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On August 3rd, the China Automobile Dealers Association (CADA) released its latest "Automobile Dealer Inventory Warning Index Survey," showing that the inventory warning index for July 2026 was 61.1%, a year-on-year increase of 3.9 percentage points and a month-on-month increase of 3.9 percentage points. The index remains above the boom-bust line. Dealers expect the car market to continue its weak off-season performance in August. High temperatures and sweltering heat in most parts of the country are suppressing offline customer traffic, and consumer hesitancy is not expected to improve significantly. However, the concentrated release of pent-up demand during the graduation and back-to-school season will have a certain stimulating effect on market demand, and sales are expected to be better than in July.On August 3rd, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.4550%, and the lowest was 0.7350%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0090%, and the lowest was 0.9130%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0130%, and the lowest was 0.9030%.According to Futures News on August 3, as of 09:30 Beijing time, WTI crude oil futures fell 7.37%, while US natural gas futures rose 0.76%.On Monday, August 3, the Hong Kong Hang Seng Index opened 102.88 points higher, or 0.4%, at 25,987.31; the Hang Seng Tech Index opened 32.7 points higher, or 0.68%, at 4,861.92; the H-share Index opened 46.97 points higher, or 0.55%, at 8,659.12; and the Red Chip Index opened 3.68 points higher, or 0.09%, at 4,196.8.The Peoples Bank of China (PBOC) conducted 63 billion yuan of 7-day reverse repurchase operations today, with both the bid and winning bids amounting to 63 billion yuan. The interest rate for the operation was 1.40%.

Despite the US Dollar's decline, EUR/USD bulls surge

Daniel Rogers

Dec 06, 2022 15:05

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The US Dollar's decline has caused the EUR/USD to reach the apex of the bull cycle, which started at the end of September. The Euro has climbed from 1.0489 to 1.0507 thus far on Tuesday, up 0.12%.

 

However, since the start of the week, the US Dollar has been the main driver, and today's bid reflects little of what happened to risk appetite on Monday. Due to the unexpected expansion in the US services sector in November, many predict that the Federal Reserve will increase interest rates by a larger amount than previously predicted.

 

Following a recovery from the 104.11 bearish cycle lows in November, the DXY index, which measures the US Dollar against the US dollar, has retreated to the 105 area. As a result, the Euro declined at the start of the US session for the week as a result of a flight to safety following a decline in market optimism regarding a potential easing of COVID restrictions in China.

 

Investors' appetite for risk has increased as a result of several Chinese localities easing their COVID restrictions in what appears to be a shift toward gradual reopening as the nation approaches its fourth year of the pandemic. However, despite the partial relaxation, there are still many restrictions in place, and in some parts of the nation, new lockdowns and travel restrictions are still being enforced.


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