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Hong Kong-listed electronic parts stocks fluctuated and retreated, with Q Technology (01478.HK) falling more than 4.5%, AAC Technologies (02018.HK) falling more than 3.5%, and Sunny Optical Technology (02382.HK) falling more than 3%.Hong Kong-listed tourism stocks fluctuated upward, with Ctrip Group (09961.HK) rising nearly 4%, Tongcheng Travel (00780.HK) rising more than 2.5%, and Guangdong Transport (03399.HK) following suit.The Swiss franc rose to 0.8958 against the dollar, a two-month high.Futures, February 24, according to market news, last Friday night, the Trump administration of the United States is pressuring Iraq to allow Kurdish oil exports to resume, otherwise it will face sanctions together with Iran. Oil prices have fallen back significantly. Iraqs Deputy Minister of Oil said on Sunday that once oil transportation resumes, Iraq will export 185,000 barrels per day from oil fields in the Kurdish region through the Iraq-Turkey pipeline, and gradually increase to 400,000 barrels per day. All procedures for resuming pipeline exports have been completed, which may resolve a dispute that has disrupted the flow of crude oil for nearly two years. However, resuming pipeline transportation may put Iraq in a dilemma. On the one hand, it has to cut production, and on the other hand, Trump called on OPEC+ to lower oil prices. In addition, the President of Ukraine said that he is willing to resign as president if it can bring peace, and pay attention to the acceleration of the Russian-Ukrainian negotiations. In the short term, oil prices are still volatile, and the focus is on the supply side.Hong Kong stocks Hang Seng Index and Hang Seng Tech Index both turned positive, after the Hang Seng Tech Index had previously fallen rapidly by more than 1%.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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