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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."

GBPUSD bulls surpass 1.18 despite conflicting UK employment data

Daniel Rogers

Nov 15, 2022 16:55

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GBPUSD buyers surpass 1.1800 to resume intraday highs near 1.1810 amid mixed data from the United Kingdom's most recent employment report, which was released early Tuesday morning in London. The Cable pair may have done so in response to the US Dollar's sluggish movement and Britain's geopolitical woes.

 

The Claimant Count Change for the United Kingdom increased to 3,300 against estimates of -12.6K and previous readings of 25.5K, while the Unemployment Rate soared to 3.6%, above market expectations and prior readings of 3.5%.

 

The Times reports that rumors that UK Prime Minister Rishi Sunak will propose a plan to increase the national living wage and provide cost-of-living payments of up to 1,100 pounds ($1,292.61) to eight million households also benefit GBPUSD buyers. According to the report, "Chancellor of the Exchequer Jeremy Hunt and Sunak will accept an official recommendation to increase the living wage from £9.50 per hour to about £10.40 per hour, a roughly 10% rise."

 

Aside from this, recent Fed policymaker pronouncements appear to have boosted expectations for fewer rate hikes by the US Federal Reserve (Fed), which has also bolstered GBPUSD bulls. Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, Michael Barr, remarked that the rate of inflation is overly high. Vice-Chair Lael Brainard previously backed a 50 basis point (bps) rate rise, but she conceded, "We have additional work to do." Christopher Waller, governor of the Federal Reserve, called for a 0.50 percentage point rate hike on Monday and cautioned against the market's interpretation of the pivot.

 

At press time, S&P 500 Futures report intraday gains of 0.50% near the monthly high, as US 10-year Treasury rates grind higher around 3.87%, threatening the US Dollar Index's (DXY) recovery near 107.00.

 

Prior to the US Producer Price Index (PPI) for October, which is expected to be 8.3% YoY versus 8.5% before, GBPUSD traders should focus on the aforementioned risk catalysts for clear direction. Positive results are anticipated for the UK Consumer Price Index (CPI) for October and the British Autumn Statement on Wednesday and Thursday, respectively.


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