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Chart: Precious metals market data for Industrial and Commercial Bank of China accounts on Monday, April 27, 2026.On April 27th, the Ministry of Culture and Tourism held a media promotion conference in Beijing for the 2026 National May Day Cultural and Tourism Consumption Week, officially launching the nationwide event. The conference announced plans to organize various regions to launch a series of affordable products, engaging activities, convenient services, and preferential measures for the May Day holiday, aiming to meet the travel and cultural tourism consumption needs of residents and tourists. It is understood that the May Day Cultural and Tourism Consumption Week will run from the end of April until the end of the May Day holiday. The Ministry of Culture and Tourism, in collaboration with relevant enterprises and institutions, will launch a series of diverse and beneficial cultural and tourism measures during the consumption week.On April 27th, Vishnu Varathan of Mizuho Securities stated that the Bank of Japan (BOJ) is expected to hold its policy steady this week, as the oil price shock triggered by the Middle East war could both damage demand and further exacerbate existing inflation risks. The BOJ is facing a dilemma, as it remains unclear which risk will prevail and what corresponding countermeasures should be taken. High inflation levels prior to the Middle East crisis and the sharp depreciation pressure on the yen limit the BOJs ability to ease policy prematurely to offset potential growth shocks. At the same time, the BOJ cannot raise interest rates too quickly or too drastically, as this could undermine the prospects for sustainable and healthy reflation.April 27 – According to the Wall Street Journal, sources familiar with the matter said a group of U.S. low-cost carriers, including Frontier and Avelo, are seeking $2.5 billion in government aid in exchange for warrants convertible into company equity. The $2.5 billion figure is based on the assumption that jet fuel prices will average above $4 per gallon for the remainder of the year. The low-cost carriers were encouraged by President Trumps remarks in the Oval Office last Thursday, in which he stated he liked "having many airlines, thats more competitive." This request comes as the government is also separately considering providing support to Spirit Airlines to help it avoid liquidation. Previous reports indicated that Spirit Airlines was negotiating a loan of up to $500 million in exchange for warrants that could give the U.S. government a significant stake in the low-cost carrier.April 27 - According to data from the National Bureau of Statistics, from January to March, the mining industry achieved a total profit of 256.33 billion yuan, a year-on-year increase of 16.2%; the manufacturing industry achieved a total profit of 1,238.43 billion yuan, an increase of 19.1%; and the electricity, heat, gas and water production and supply industry achieved a total profit of 201.28 billion yuan, a decrease of 3.2%.

EUR/USD Struggles Below 1.0700 As US Data Fuel Hawkish Fed Predictions, Lagarde of the ECB Supports Higher Interest Rates

Daniel Rogers

Feb 16, 2023 14:51

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The EUR/USD pair approaches 1.0690 but struggles to prolong the recovery from late Wednesday to early Thursday. Notwithstanding, the major currency pair dropped the most in a week as US data bolstered Fed bets and pushed US Treasury bond yields and the US Dollar to multi-day highs. Christine Lagarde's recent hawkish comments on the European Central Bank (ECB) looked to have strengthened prices.

 

In spite of this, US 10-year Treasury bond yields surged to a fresh six-week high, and the US Dollar Index (DXY) also climbed to a 1.5-month high, as key US data suggested the Federal Reserve (Fed) may increase interest rates further.

 

As announced on Wednesday, January US Retail Sales growth increased to 3.0% from 1.8% expected and -1.0% earlier. In addition, Retail Sales excluding Automobiles grew by 2.3% during the same month, exceeding experts' projections of growth of 0.8%. Similarly, the New York Empire State Manufacturing Index for February increased to -5.8 from -18.0 and market forecasts of -32.9. Alternately, US Industrial Production reported 0.0% MoM figures for January, contrary to analysts' expectations of 0.5% and prior readings of -0.7%, but failed to quell hawkish attitude surrounding the Federal Reserve's (Fed) next move.

 

According to Reuters' FEDWATCH tool, market wagers on the Fed's next moves indicate that US central bank rates will peak around 5.25 percent in July, as opposed to the Federal Reserve's December prediction of 5.10 percent.

 

Lagarde of the ECB, on the other hand, stated that despite the fact that the majority of indicators of longer-term inflation expectations are currently hovering around 2%, these indices require constant monitoring. The policymaker stated, "Price pressures remain elevated, and underlying inflation is elevated," while signaling her intent to increase rates by 50 basis points at the March meeting.

 

Wall Street benchmarks concluded the trading day with small increases, but S&P 500 Futures are reluctant to follow suit.

 

In the near future, the ECB's monthly speech and several ECB speakers will complement the secondary US housing market, industrial activity, and producer pricing data to create an intriguing day.


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