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The Eurozone unemployment rate was 6.3% in April, compared with a forecast of 6.20% and a revised figure of 6.3% for the previous month.On June 1, Iranian Foreign Ministry spokesman Baghae said that the US militarys "aggressive actions" against Iran violated the ceasefire agreement, and the Iranian armed forces retaliated, striking at the "source of US aggression." Baghae stated that the Iran-US negotiations were being conducted in an atmosphere of high suspicion and distrust, and the communication through intermediaries was also taking place in the same atmosphere of distrust. The US has been constantly changing its position, putting forward new or contradictory demands, and releasing contradictory information through the media, naturally delaying the negotiation process. Baghae also said that at this stage, no negotiations have been held on the details of matters related to the nuclear issue; the current focus of the negotiations is ending the war.On June 1st, the Chengdu Municipal Committee of the Communist Party of China and the Chengdu Municipal Peoples Government issued the "Opinions on Accelerating the Construction of a National Advanced Manufacturing Base." The Opinions propose cultivating and strengthening strategic emerging industries. It calls for implementing an industrial innovation project to accelerate the development of artificial intelligence, low-altitude economy, and green hydrogen energy; to enhance the supporting capabilities of integrated circuits, new displays, and aerospace; and to accelerate the upgrading of intelligent connected vehicles, rail transit, and biomedicine, thereby cultivating new pillar industries and creating new industrial landmarks.June 1st - A PMI survey showed that UK factory production growth reached its highest level in four years, as the sector struggles to cope with rising prices and supply shortages caused by the Middle East conflict. The final reading of the UK manufacturing PMI rose to 53.9 in May, up from 53.7 in the previous month. S&P stated that despite this, this growth may only be temporary, as it is mainly due to businesses making advance purchases. Businesses are placing orders now to buy the goods they need in anticipation of future price increases and delivery delays. However, this means that the sector has diverged significantly from the overall economy since the Iran war blew the economic outlook. Domestic uncertainty may also begin to affect consumer spending decisions and business operating decisions. Meanwhile, Prime Minister Starmer faces a continued threat of a potential challenge to his leadership.On June 1st, the Chengdu Municipal Committee of the Communist Party of China and the Chengdu Municipal Peoples Government issued the "Opinions on Accelerating the Construction of a National Advanced Manufacturing Base." The Opinions propose a forward-looking approach to future industries. It calls for implementing an incubation and cultivation project, improving the proactive discovery and selection mechanism, and accelerating the development of new sectors such as nuclear fusion energy, brain-computer interfaces, quantum technology, intelligent sensing, embody intelligence, sixth-generation mobile communication, biomanufacturing, cell and gene therapy, flying cars, and cutting-edge new materials. The goal is to build a leading zone for future industries, seize the commanding heights of development, and create a new technological high ground.

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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