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On October 22, Laopu Gold (06181.HK) announced on the Hong Kong Stock Exchange that on October 21, 2025 (after the trading hours of the Hong Kong Stock Exchange), the company entered into a placing agreement with the placing agent, pursuant to which the placing agent has conditionally and separately agreed to act as the agent of the Company to use its best efforts to induce a total of not less than six placees to purchase 3,711,800 new H shares in accordance with the terms and subject to the conditions contained in the placing agreement. The placing price is HK$732.49 per H share (a discount of 4.5% to the latest closing price).On October 22, bond traders were preparing for further declines in U.S. Treasury yields, even though the 30-year bond yield fell to a six-month low on Tuesday. Data showed that the cost of option bets to protect against a sharp drop in yields was rising rapidly. With the U.S. government shutdown about to become the second longest in history, coupled with renewed concerns about the credit market and escalating trade tensions, traders are pouring into high-quality safe-haven assets. The rise in the U.S. Treasury market is pushing the entire yield curve lower. Citi strategist David Bieber wrote: "In terms of positioning, the tactical deployment is clear - go long on everything, and the market is quickly chasing the appreciation of U.S. bonds."Kyiv Mayor: Russia launched an airstrike on Kyiv and Ukrainian air defense forces are operating.Vales nickel production in the third quarter was 46,800 tons, and its nickel sales in the third quarter were 42,900 tons.Vales iron ore production in the third quarter was 94.4 million tons, while the market expected 91.23 million tons.

EUR / USD Investors Challenge 1.0600 As Mixed US Data Tests Fed Conservatives, US NFP, and ECB's Lagarde

Daniel Rogers

Mar 10, 2023 11:31

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EUR / USD gains bids to extend the midweek rebound from a two-month low, rising 0.16 percent intraday near 1.0600 on Friday morning. In doing so, the Euro-Dollar pair celebrates the broad weakness in the US Dollar ahead of the important US employment report for February and Christine Lagarde's speech as president of the European Central Bank (ECB).

 

The major currency pair reversed a two-day losing trend due to mixed US data and a decline in US Treasury bond yields the day before. Hawkish ECB remarks and the market's positioning for today's crucial US data bolstered the run-up. However, inflation worries and geopolitical tension present challenges for EUR / USD buyers.

 

Despite this, US Initial Jobless Claims increased to 211K for the week ending March 3, compared to the predicted 195K and the previous week's 190K. In addition, there was a decline in Challenger Job Cancellations and an increase in Continuing Jobless Claims. Consequently, early indications for Friday's Nonfarm Payrolls (NFP) appear mixed and challenge the market's push for a 0.50 percentage point Fed rate hike in March, which is supported by Federal Reserve Chairman Jerome Powell's most recent signals.

 

Despite contradictory data, inflation worries continue to favor Fed conservatives, especially after Chairman Jerome Powell defends the stricter monetary policy, which restrains Euro prices. It should be noted that the most recent report from the New York Fed noted that recent upward revisions to inflation data and higher-than-anticipated levels of inflation had altered what had previously appeared to be a decline in price pressures.

 

Francois Villeroy de Galhau, an ECB policymaker, stated on Thursday that they will return inflation to 2% by the end of 2024 or 2025.

 

In addition to the aforementioned catalysts, geopolitical concerns emanating from US President Joseph Biden's proposed budget for 2024 and the US's partnership with the UK and Australia for nuclear submarines should challenge EUR / USD buyers.

 

In this context, US 10-year and 2-year Treasury bond yields extend yesterday's losses to 3.88% as of press time, dragging on the US Dollar Index (DXY), which is presently down 0.10 percent to 105.12. Despite this, Wall Street benchmarks closed with daily losses exceeding 1.5%, causing S&P 500 Futures to post modest losses as of press time.

 

According to market predictions, the employment report for February in the United States is expected to reveal a general softening. The same contrasts with the Fed's hawkish inclination to emphasize the likelihood of a significant market move in favor of the US Dollar in the event of a positive surprise. However, Lagarde of the ECB must confirm this.

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