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According to the National Bureau of Statistics, at the end of June, the unsold floor space of commercial housing was 763.15 million square meters, a year-on-year decrease of 0.9%. Among them, the floor space unsold for less than 3 years was 561.67 million square meters, a decrease of 3.5%.According to the National Bureau of Statistics, from January to June, the sales area of newly built commercial housing was 401.4 million square meters, a year-on-year decrease of 11.6%; among which, the sales area of residential housing decreased by 12.4%. The sales value of newly built commercial housing was 3.7945 trillion yuan, a decrease of 13.6%; among which, the sales value of residential housing decreased by 13.7%.National Bureau of Statistics: Natural gas production has shifted from decline to growth. In June, the output of natural gas from industrial enterprises above designated size reached 21.4 billion cubic meters, a year-on-year increase of 1.1%, compared to a decrease of 2.2% in May; the average daily output was 710 million cubic meters.National Bureau of Statistics: Crude oil processing decline widened. In June, the crude oil processing volume of enterprises above designated size was 51.24 million tons, a year-on-year decrease of 17.7%, with the decline widening by 8.6 percentage points compared to May; the average daily processing volume was 1.708 million tons.National Bureau of Statistics: Crude oil production remained stable. In June, crude oil production from enterprises above designated size reached 18.12 million tons, a year-on-year decrease of 0.5%; the average daily output was 604,000 tons.

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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