill of lading" rail-water intermodal container volume exceeding 30%. Five multimodal transport operators and integrated logistics integrators with cross-regional connectivity and full-process management capabilities will be cultivated. The ratio of total social logistics costs to GDP will decrease to around 12%, establishing Hubei as a benchmark province for multimodal transport nationwide.A senior executive at Bharat Oil Company said that a ship-to-ship transfer of 1 million barrels of Iraqi crude oil will take place in Fujairah within one or two days.On August 27, Russian Foreign Ministry spokeswoman Maria Zakharova stated on Thursday that France and Britains provision of sensitive missile technology to Ukraine was "playing with fire," warning that this move could have unpredictable consequences for Paris and London. British and French leaders pledged on Monday to provide stronger military support to Ukraine, including granting Ukraine access to classified technology and accelerating the delivery of air defense missiles. Britain announced on Monday that it would allow Kyiv to acquire classified technology to begin the independent production of the "Storm Shadow" long-range cruise missile, capable of striking targets deep within Russian territory. France has already agreed to authorize Ukraine to use the technology related to this European missile. Furthermore, RIA Novosti reported that the Russian Foreign Ministry stated that Russias possible response to attacks launched by the Ukrainian armed forces using British weapons includes striking British military targets both inside and outside Ukraine.

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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