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Ukrainian officials say the Russian attack killed four people in and around Kyiv.On May 24, local time, Russian Foreign Ministrys Director-General of the Second Department for CIS Affairs, Polischuk, stated that Russia is prepared to present its own recommendations regarding the USs 27-point plan for resolving the Ukraine crisis during the next round of meetings. He did not disclose the specific content of the recommendations. Polischuk indicated that following the two rounds of trilateral talks in Abu Dhabi and Geneva, Russian experts, based on the outcomes of the talks, have formulated recommendations regarding the USs 27-point plan.On May 24, Minister of Commerce Wang Wentao met with UNCTAD Acting Secretary-General Reno Mareno in Suzhou on May 23. Mareno was in China to attend the APEC Trade Ministers Meeting. The two sides exchanged views on the global economic and trade situation and deepening practical cooperation. Wang Wentao emphasized that the 15th Five-Year Plan outlines a grand blueprint for Chinas future development and makes important arrangements for expanding high-level opening-up, upholding the multilateral trading system, and practicing genuine multilateralism. China is willing to work with all parties, including UNCTAD, to jointly promote the building and maintenance of a fair, just, open, inclusive, and win-win international economic and trade order.According to Ukrainian media: Explosions have been heard again in Kyiv.On May 24th, Mehdi Tajé, president of the Iranian Football Federation, announced on the 23rd that, with FIFAs approval, the Iranian national football teams training base for the World Cup would be moved from the United States to Mexico. In a statement released to the media by the Iranian Football Federation, Tajé said that due to difficulties obtaining visas, the Iranian national team requested FIFA to change its World Cup training base from Tucson, Arizona, to Tijuana, Mexico, and that preparations in Tijuana have been completed. Tijuana is located on the US-Mexico border, approximately 20 kilometers from San Diego, a city in Southern California.

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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