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On April 21, the State Council issued an opinion on promoting the expansion and quality improvement of the service industry. The opinion mentions steadily advancing the opening up and cooperation of the service industry. It further expands pilot programs for opening up in areas such as value-added telecommunications, biotechnology, and wholly foreign-owned hospitals. It improves the negative list management system for cross-border service trade. It enhances service capabilities such as data export compliance assessment and security certification. It strengthens service trade cooperation with key countries and regions, and coordinates the construction of major opening-up and cooperation platforms such as service trade innovation and development demonstration zones. It promotes the export of cultural and tourism services and encourages the expansion of inbound consumption.On April 21, the State Council issued an opinion on promoting the expansion and quality improvement of the service industry. The opinion points out that in the banking, securities, and insurance sectors, financial institutions should be guided to conduct financing based on movable property and rights pledges such as inventory, orders, and warehouse receipts, under the premise of legal compliance and controllable risk. A full life-cycle financing system should be established that invests in early-stage, small-scale, long-term, and hard-tech sectors. The role of the National Venture Capital Guidance Fund should be leveraged, and the "innovation points system" and the evaluation of specialized and innovative development of SMEs should be optimized and promoted. New financial service tools such as supply chain bills should be promoted. The coverage of product R&D liability insurance should be expanded, pilot-scale service insurance should be promoted, and the first-of-its-kind insurance compensation policy should be effectively implemented. A digital RMB empowerment initiative should be launched. Mutual recognition of cross-border supply chain finance standards should be explored.On April 21, the State Council issued the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." The document mentions the in-depth implementation of the Industrial Internet Innovation and Development Project. It calls for advancing the Industrial Data Infrastructure Building Action, cultivating data cooperation consortia, and constructing a number of high-quality industry datasets. It also emphasizes developing professional services such as data labeling and certification, and exploring the establishment of a classified and graded data ownership, evaluation, and pricing mechanism. Furthermore, it calls for the orderly advancement of computing power deployment and edge computing power construction, and the improvement of the intelligent computing cloud service system. Finally, it stresses accelerating the application of urban information modeling platforms and building information modeling technologies.The Eurozones ZEW Economic Situation Index for April was -43, compared to -29.9 previously.April 21 – According to four industry sources familiar with the discussions, U.S. Trade Representative Greer has informed Mexicos auto and steel industries that they should not expect the renegotiation of the U.S.-Mexico-Canada Agreement (USMCA) to remove the tariffs imposed on their industries by President Trump. Greer made these remarks on Monday at a meeting in Mexico City with industry organizations and other senior business leaders. The meeting aimed to discuss revisions to the USMCA with the Mexican president and economy minister, whose six-year review period expires on July 1. One source who attended the meeting said, "Greer said the tariffs will remain. President Trump likes tariffs. We will never go back to zero tariffs." The source added that Greer also told the auto industry that U.S. officials are exploring ways to help Mexico, but did not provide specific details.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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