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On May 30th, it was reported that on May 29th, Zhang Zhigang, Chairman and Party Secretary of the State Grid Corporation of China, and Zhang Wenfeng, General Manager and Deputy Party Secretary, held talks with Qian Chaoyang, Chairman and Party Secretary of China Southern Power Grid Co., Ltd., at the companys headquarters. Both sides stated that State Grid and China Southern Power Grid share common responsibilities in ensuring energy security, promoting energy transformation, building a strong energy nation, and serving the overall economic and social development. They agreed to focus on the 15th Five-Year Plan and further strengthen communication and deepen cooperation in areas such as technological innovation, policy recommendations, mechanism building, the electricity market, and industrial innovation to better promote high-quality development of the energy and power sector.May 30th - Data released today by the National Energy Administration shows that in April, my country issued 237 million green electricity certificates, of which 74.85% were tradable. In April, 71.1 million green certificates were traded nationwide, including 29.72 million green certificates traded for green electricity.On May 30th, it was reported that the U.S. 24th Marine Expeditionary Unit announced on the 29th that it had officially assumed command of the U.S. Southern Commands area of responsibility—specifically, the waters surrounding Latin America. According to the announcement, the unit has deployed over 1,300 Marines and sailors and has completed the handover from the previously deployed 22nd Marine Expeditionary Unit.On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.

EUR/USD Hovers around 1.0540s as Bears Take a Breather

Daniel Rogers

May 07, 2022 10:14

The EUR/USD pared some of Thursday's losses and is poised to end the week on a positive note, snapping four straight weeks of losses despite a risk-averse financial market climate. At 1.0552, the EUR/USD is up 0.13 percentage points.

 

US markets have extended their losses for a second day in a row, indicating that sentiment is still negative. Earlier in the North American session, the US Department of Labor released April's Nonfarm Payrolls report, which indicated that the US economy added 428K jobs, which was higher than the 390K jobs that analysts had predicted. Leisure, hospitality, manufacturing, transportation, and warehousing led job growth.

 

The Unemployment Rate stayed constant at 3.6%, while Average Hourly Earnings increased by 5.5% y/y, a decrease from the previous month's figure of 5.6%.

 

According to sources cited by Reuters, "nothing in today's employment report would modify the Fed's predicted course" and "current market sentiment does not place much confidence in the Fed's ability to get inflation under control without a recession."

 

Analysts at ING wrote in a note that "the unemployment rate remained unchanged at 3.6 percent instead of falling to 3.5 percent as anticipated, which in combination with a softer average hourly earnings figure of 0.3 percent month-on-month rather than the 0.4 percent consensus forecast (and slower than the 0.5 percent gain in March) may be interpreted as a signal of less inflationary pressures in the labor market."

 

The US Dollar Index, a measure of the greenback's value against a basket of six currencies, is currently up 0.11 percent, standing at 103.664, while the 10-year US Treasury yield has touched a yearly high of 3.131 percent.

Technical Price Forecast for EUR/USD

From a daily chart standpoint, the EUR/USD exchange rate remains bearish. Despite Friday's favorable price action for the shared currency, the major remains susceptible to additional selling pressure, despite the efforts of ECB members to bolster the EUR.

 

The EUR/USD is neutrally bullish on the 1-hour time frame chart in the near future. The 50-hour simple moving average (HSMA) moved above the 200-hour simple moving average (HSMA), a bullish indicator, although the EUR/USD remains range-bound due to the nearly horizontal slope.

 

First upwards resistance for the EUR/USD would be the April 2017 peak near 1.0569. Breaking above would reveal Friday's daily peak, just shy of 1.0600, followed by the R1 daily pivot at 1.0620. On the downside, the 200-HSMA at 1.0550 would be the initial support for the EUR/USD. A breach of the latter would expose the swing low from February 2017 at 1.0494, the S1 daily pivot at 1.0470, and then 1.0450.

 

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