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July 31 – The Political Bureau of the CPC Central Committee held its 27th collective study session on the afternoon of July 30, focusing on high-quality advancement of national defense and military modernization. Xi Jinping, General Secretary of the CPC Central Committee, emphasized during the session that during the 15th Five-Year Plan period, it is essential to adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, thoroughly implement Xi Jinping Thought on Strengthening the Military in the New Era, strengthen political leadership, deepen innovative development, and advance high-quality modernization of national defense and the armed forces. This will ensure the timely achievement of the centenary goal of the Peoples Liberation Army, promote decisive progress in the basic realization of national defense and military modernization, and provide strong strategic support for comprehensively advancing the building of a strong nation and the great rejuvenation of the Chinese nation through Chinese-style modernization.Sonys stock price rose 2% after the company released its financial report, reversing its earlier decline.On July 31, the Bank of Japan (BOJ) continued to warn that core inflation could exceed its 2% target and pledged to continue raising borrowing costs based on economic and price trends. The bank also adjusted its assessment of the balance of risks to economic growth, stating that risks are in equilibrium rather than tilted to the downside. This suggests that the drag from the Middle East conflict is not as severe as initially feared, as the growth in global demand for artificial intelligence has acted as a buffer, mitigating the impact. Overall, the BOJs statements indicate that a continued weakening of the yen could exacerbate inflationary pressures, thus a further interest rate adjustment is expected. Investors are increasing their expectations that the BOJ will raise interest rates before October, and BOJ Governor Kazuo Ueda may provide clues to support this view at his press conference this afternoon.July 31st - The Bank of Japan (BOJ) kept interest rates unchanged on Friday, with only one voice supporting a rate hike. Meanwhile, in its monetary policy outlook report, the BOJ lowered its inflation forecast for the current fiscal year. Fridays decision came amid escalating tensions in the Middle East. For oil-dependent Japan, inflation concerns remain. However, the central bank plans to further monitor the situation, especially after the June rate hike. On Thursday, Japan intervened in the foreign exchange market by buying yen and dollars, while US authorities also conducted currency checks. Now, all eyes are on BOJ Governor Kazuo Uedas afternoon press conference, hoping to glean clues about the central banks future policy direction and any commentary on the intervention.Piper Jaffray: Lowered its price target for Reddit (RDDT.O) from $215 to $195.

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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