EUR/USD 1.16191
-0.048%
Gold 4528.59
-0.331%
Oil 98.174
-0.092%
USD/JPY 158.965
0.028%
GBP/USD 1.34274
-0.055%
GBP/JPY 213.455
-0.023%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
May 21 – Despite a sharp rise in Australias unemployment rate in April, the job market remains relatively tight. Ernst & Young Chief Economist Cheryl Murphy stated that the 5.8% underemployment rate is well below pre-pandemic levels, while labor demand appears to remain high, with businesses continuing to report difficulties finding suitable workers. Murphy added that the Reserve Bank of Australia (RBA) recently warned of the risk of rapid price increases due to rising petrol prices. She indicated that the RBA may need to further tighten monetary policy.On May 21st, Goldman Sachs released a research report stating that Baidus (09888.HK) first-quarter results this year showed accelerated growth in cloud revenue, especially GPU-based cloud services. The bank expects Baidus AI-driven business to grow by over 30% year-on-year, primarily benefiting from the robust growth of its AI cloud infrastructure (over 50% year-on-year). The bank anticipates that by the end of 2026, the contribution of AI-driven business will surpass that of traditional/other businesses. Management revealed at an analyst conference that Baidu aims to outpace the market and major peers in cloud business growth in the coming quarters. The company observed that token usage is shifting from training to inference, which will help Baidu Cloud expand its customer reach. The report quoted management as saying that the Wenxin Yiyan model is currently lagging behind, and future R&D will focus on revitalizing model capabilities, prioritizing the development of Wenxin Yiyan to drive MaaS (Model as a Service) revenue. Goldman Sachs expects a mid-term gross margin target of 35% to 40% for the GPU cloud business, while the gross margin for traditional CPU and memory services will be 25% to 30%. Management aims to reduce the holding company discount by having AI-driven businesses account for more than 50% of total revenue and by rapidly growing core cloud/chip revenue.May 21 – The 2026 APEC Trade Ministers Meeting will be held in Suzhou, attracting approximately 700 representatives from 21 APEC economies and international organizations. A global investment promotion conference is also being held concurrently, attracting business representatives from over 30 countries and regions, with US-based companies making up the largest number of attendees. Suzhou hopes to leverage this event to promote international trade and economic cooperation. Data shows that foreign investment in Chinas high-tech industries increased by 30.7% year-on-year in the first quarter of this year, while R&D and design services grew by 127.8%. Foreign companies are accelerating their expansion in the Chinese market, particularly in the new energy and medical fields, increasing investment and R&D, and driving global trade and economic development.Analysts point out that Saudi Arabia has been forced to shut down some oil fields due to disruptions in oil exports caused by the war with Iran, which has led to a disruption in natural gas supply. It is expected that Saudi Arabia will burn more imported fuel oil for power generation this summer.According to Nikkei, the Arafura rare earth project in Australia will begin construction in September.

EUR/USD Is Anticipated To Fall Below 1.0950 Due To Market Optimism Regarding US Economic Prospects

Daniel Rogers

Apr 20, 2023 13:54

 EUR:USD.png

 

The EUR/USD pair is expected to decline drastically below the near-term support level of 1.0950 during the Asian session. The major currency pair is attracting bids as the US Dollar Index (DXY) has shown a recovery move and surpassed the 102.00 level of resistance.

 

S&P500 futures have extended their losses during the Asian session in anticipation of the Federal Reserve's (Fed) decision to raise interest rates, which could undermine revenue guidance.

 

According to the Federal Reserve's (Fed) Beige Book minutes, economic activity is stable in the majority of districts. However, loans and advances to businesses and consumers have decreased due to stringent credit conditions imposed by commercial banks in the United States in order to prevent uncertainty in an unstable environment.

 

In the interim, Fed policymakers remain optimistic regarding the economic prognosis due to the labor market's tightness. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data. A Fed official added that the demand for labor has not yet diminished and that a robust labor market results in robust consumer spending.

 

Citi Group forecasts a fourth-quarter recession in the US economy due to the constrained US labor market. Previously, it was anticipated that the United States would enter a recession during the third quarter of 2023.

 

Investors are anticipating the release of Eurozone Consumer Confidence data. Preliminary Consumer Confidence (April) data is anticipated to improve from -19.2 to -18.5. This may be the result of persistently declining inflation in the Eurozone, which reduces the burden on households.


Suggestion