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The Stoxx Europe 600 index fell further to 1%, hitting a new intraday low.June 26 – Royal Bank of Canada remains optimistic about the medium- to long-term outlook for gold, believing that the “currency devaluation trade” still has room for further development. “We believe there could be more buying at $4,000 per ounce and below, but more importantly, the broader theme of the ‘currency devaluation trade’ remains intact,” said Chris Louney, commodities strategist at RBC. “In the long term, given concerns about issues such as rising government debt, we believe the drivers for gold remain in place.”On June 26th, Shenghe Jingwei announced that its first board of directors fourth meeting and the second extraordinary shareholders meeting of 2024, held on November 20th, approved the "Proposal on Investing in the Construction of Shenghe Jingweis Lingang Advanced Packaging Production Line Project," agreeing to invest in the construction of the Dongsheng Hexin 3D Integrated Chip Manufacturing (Phase I) project. The total investment for the project is approximately RMB 10 billion, with the final investment amount subject to actual project input. The company will invest as needed based on the projects progress. Currently, the project is actively preparing for various pre-construction matters, and construction will officially commence on June 29th after completing the relevant procedures in the coming days.On June 26, according to Irans Press TV, US President Trump has again ordered that all Iraqi oil revenues controlled by Iraq be deposited into accounts at the Federal Reserve Bank of New York. Executive Order 13303 was originally signed after the US military action against Iraq in 2003 and has been renewed annually since, always citing "national security" as the reason. The White House has not issued a press release on this matter, but Trump sent a formal notification to Congress on May 4 regarding the extension of the order. In the formal notification, Trump stated: "The various obstacles hindering the orderly reconstruction of Iraq, the restoration and maintenance of domestic peace and security, and the development of political, administrative, and economic institutions continue to pose an exceptionally significant threat to US national security and foreign policy. Therefore, this Executive Order must remain in effect beyond May 22, 2026."According to Iranian state television, three foreign oil tankers that attempted to pass through the Strait of Hormuz "without authorization" were forced to turn back after warnings from the Iranian Revolutionary Guard Navy.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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