EUR/USD 1.17090
-0.026%
Gold 4596.24
-0.020%
Oil 96.869
-0.630%
USD/JPY 159.606
-0.005%
GBP/USD 1.35126
-0.036%
GBP/JPY 215.674
-0.033%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Nvidia executives will meet with executives from Samsung and SK Hynix to discuss collaborations on physical artificial intelligence.On April 29th, according to Tencent Cloud, Tencent IMA released a new Agent mode called "copilot," which allows users to create their own agents. Copilot features a built-in memory system that remembers a users background, habits, and progress through four modules: copilot settings, user profile, long-term memory, and experience/skills. This enables continuous access across different scenarios and reduces repetitive input.April 29th - The railways "May Day" holiday transport season began on the 29th, lasting eight days from April 29th to May 6th. The national railway system is expected to transport 158 million passengers, with an average of approximately 12,000 passenger trains scheduled to operate daily. May 1st is expected to be the peak travel day, with an estimated 24 million passengers. According to the head of the China State Railway Groups Passenger Transport Center, travel demand for tourism, family visits, and leisure activities is strong this year, and railway passenger traffic will remain high. Long-distance travel is expected to dominate at the beginning and end of the holiday, while short-distance travel will be the main mode of transport in the middle. As of 8:00 AM on the 29th, the 12306 railway ticketing platform had sold a total of 83.02 million tickets for the May Day holiday.On April 29th, Niu Li, Deputy Director of the Department of Geological Exploration Management of the Ministry of Natural Resources, stated that during the 14th Five-Year Plan period, my countrys oil production will remain stable at over 200 million tons per year. In 2025, national crude oil production will reach 216 million tons, a record high; natural gas production will exceed 260 billion cubic meters, with annual increases exceeding 10 billion cubic meters for nine consecutive years; among which, shale oil production will exceed 8.5 million tons and shale gas production will remain stable at over 27 billion cubic meters, becoming an important supplement to increasing reserves and production. Total oil and gas production will reach 420 million tons of oil equivalent, playing a vital role in ensuring national energy security.On April 29th, it was reported that a policy briefing on the reform of the ChiNext board and an event to promote the high-quality development of listed companies in Liaoning Province were held in Shenyang on April 28th. Liaoning Province called for seizing the opportunities presented by the ChiNext reform, making full use of the fourth set of listing standards and the local governments information dissemination mechanism, accelerating the construction of a tiered development pattern for listed companies, focusing on increasing the number of high-quality listed companies, improving the quality and efficiency of existing listed companies, actively expanding diversified financing channels, and enhancing the service capabilities of intermediary institutions. Promoting the high-quality development of listed companies is a systematic project. All regions and departments should take initiative, optimize the business environment, and jointly create a favorable ecosystem to support the high-quality development of listed companies, effectively transforming the dividends of capital market reform into a strong driving force for the revitalization and development of Liaoning.

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