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On May 9, the Zug Cantonal Court of Switzerland said in a statement that on May 9, 2025, the Zug Cantonal Court of Switzerland approved the settlement agreement signed by Nord Stream 2 AG, the operator of the Nord Stream 2 natural gas pipeline, and its creditors on April 30, 2025. The statement said they could appeal the decision on the settlement agreement. Since the decision of May 9, 2025 has not yet come into effect, the state court did not provide any additional information on the suspension of the restructuring of the debt of Nord Stream 2 AG. The Nord Stream 2 offshore natural gas pipeline can transport 55 billion cubic meters of natural gas per year, but the German authorities previously stopped the certification process for the natural gas pipeline, and the United States included the Nord Stream 2 project company on the sanctions list. One of the pipelines was damaged in a strong explosion in 2022. In early 2025, the Danish Energy Agency approved the Swiss subsidiary of Gazprom, Nord Stream 2 AG, to maintain the natural gas pipeline.On May 9, Hongmeng Intelligent Driving released its April Intelligent Driving Assistance Report. The report shows that Hongmeng Intelligent Drivings total mileage in April exceeded 264 million kilometers, the user activity rate reached 88.62%, the average intelligent driving assistance mileage per user reached 561.65 kilometers, and a total of 16.254 million times of intelligent assisted parking were used.Bank of England Governor Andrew Bailey said on May 9 that the trade deal reached between the United States and the United Kingdom on Thursday was a good thing, but tariffs on most British exports to the United States are still higher than they were before last month. "In a world where actual tax rates will be higher than before all this started, this is good news," he said during a question-and-answer session at an economic conference in Reykjavik. Bailey also reiterated that the British economy is highly affected by the global economy and depends largely on the agreements reached by other countries with the United States. Baileys remarks were similar to his remarks at a press conference yesterday, when a deal seemed to be about to be reached but the details had not yet been announced.European Commission President Ursula von der Leyen: Before the summer, we expect a major boost to the capital markets.Sources: In trade negotiations, India has asked the United States to waive all current and future tariffs. India has proposed to reduce the tariff gap with the United States from nearly 13% to less than 4% under a potential trade deal.

Focus on US inflation as US Dollar Index fights to hold around 20-year high of over 108.00

Alina Haynes

Jul 13, 2022 10:54

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The US Dollar Index (DXY), which oscillates close to the greatest levels in two decades, which were attained the day before, illustrates the market's nervousness prior to substantial US inflation data. As a result, the dollar index versus the six most important currencies regains recent losses and defends the 108.00 level, remaining at 108.16 during Wednesday's Asian session.

 

The White House (WH) statement and subpar US data contributed to the DXY's decline from the previous day's multi-year high. In a memo, the White House said that "US economic statistics, notably the June jobs report, are inconsistent with a recession in the first or second quarters," according to Reuters on Tuesday. The news helped the market book profits ahead of crucial data and events.

 

Additionally, in June, the US NFIB Business Optimism Index registered 89.5 vs. 93.1, its lowest reading since early 2013.

 

It should be noted, though, that the most recent economic projections from the International Monetary Fund (IMF) seem to have reignited market concerns and increased demand for the US dollar. The IMF lowers its US GDP growth prediction for 2022 from 2.9 percent in late June to 2.3 percent as a result of fresh US data. The issues of growing inflation and the significant Federal Reserve interest rate increases necessary to control prices were highlighted by the Fund's inclusion of the new estimates in the entirety of its annual assessment of the U.S. economy, according to Reuters.

 

Concerns about a viral variant spreading to Shanghai and causing a lockdown in Wugang, Henan Province, came from China at the same time.

 

The main obstacle to the DXY's movements is probably the market's anxiety ahead of the critical US CPI for June, which is expected to increase to 8.8 percent YoY from 8.6 percent YoY. Prior to the announcement of the inflation data, Thomas Barkin, president of the Federal Reserve Bank of Richmond, said, "There is a road to lower inflation, but a recession is possible."

 

Despite the brief recovery, Wall Street benchmarks ended in the red as 10-year US Treasury rates fell for the second day in a row, to about 2.97 percent. Additionally, Wednesday's opening of the S&P 500 Futures shows minor increases.

 

Future DXY traders will need access to US inflation data, but they may also find fun in news from China and speculations surrounding Russia. DXY may experience more increases if the US CPI shows a favorable surprise.


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