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Kazuo Ueda, Governor of the Bank of Japan: Depending on the scale of the US tariff increase, this could have a significant impact on trade activities of various countries.The Hang Seng Index in Hong Kong opened on April 2 (Wednesday) down 39.53 points, or 0.17%, to 23,167.31 points; the Hang Seng Technology Index opened on April 2 (Wednesday) down 8.68 points, or 0.16%, to 5,398.7 points; the CSI 300 Index opened on April 2 (Wednesday) down 21.3 points, or 0.25%, to 8,516.04 points; the H-share Index opened on April 2 (Wednesday) down 2.77 points, or 0.07%, to 3,829.16 points.Market news: Rapidus president said that the initial goal of Rapidus semiconductor manufacturing yield is to increase to 50%, and eventually to 80~90%.Hang Seng Index futures opened down 0.23% at 23,206 points, 8 points below the spot price.April 2nd news, US President Trumps so-called "Liberation Day" is likely to be just one of many steps in the ongoing trade war. Ethan Harris, former head of economic research at Bank of America, said that the United States is unlikely to make the policy clarity that investors, businesses and households desire. Harris said that even if the trade war ends, the US economy will still be weakened by policies in other areas, such as cutting government spending and employment. He said that one way to judge who is hurting whom in global trade is to look at the complaints submitted to the World Trade Organization. He pointed out that the United States receives more complaints than it issues. The United States is the plaintiff in 135 cases and the defendant in 168 cases. Harris added that this is another reason why many countries will retaliate against US tariffs.

At 1.2100, Bulls in the GBP/USD Market Are Challenging Bear Commitments

Alina Haynes

Mar 13, 2023 11:48

 GBP:USD.png

 

GBP / USD is 0.33 percent higher after the pair rose from a low of 1.2063 to a high of 1.2103, its largest gain since January 6 as the US Dollar largely weakens following Friday's US employment report.

 

The markets have reduced their bets that the Federal Reserve will raise interest rates as aggressively despite the rise in the unemployment rate and signs of wage inflation moderating. The United States added 311,000 positions in February and the unemployment rate increased to 3.6%. Reuters polled economists, who predicted that the United States would have added 205,000 jobs last month and that the unemployment rate would remain unchanged at 3.4%. After gaining 0.3% in January, average hourly earnings increased 0.2% in February, which was less than the 0.3% increase anticipated.

 

In addition, the United Kingdom's economy grew faster than expected in January, easing concerns about a recession. Following a 0.5% decline in December, the Office for National Statistics (ONS) reported that the British economy grew 0.3% month-over-month in January. A survey of economists conducted by Reuters indicated growth of 0.1%.

 

The bankruptcy of SVB Financial Group is the largest bank failure since the financial crisis. However, the Biden administration guaranteed on Sunday that all Silicon Valley Bank customers will have access to their funds on Monday. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and FDIC Chairman Martin J. Gruenberg announced in a joint statement on Sunday that the FDIC will compensate SVB and Signature's customers in full.

 

The imminent schedule is jam-packed with US consumer Price Index and UK labor market data. As official data continues to catch up to high-frequency indicators, analysts at TD Securities anticipate that the labor market will deteriorate in January, with the unemployment rate increasing and wage growth diminishing. Following last month's upside surprise, the Bank of England will be particularly pleased to see wage growth slow. The release of the US CPI later in the day may result in a muted market reaction, barring a significant surprise.

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