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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

AUD/USD surpasses 0.7180 on bullish Chinese trade statistics

Daniel Rogers

Jun 09, 2022 11:24

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The AUD/USD pair has attempted to surpass 0.7180 as China's National Bureau of Statistics released year-to-date trade figures that exceeded expectations (YTD). Imports have increased by 4.1% in dollar terms, while exports have increased by 16.9%. The U.S. Trade Balance came in at $78.76B, far higher than the forecast of $58B and the previous reading of $51.12B. Notably, Australia is China's most important trading partner, and Chinese trade statistics has a huge influence on the antipodes.

 

Australian bulls are underperforming versus the dollar despite the Reserve Bank of Australia's announcement of a massive rate rise (RBA). The Reserve Bank of Australia increased its Official Cash Rate (OCR) by 50 basis points (bps). The market consensus anticipated a 25 basis point rate increase.

 

The estimate of a 25 basis point rate rise was based on increasing inflation and a sluggish labor market. Last week, the Australian economy announced an Employment Change of 4k, indicating that the economy created 4k jobs in May, which was much less than the expected 30k.

 

Due to the lack of liquidity in the economy, more quantitative tightening measures diminish job chances. Therefore, a rate increase of a quarter to one percent was preferable. Now, severe quantitative restraints may lead to inefficiencies in the employment creation process.

 

The US dollar index (DXY) is battling to hold above 102.60. As investors anticipate the announcement of US inflation data on Friday, the odds favor an increase in the DXY's value. The preliminary estimate for the annual inflation rate is 8.3 percent, while the core Consumer Price Index (CPI) is anticipated to be 5.9 percent, down from 6.2 percent in the previous reading.