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A German government spokesperson said regarding Türkiyes detention of a Deutsche Welle journalist: "We are deeply concerned about this incident."February 20th – Amidst the resounding clang of gongs, the Hong Kong Stock Exchange opened its first trading day of the Lunar New Year (Year of the Horse). On the same day, the Hong Kong Gold Exchange also held its Lunar New Year opening ceremony. Hong Kong Financial Secretary Paul Chan Mo-po stated at the opening ceremony that the Hang Seng Index had risen nearly 6,500 points cumulatively during the Lunar New Year (Year of the Snake), an increase of 32%. IPOs (Initial Public Offerings) and subsequent fundraising both performed strongly, significantly improving stock market liquidity and attracting a highly internationalized source of funds. Chan expressed cautious optimism about the market outlook for the Year of the Horse. He believes that while the external environment remains complex and volatile this year, as long as Hong Kong maintains an open and fair market environment, continuously promotes market reforms, strengthens market infrastructure and development, and effectively manages and addresses various risks, the market will surely overcome obstacles and move forward like a galloping horse.February 20th - The Chinese Embassy in Baikal issued a statement on the 20th, local time, stating that in the car accident on Lake Baikal, the vehicle involved carried one Russian driver and eight Chinese tourists; only one Chinese tourist has been rescued so far. Earlier that day, a car fell into Lake Baikal. It is understood that following the incident, local authorities have banned vehicles from driving on the frozen surface of Lake Baikal.On February 20th, Ukrainian President Volodymyr Zelenskyy posted a message on his official social media platform, stating that Ukraine is prepared to make genuine compromises to end the war, but will not accept arrangements at the expense of national independence and sovereignty, nor will it accept an ultimatum from Russia. Zelenskyy stated that Ukraine is willing to discuss a compromise with the United States. He indicated that Ukraine is willing to discuss peace based on the principle of "maintaining the existing position," calling this itself a significant compromise. Zelenskyy further stated that Russias claim of "not occupying other regions" is not a compromise, but an ultimatum.The Norwegian Petroleum Authority reported that Norways preliminary oil production for January was 1.998 million barrels per day. Natural gas production was 11.3 billion cubic meters.

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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