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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."

EUR/USD Forex Technical Analysis: Sellers Aiming for 1.0571 - 1.0519

Daniel Rogers

Jun 02, 2022 16:20

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EUR/USD

The Euro remains practically unchanged versus the U.S. Dollar at the start of Thursday's trading day, after falling to its lowest level since May 23 in the previous session. As rising Treasury rates and global inflation concerns boost the U.S. dollar, the single currency moves farther away from a monthly peak established on 30 May.

 

At 04:29 GMT, the EUR/USD exchange rate is 1.0654, up 0.0002, or +0.02%. Wednesday's closing price for the Invesco CurrencyShares Euro Trust ETF (FXE) was $98.61, a decrease of $0.74 or 0.74 percent.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if required, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts provide spreads beginning at 0 pips and commissions of $3.50 every 100k transacted. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any nation or jurisdiction where distribution or use would violate local law or regulation.

Euro Region PMI Slows

In Euro Zone economic news, manufacturing growth in the area slowed last month as manufacturers faced supply shortages, high pricing, and a decline in demand, according to a study indicating that consumers shifted spending to tourism and recreation. In May, Euro Zone inflation reached an all-time high of 8.1%, according to a survey released earlier this week.

 

Chris Williamson, chief business economist at S&P Global, stated, "Euro area manufacturers continue to struggle against the headwinds of supply shortages, increasing inflationary pressures, and decreasing demand amid rising economic uncertainty."

Economic Weakness and Rising Inflation Pose a Major Problem for the ECB

The price movement implies that investors are concerned about inflation and slowing GDP, which might provide challenges for the European Central Bank (ECB) and its intentions to begin raising interest rates in July.

 

The ECB must boost interest rates in order to curb inflation. In addition, the measure might hinder the already declining economic expansion. If the ECB exerts excessive pressure, the Euro Zone economy might collapse excessively and too quickly, leading to a recession. This would make the Euro weaker.