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July 31 – This morning, the National Development and Reform Commission (NDRC) held its July press conference. An NDRC spokesperson stated that the 109 major projects outlined in the 15th Five-Year Plan are being implemented at an accelerated pace. This year, a number of major projects have commenced, including the Three Gorges Waterway New Channel, the Guangzhou New Airport, and the Shangbaishi Water Conservancy Project in Fujian. Preliminary work on projects such as the east and west sections of the Xinjiang-Tibet Railway and the modernization of the Dujiangyan Irrigation System in Sichuan is being expedited, with the aim of starting construction and generating tangible results as soon as possible.The Central Bank of the Philippines predicts that the annual inflation rate in July is likely to be between 5.6% and 6.6%.On July 31, the National Development and Reform Commission (NDRC) held a briefing on the development and reform situation in the first half of 2026 on July 30. The meeting emphasized that the development and reform system must effectively carry out all aspects of development and reform work to promote sustained, innovative, and positive economic development and ensure the achievement of the annual targets. This includes accelerating the construction of a modern industrial system, adhering to the principle of tailoring measures to local conditions and implementing differentiated policies to cultivate and strengthen emerging and future industries; deeply implementing the "Eastern Data, Western Computing" project, coordinating the layout and orderly construction of computing facilities; accelerating the creation of a number of benchmark applications for artificial intelligence, providing rapid empowerment to key industries such as manufacturing, agriculture, and energy, and accelerating the legislative process for an artificial intelligence law; promoting the high-quality and efficient development of the service industry, and driving quality improvement, cost reduction, and carbon reduction in key industries.On July 31, Jiang Lue, spokesperson for the China Coast Guard, stated that the Xiushan frigate formation of the China Coast Guard conducted routine law enforcement patrols in the waters east of Taiwan on July 31. Since July, the Xiushan frigate formation has continuously strengthened control over the relevant waters, effectively ensuring normal navigation and operational order, and earnestly safeguarding the legitimate rights and interests, as well as the lives and property of Chinese citizens, including compatriots in Taiwan. The China Coast Guard will continue to strengthen law enforcement patrols in waters under Chinese jurisdiction and resolutely safeguard national territorial sovereignty and maritime rights.July 31 – Korea Investment & Securities stated that Samsung Electronics increasing shift towards long-term memory chip supply contracts is improving earnings visibility and supporting a stronger profit outlook. The brokerage noted that the companys second-quarter results exceeded expectations as memory chip prices surged, while new hyperscale cloud service provider agreements helped stabilize demand and capacity utilization. The brokerage raised its target price for Samsung by 10% to 650,000 won to reflect the improved earnings outlook and potential upside for HBM pricing, while maintaining a buy rating.

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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