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September 7th - Australian data center operator AirTrunk Operating Pty stated that due to increasing pressure from US tech giants facing domestic resistance, they are attracted by Australias green power grid and geographical advantages of proximity to Asia, and are therefore interested in building data centers in Australia. Sabu Whitelow, the companys Vice President of Energy and Utilities, said that over the past six to eight months, interest from companies including Google, Apple, Meta, Amazon, and Microsoft in Australia has far exceeded expectations. In an interview, she stated, "Australia has political stability, abundant renewable energy, ample land resources," and is close to major Asian population centers. "We expect this demand to translate into tangible commitments and investments in the coming months and years."French Finance Minister Lescourt: Without a budget, interest rates would rise significantly.On September 7th, Hong Kong Financial Secretary Paul Chan Mo-po, in his opening remarks at the "Co-creation and Co-investment Industry Acceleration Summit" organized by the Hong Kong Science and Technology Parks Corporation, stated that Hong Kongs exports of electronic products and semiconductors are experiencing strong growth, and the capital market has a strong demand for the listing of artificial intelligence companies. Hong Kong, as an international financial center, attracts global talent and is a rapidly rising innovation hub, creating a complementary relationship with cities in the Greater Bay Area. The Greater Bay Area cities possess strong capabilities in advanced manufacturing, commercialization, and scale; according to data from the World Intellectual Property Organization, "Shenzhen-Hong Kong-Guangzhou" is a leading global innovation cluster. He mentioned that the organization will release its new years rankings tomorrow, and he expressed his firm confidence and eager anticipation.On September 7th, according to Qichacha APP, Suanmiao Technology (Beijing) Co., Ltd. recently underwent industrial and commercial registration changes, adding Beijing Artificial Intelligence Industry Investment Fund (Limited Partnership) and others as shareholders, while its registered capital increased to 1.3496 million yuan. Qichacha information shows that the company was established in 2022, and its business scope includes: integrated circuit sales; integrated circuit chip design and services; integrated circuit chip and product manufacturing; and integrated circuit chip and product sales. Public information indicates that the company is a 3D computing chip developer.Germanys seasonally adjusted industrial production month-on-month rate for July and the UKs seasonally adjusted Halifax house price index month-on-month rate for August will be released in ten minutes.

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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