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August 13th - According to foreign media reports, South Korea has raised the ceiling on household debt growth and pledged to increase housing supply in the Seoul metropolitan area, further intensifying efforts to curb the continued rise in the real estate market. Soaring housing prices have gradually become a political burden for President Lee Jae-myung. According to a joint statement released by the South Korean government on Thursday, the government plans to supply more than 230,000 housing units in the Seoul metropolitan area, including 100,000 units to be built in newly designated areas. This is a further increase on top of existing targets. Previously, the South Korean government had set a target to start construction on 1.35 million housing units in the Seoul metropolitan area between 2026 and 2030. The latest measures are a further step up from the supply-side policies announced last September. At that time, a prolonged slump in the construction industry raised concerns that a shortage of new housing supply would continue to drive up housing prices and make it more difficult for young families to afford a home.August 13th - The price adjustment window for refined oil products will reopen at 24:00 on August 14th (this Saturday at midnight). According to industry information from Longzhong Information, due to the downward fluctuation of international crude oil prices during the cycle, the domestic refined oil price will decrease by approximately 0.15 yuan/liter, marking the fifth price reduction this year. Based on a 70-liter fuel tank, private car owners will save about 11 yuan when filling up.The Reserve Bank of New Zealand surveyed that the average two-year inflation expectation for New Zealand in the third quarter was 2.34%.A survey by the Reserve Bank of New Zealand indicates that the average one-year inflation expectation in New Zealand for the third quarter is 2.6%.According to Mongolian media reports on August 13th, the Mongolian Emergency Command Center for Enhancing Fuel Supply and Security held a routine meeting on August 12th. The Minister of Industry and Mineral Resources emergency trip this week has yielded initial results. In August, Mongolia will import 50,000 tons of AI-92 gasoline from Russia, purchase an additional 15,000 tons of Euro 5 standard fuel, and agree to import an additional 25,000 tons of AI-92 gasoline and 5,000 tons of aviation fuel. A contract has also been signed with China to purchase 3,000 tons of aviation kerosene; the first batch of 1,000 tons has been received, and the remaining 2,000 tons will arrive soon. Simultaneously, a contract has been signed with South Korea to purchase Euro 5 standard fuel. This fully meets Mongolias August consumption needs and reserves. As of the time of this report, Mongolian mine production is stable, short- and medium-term shipments are good, fuel availability has increased to 30 days, and short-term freight rates have increased slightly by 80-85 yuan/ton.

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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