EUR/USD 1.15859
0.156%
Gold 4389.18
0.299%
Oil 81.510
0.031%
USD/JPY 159.098
-0.162%
GBP/USD 1.35542
0.147%
GBP/JPY 215.650
-0.015%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 17th, Takehiko Nakao, former Japanese Finance Minister and President of the Asian Development Bank, stated that the Bank of Japan should raise interest rates at every policy meeting, aiming to elevate the benchmark rate to above 2% to narrow the interest rate differential between Japan and the US and alleviate pressure on the yens depreciation. He noted that even with Japans policy rate already at 1%, its real interest rate remains negative, while other countries have positive real interest rates. He believes that with inflation around 2%, a policy rate of 2.25% or 2.5% in Japan would not be uncommon.On August 17th, according to Tianyancha App, Kunming Beiye Data Technology Co., Ltd. was recently established. The legal representative is Qiu Jinghao, with a registered capital of 700 million RMB. It is a limited liability company (wholly foreign-owned), currently in operation, and its registered address is located in the Digital Economy Industrial Park, Enclosed Area of the Mohan-Boten Cooperation Zone. The companys business scope includes software development, information system integration services, information technology consulting services, and retail of computer hardware, software, and auxiliary equipment. Shareholder information shows that Beijing Zitiao Network Technology Co., Ltd. holds 100% of the companys shares, with a subscribed capital of 700 million RMB.Japanese power company J-Power: It will build a data center in Kaminokuni, Hokkaido, and will begin selling its GPU data center computing power in the summer of 2027.August 17th - According to the National Forestry and Grassland Administration, since the launch of the Three-North Shelterbelt Projects critical phase, the National Forestry and Grassland Administration, together with local governments and departments, has adhered to a systematic approach and scientific methods, allocating a total of 88.9 billion yuan in central government investment and implementing 544 key projects. The average annual construction area completed has exceeded 80 million mu (approximately 5.3 million hectares), making this the period with the greatest progress and best results in the projects history. Ecological benefits are gradually emerging, with the forest and grassland coverage rate in the project area reaching 40.76%, and the treatment rate of manageable desertified land reaching 67.82%, representing increases of 1.13 and 12.78 percentage points respectively compared to 2020. The main mid-term goals of the sixth phase of the Three-North Shelterbelt Project have been fully achieved.The New Taiwan dollar rose to 31.874 against the US dollar, a new high since July 2.

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

 EUR:USD.png

 

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.


Suggestion