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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."

As the BOJ advocates a dovish approach, AUD/JPY is receiving buying activity near 90.50

Daniel Rogers

Dec 29, 2022 11:50

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In the early Asian session, the AUD/JPY pair is anticipating a respite in the corrective move to about 90.50. Previously, the risk barometer sank progressively after failing to continue its advance past the crucial resistance level of 91.00. As the continuing of the Bank of Japan's (BOJ) supportive stance has caused volatility in the Japanese yen, it is anticipated that the cross would experience a recovery move.

 

Meanwhile, the AUD/USD is exhibiting symptoms of abandoning its downward momentum, and the AUD/JPY is expected to follow suit.

 

As numerous nations enforce Covid safety restrictions on Chinese travelers, the Australian Dollar is expected to suffer complex price changes. After the lifting of lockdown restrictions and rapid reopening of the economy, the incidence of covid infections in China has grown dramatically. Health officials in the United States indicated that travelers from China will be forced to undergo COVID-19 testing.

 

The Chinese economy has already abandoned traveler quarantine laws. The hospital staff considers the current period as the busiest they have ever witnessed, citing the sharp spike in Covid-19 cases. The goal of the economy's reopening was to eliminate supply chain interruptions; yet, it appears that the economy's quick recovery has increased supply chain bottlenecks.

 

As reported by Reuters, on the Tokyo front the BOJ reiterated that the broadening of the yield band was meant to resolve market inefficiencies in 10-year Japanese Government Bonds (JGBs) and is not a prelude toward an exit from ultra-accommodative policy. This may result in greater yen depreciation in the future.