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On September 18, Bloomberg reported on the 17th that a Spirit Airlines passenger plane had an "uncomfortably close encounter" with Air Force One, the plane carrying President Trump, on the 16th. The report said that Trumps plane was en route to London when it encountered the Spirit Airlines plane over New York City. The two planes were approximately 10 to 13 kilometers apart, about to exceed the safe distance limit, and their flight paths intersected. A recording of an air-to-ground conversation cited in the report showed that the air traffic controller urgently called out to the pilot of the budget airliner, asking him to adjust his course, but the pilot did not respond in time. The air traffic controller then reminded the pilot, "Pay attention to the 747 a few miles away. I believe you can recognize it." Because the pilot did not respond in time, the air traffic controller also scolded the pilot, "Be careful, stop playing with your iPad!"Futures data from September 18th showed a significant downward pressure on copper prices, likely driven by risk aversion ahead of the Federal Reserves interest rate meeting. With expectations of a rate cut materializing and the Feds overall neutral stance, copper prices retreated from their highs during the US trading session. The Fed cut rates as expected, but Powell, in a post-meeting statement, stated the move was a risk management decision, adding that he saw no need for a rapid rate adjustment. While global raw material tightening has eased, supply-side pressures have yet to materialize. Demand for end-consumption remains uncertain, along with the macroeconomic environment. In the short term, copper prices are looking for a breakout driver after hitting the upper limit of volatility, with the market fluctuating between "recession" and soft landing scenarios. The September Fed meeting was uneventful, and while a major upward macro driver has yet to materialize, the long-term supply-demand imbalance remains the primary concern. For now, high volatility is likely to persist until real conditions improve. Trading remains cautious regarding changes in demand and the overseas macroeconomic environment.On September 18th, Meta Platforms (META.O) announced the launch of a new generation of Ray-Ban smart glasses, with significantly longer battery life and 3K video recording capabilities. The technical name of this new pair of glasses is Ray-Ban Meta Gen 2, with a starting price of US$379. At the same time, Meta also launched its first glasses with a built-in display. The latest model is Meta Ray-Ban Display, with a starting price of US$799. The glasses have a built-in screen in the right lens, which can display text messages, video calls, turn-by-turn map navigation, and visual query results of Meta AI services. These glasses also introduce a new control system. Although users can still operate them by swiping along the frame like previous models, the main interface is controlled by a wristband worn on the hand that recognizes gestures. At the same time, Meta also announced the launch of Oakley Vanguard smart glasses, which are targeted at athletes.Meta Platforms (META.O) announced the establishment of Meta Horizon Studio.Meta Platforms (META.O): Ray-Ban Display smart glasses start at $799 and will be available starting September 30.

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.