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On August 28th, as Vietnam seeks to become a regional innovation hub, its leaders urged Qualcomm (QCOM.O) and Samsung to expand their investments in artificial intelligence, semiconductors, and research and development. According to a statement from the Vietnamese government, President To Lam, speaking at a meeting in Hanoi on Thursday, asked Qualcomm CEO Cristiano Amon to increase investment in areas such as artificial intelligence, semiconductors, robotics, 5G/6G, data centers, and next-generation connectivity technologies. The statement said Qualcomm hopes to develop its operations in Vietnam into its third-largest global AI research and development center. Another statement indicated that Vietnamese Prime Minister Le Minh Hung told Samsung Electronics CEO Roh Thai Mun that Vietnam hopes Samsung will continue to be an important partner in enhancing the countrys technological capabilities, developing its industrial base, and deepening its integration into global value chains. The statement noted that since production began 17 years ago, as of the end of June, Samsungs mobile phone manufacturing entities in Vietnam have accumulated exports of $500 billion. Samsung has invested $24 billion in Vietnam to date.According to Reuters, Vietnamese leaders have urged Qualcomm and Samsung Electronics to increase their investments in artificial intelligence, semiconductors, and research and development as Vietnam seeks to become a regional innovation hub.Russian authorities say they launched an airstrike on the Nova Poshta warehouse near Kyiv, Ukraine.Toyota Motor Corporation (TM.N) announced on Friday that its global vehicle sales and production both declined in July, offset by strong performance in the Japanese market, driven by lower sales in China, the United States, and the Middle East. Global sales fell 4.8% year-on-year to 856,125 vehicles, while production declined 2.1%. Sales in China fell 24.3%, marking the sixth consecutive month of decline. Sales in its largest market, the United States, declined 0.8%, while sales in the Middle East fell 44.5%, offsetting an 11.0% increase in sales in Japan. Although production in Japan increased by 12.4%, overall production declined due to a sharp 32.7% drop in production in China and a 4.0% decrease in production in the United States. Japanese vehicle exports increased by 10.2% year-on-year, slightly above 196,000 units, marking the third consecutive month of growth and reaching the highest level since October.TD COWEN: Lowered its target price for Workday from $220 to $210.

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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