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On Wednesday, May 6, the Hang Seng Index opened 131.04 points higher, or 0.51%, at 26,029.65; the Hang Seng Tech Index opened 42.01 points higher, or 0.85%, at 4,971.69; the H-share Index opened 55.51 points higher, or 0.64%, at 8,786.0; and the Red Chip Index opened 4.95 points higher, or 0.11%, at 4,411.37.Hang Seng Index futures opened 0.51% higher at 25,934 points, a premium of 40 points.May 6th - According to the Shenzhen Municipal Bureau of Culture, Radio, Television, Tourism and Sports, the city received 7.3336 million tourists on May 5th, a year-on-year increase of 5.3%; tourism revenue reached 5.629 billion yuan, a year-on-year increase of 3.6%. During the May Day holiday, Shenzhens attractiveness as a core inbound transportation hub in the Greater Bay Area continued to be amplified. Data from Ctrip shows that Shenzhen ranked fourth among the "Top 10 Popular Inbound Cities for May Day," following only Shanghai, Beijing, and Guangzhou. A report from Tongcheng Travel points out that, relying on convenient transportation and diverse cultural and tourism resources, Shenzhens position as a core inbound transportation hub has become more prominent, with a significant increase in the number of overseas tourists transiting through Hong Kong to Shenzhen.Xiaomi Auto announced that the new generation SU7 has received more than 80,000 orders in just 48 days since its launch.Futures News, May 6th: Crude oil prices fluctuated, but the range narrowed slightly compared to before the holiday. Fuel oil cost support was limited, and market participants adopted a wait-and-see attitude. Market restocking demand remained strong, resulting in a lukewarm trading pace. Fuel oil negotiations are expected to remain stable with a narrow range today.

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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