EUR/USD 1.13320
0.376%
Gold 3258.13
0.624%
Oil 58.263
-0.719%
USD/JPY 144.469
-0.626%
GBP/USD 1.32848
0.056%
GBP/JPY 191.933
-0.527%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The Syrian presidency said the Israeli attacks were aimed at Syrias unity.On May 2, Swissquote analyst Ipek Ozkardeskaya said in a report: "Last months non-farm payrolls report unexpectedly rose, but given the recent series of weak data, we are more likely to see a weak report this time. As long as wage growth remains reasonable, this will stimulate expectations of a Fed rate cut."The U.S. non-farm payrolls and unemployment rate for April, as well as the monthly and annual average hourly earnings rates will be announced in ten minutes.On May 2, Hungarian Prime Minister Orban said in Budapest on May 2 local time that the Russian-Ukrainian conflict has caused Hungary to lose about 20 billion euros in the past three years. Now, Ukraine asks the EU to support it to maintain the size of its 1 million troops, and this part of the funds should have stayed in the EU to develop the economy. Ukraines joining the EU will lead to the bankruptcy of Hungarys economy. Orban said that the EU proposed to jointly borrow to fund Ukraine because they have realized that they can no longer rely on existing resources to support Ukraine. Now it is necessary to prevent Europe from falling into a debt vortex.Gold futures rose in relatively light trading as the dollar and U.S. Treasury yields slipped. But they fell overall this week after a sharp sell-off on Thursday. Analysts at SP Angel said in a report that ETF outflows indicate that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel said that the cooling of trade tensions is reducing the appeal of gold, while Trump announced that he does not intend to fire Powell. The focus now turns to U.S. employment data due on Friday. If the data is weaker than expected, it will boost optimism about the Federal Reserves interest rate cuts, which is a positive for non-interest-bearing gold.

The USD/CNH Exchange Rate Fluctuates Around 6.9000 As Focus Shifts To PBoC Policy

Daniel Rogers

Mar 17, 2023 13:53

Throughout the Asian session, the USD/CNH has maintained a range near 6.9000. Before taking action on the main, investors are awaiting the People's Bank of China's (PBOC) interest rate decision on Monday.

 

After a strong recovery on Thursday, S&P500 futures are exhibiting minimal losses in the Asian session, indicating a rise in market participants' risk appetite. The US Dollar Index (DXY) has escaped the tight consolidation between 104.30 and 104.60. Investors' skepticism regarding the Federal Reserve's (Fed) prospective monetary policy has diminished the appeal of the USD Index in the wake of a decline in U.S. inflation and escalating banking turmoil.

 

Following an optimistic recovery in 500-US stock basket futures, lethargic demand for US government bonds has increased the returns on the same. The yields on 10-year Treasury notes have surpassed 3.59 percent.

 

In the future, emphasis will be placed on the release of the PBoC's monetary policy decision. Economists from the UOB Group speculate that the PBoC may reduce the Loan Prime Rate (LPR) at its March 20 meeting. The 1Y loan prime rate (LPR) could fall to 3.55 percent and the 5Y loan prime rate (LPR) could fall to 4.20 percent after the National People's Congress (NPC). This is due to the need for additional measures to support the actual economy and the wish to increase housing demand.

 

In addition, an upward revision of China's projected Gross Domestic Product (GDP) would strengthen the Chinese Yuan. Goldman Sachs has increased its GDP forecast for China for 2023 from 5.5% to 6%.

Suggestion