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On January 9th, it was reported that on January 8th, the U.S. International Trade Commission (ITC) voted to initiate a Section 337 investigation (Investigation Code: 337-TA-1477) into certain wearable devices with fall detection capabilities and their components. The named defendants are: Apple, Inc., Cupertino, California; Garmin Ltd., Schaffhausen, Switzerland; Garmin International, Inc., Olathe, Kansas; Garmin USA, Inc., Olathe, Kansas; Google LLC, Mountain View, California; Samsung Electronics America, Inc., Ridgefield Park, New Jersey; and Samsung Electronics Co., Ltd., Suwon-si, Republic of Korea.January 9th - Chongqings inter-provincial medium- and long-term electricity purchase transactions for 2026 exceeded 35 billion kilowatt-hours, reaching 37.18 billion kilowatt-hours, an increase of 42.5% year-on-year, setting a new historical record for Chongqings annual inter-provincial medium- and long-term electricity purchase transactions. Electricity trading refers to the market-based buying and selling activities between supply and demand sides for electricity commodities or services in the electricity market. Trading methods are divided into medium- and long-term transactions and spot transactions.On January 9th, the Ministry of Industry and Information Technology officially released the new vehicle application catalog for the HarmonyOS-enabled flagship MPV, the Zhijie V9. Yu Chengdong, Huaweis Executive Director, Director of the Product Investment Committee, and Chairman of the Terminal BG, announced that the new car will be officially unveiled in the spring.Hong Kong stocks fell, with the Hang Seng Index and Hang Seng Tech Index both turning negative. Tech stocks declined, with Meituan (03690.HK) and Baidu (09888.HK) falling by more than 2%.According to a report by the American Automobile Association (AAA) on January 9th, the national average gasoline price at the start of the new year was $2.81 per gallon, a multi-year low. The last time the national average price was this low was in March 2021. Crude oil prices have remained relatively stable since the end of 2025, unaffected by Venezuelas influence on the oil market. Currently, global oil supply is strong, as OPEC+ stated that it will not increase production in the first quarter of 2026 due to declining demand. According to the latest data from the U.S. Energy Information Administration (EIA), U.S. gasoline demand fell to 8.17 million barrels per day last week from 8.56 million barrels per day. Total domestic gasoline supply increased to 24.2 million barrels per day from 23.43 million barrels per day. Gasoline production declined last week, averaging 9 million barrels per day.

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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