EUR/USD 1.15922
0.211%
Gold 4395.35
0.440%
Oil 82.270
0.963%
USD/JPY 159.198
-0.099%
GBP/USD 1.35550
0.153%
GBP/JPY 215.798
0.054%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that for Geely Automobiles overseas development, Geely Holding Group will coordinate the resources of its internal brands and external strategic partners to achieve joint investment, joint development, shared production capacity, shared local supply chain systems and talent resources, and shared channels and service networks. According to An Conghui, the Volvo European plant will become an important base for Geelys European strategy, undertaking the production of high-end luxury vehicles within the Geely Automobile Group, and is expected to begin production in 2028. Proton, which Geely previously acquired in Malaysia, is currently undergoing technological upgrades and will be transformed into a Southeast Asian production base with a capacity of 500,000 vehicles. The Spanish plant, a joint venture between Geely and Ford, will also produce related models within the Geely system, with a capacity of 500,000 vehicles, and is expected to begin production in 2028. At this results press conference, Geely Automobile Group announced that its 2026 export target has been raised from 640,000 vehicles to 920,000 vehicles, and it will challenge a sales target of one million vehicles.On August 17th, at Geely Automobiles (00175.HK) interim results press conference, Geely Holding Group CEO An Conghui stated that in the second half of the year, the company will continue to optimize its business and strategic configuration, improve system synergy efficiency, reduce unnecessary internal transactions and construction, and close down or merge redundant companies and projects. Simultaneously, it will promote the integration of more valuable projects, both established and under development, into the Geely Automobile Group.Honda Motor Co., Ltd. (HMC.N): Will resume automobile production at its Saitama, Suzuka and Yokkaichi plants starting August 20.ArcelorMittal SA: Major energy production facilities were damaged.ArcelorMittal SA: The companys factories were operating normally at the time of the attack.

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

EUR:USD.png

 

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.


Suggestion