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The UK Rightmove average house asking price index rose 1.3% year-on-year in April, compared with 1% in the previous month.The UK Rightmove average house asking price index rose by 1.4% month-on-month in April, compared with 1.1% in the previous month.On April 14, local time on April 13, the National Transportation Safety Board (NTSB) held a press conference on the latest media release regarding the helicopter crash in the Hudson River in New York City on the 10th, informing about the progress of the investigation. The NTSB said they had obtained a video of the helicopter crash, which showed that the helicopter was intact before the crash and then crashed at high speed. In addition, the pilot reported a go-around before the crash, and ground personnel tried to contact the pilot three times before the crash, but no one responded, and the pilot did not send a distress signal. The NTSB said that investigators will stay at the crash site for at least a week, and the agency will release a preliminary investigation report within the next 30 days, and will release a complete investigation report within 12 to 24 months.U.S. stock index futures retreated, with Nasdaq futures narrowing to 0.8% and S&P 500 futures narrowing to 0.5%.On April 14, the reporter noticed that there are 14 gold ETFs in the current market with performance exceeding 22% since the beginning of the year, and the share of many ETFs has increased by more than 100% since the beginning of the year. There are also many products with high premiums due to investors chasing high prices. Many fund companies have therefore urgently reminded of trading risks. The momentum of funds flowing into gold ETFs is still very strong. The total estimated scale of the above 14 gold ETFs is 121.603 billion yuan, which has shown a significant increase compared with the beginning of the year. There are 4 gold ETFs with a scale of 10 billion yuan, among which Huaan Gold ETF ranks first with 49.456 billion yuan, accounting for almost half of the entire market. Some industry insiders reminded that the high premium phenomenon is mainly caused by short-term speculative funds. If the market sentiment reverses, the selling of arbitrage funds may trigger a sharp price correction.

As China PMIs decrease, the Fed moves, and US NFP is predicted, USD/CNH surpasses 7.2800

Alina Haynes

Oct 31, 2022 16:37

截屏2022-10-31 上午11.11.46.png 

 

As China's monthly activity data disappoints offshore Chinese yuan (CNH) investors, the USD/CNH continues to draw buyers for a third consecutive day on Monday, advancing 0.23 percent intraday to 7.2850 as of press time. Concerns regarding covid difficulties in the dragon kingdom and apprehensions regarding a hawkish move by the Federal Reserve also encourage buyers to remain positive.

 

As a result, China's official NBS Manufacturing PMI for October dropped to 49.2, compared to the expected 50.0 and the previous 50.1. In addition, the Non-Manufacturing PMI fell to 48.7, below market estimates of 51.9 and previous readings of 50.6. Following the publication of the data, Reuters produced an article "In October, China's factory activity unexpectedly dropped, according to a survey released by the government on Monday. Global demand decline and strict COVID-19 regulations impeded manufacturing."

 

Due to the US dollar's status as a safe haven, the shutdown of a casino resort in Macau and Russian concerns also add to the USD/appreciation. Russia, which invaded Ukraine on February 24, halted its participation in the Black Sea agreement for a "indefinite period" on Saturday because it could not "guarantee the protection of civilian ships" traveling under the treaty after its Black Sea naval was attacked.

 

The fact that US Treasury yields are directionless after a bad economic report is notable, as is the fact that US stocks futures are seeing modest losses as the Dow Jones prepares for its highest monthly gain since 1976. In addition, the US Dollar Index (DXY) demonstrates a three-day increase near 110.80, with an intraday increase of 0.1% as of press time.

 

In conclusion, the USD/CNH bulls may maintain control because China's fundamentals are weaker than those of the United States. Concerns that the Fed may suggest slowing the pace of rate hikes beginning in December have recently appeared to test buyers of currency pairs.


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