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On October 16, local time, on October 15, the U.S. Senate again failed to advance the Republican temporary appropriations bill with a vote of 51 to 44. It is reported that 60 votes are needed to advance this bill that will provide funding for the government until the end of November.On October 16, according to AXIOS, Vought, director of the U.S. Office of Management and Budget, said on Wednesday that more than 10,000 federal workers could be laid off during the government shutdown. This is more than double the number of layoffs the White House said in court documents last week. In documents submitted to the court last week, the White House said it planned to lay off at least 4,100 federal workers. When asked about this, Vought said: "The number may be higher. I think we may end up with more than 10,000 (layoffs)."Intel (INTC.O) shares rose as much as 5% in late trading.According to a report in the Guardian on October 16th, British Chancellor of the Exchequer Reeves said that tax increases on the UKs wealthy will be part of next months budget, brushing off critics comments and reiterating her determination to repair the public finances. In an interview, Reeves said there will be "no return to austerity" and hinted at higher taxes on the wealthiest. Reeves is expected to announce a package of tax increases on November 26th in response to a downward revision of future growth forecasts by the independent forecaster, the Office for Budget Responsibility (OBR).Hang Seng Index futures closed down 0.19% at 25,848 points in the night session, 63 points below the spot price.

Bulls in EUR / USD Have Taken Out Significant Lows, Dropping Below 1.0570 So Far

Alina Haynes

Mar 01, 2023 11:51

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On Tuesday, the EUR / USD exchange rate hit a bottom of 1.0573, but that was not the only development. Early in the day, higher-than-expected French inflation figures drew investors to the Euro, driving short-term euro zone yields to their greatest levels in at least a decade. Then, at the start of the US trading session, the pair increased to 1.0645 as US data showed that, in contrast to several prior inflationary results, the Fed's rate rises were starting to have the intended impact.

 

According to ANZ Bank analysts, "Base effects from Russia's invasion of Ukraine last year should start to push annual inflation down from March, but the ECB will be mainly worried with consecutive monthly inflation rises." Inflation statistics for Germany and the euro zone will be released soon, giving the Governing Council meeting in March a more comprehensive inflation picture.

 

Unexpectedly, the US Consumer Sentiment dropped in February, dropping from 106 in January to 102.9, far below the anticipated 108.5. The US Dollar suffered as a result. In addition, the Chicago PMI business poll for February came in lower than expected, and the S&P CoreLogic Case Shiller national house price index rose only 5.8% year over year and dropped 0.5% in December.

 

Expectations regarding the Fed's interest rate policy will be heavily influenced by the US Nonfarm Payrolls employment statistics for February, which will be published on March 10, and the Consumer Price Index, which will be released on March 14. The ISM manufacturing PMI will likely continue to represent the sector's fragility in February (market expectation: 45.5), according to analysts at Westpac, and the final assessment of the S&P Global manufacturing PMI will probably support this as well. "Weaker demand is expected to keep construction spending down in January (market consensus: 0.2%);" Neel Kashkari, president of the Minneapolis Federal Reserve, will also speak.