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The Peoples Bank of China (PBOC) announced today that it conducted a 7-day reverse repurchase operation of 500 million yuan, with a bid amount of 500 million yuan and a winning bid amount of 500 million yuan. The operation rate was 1.40%, unchanged from the previous rate.On May 8th, it was learned from the Ministry of Finance that the Ministry recently allocated 45.8 billion yuan in funding for 2026 to support the development of preschool education, an increase of 12.56 billion yuan, or 38%, compared to the previous year. The funds will primarily support local governments in consolidating and implementing the policy of waiving preschool tuition and childcare fees; addressing shortcomings in inclusive resources; improving the quality of care and education; and strengthening the financial aid system for children from economically disadvantaged families. Next, the Ministry of Finance, in conjunction with the Ministry of Education, will guide local governments to fully leverage the role of provincial-level coordination, rationally allocate central government subsidies and local government-borne subsidies for waiving tuition and childcare fees, and ensure the normal operation of kindergartens. Simultaneously, it will further promote the expansion and improvement of preschool education, accelerate the addressing of weaknesses and shortcomings, and steadily improve the overall quality of kindergartens.On May 8th, US President Trump stated that there was no need to restrict US oil or jet fuel exports. "We dont need them," Trump told reporters in Washington on Thursday. "And we have plenty of oil." The blockage of the crucial Strait of Hormuz has led to a significant increase in US energy exports, making the US the worlds largest crude oil exporter, surpassing Saudi Arabia. However, experts have consistently warned that the US supply buffer is nearing its limit, and it remains unclear how long exports at this level can be sustained. Trump, however, disregarded these warnings and praised the surge in exports. He said, "Ships are turning back from their usual routes to the Strait of Hormuz," adding, "Hundreds of ships are heading to Texas, Louisiana, and Alaska, loading up and returning, making a fortune."On May 8th, the Ministry of Industry and Information Technology (MIIT) announced that, to further promote the research, development, and industrialization of 6G technology in my country, it has granted a license to the IMT-2030 (6G) Promotion Group to use 6G trial frequencies in the 6GHz band. This license supports 6G technology trials in select regions, enabling the group to conduct research and development and testing based on typical 6G scenarios and key performance indicators defined by the International Telecommunication Union (ITU). This approval of 6G trial frequencies will strongly promote the high-quality development of 6G in my country.As of 8:30 AM Beijing time, spot platinum was down 0.18% and spot palladium was down 0.35%.

In ahead of US NFP and Eurozone Inflation data, EUR/USD seeks a range break near 1.0600

Alina Haynes

Jan 05, 2023 15:11

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During the Asian session, the EUR/USD pair attempted to break out of the consolidation range it formed above the round-level support of 1.0600. Given the risk-on market mentality, it is expected that the major currency pair will continue its upward trend.

 

In Asia, S&P500 futures are indicating a modest retracement, but the overall risk profile remains sturdy following Wednesday's strong advances. The US Dollar Index (DXY) is languishing below 104.00 and is likely to continue on edge as further reduction of inflation expectations in the United States is expected to keep safe-haven assets under pressure in the short term.

 

According to the Federal Open Market Committee (FOMC) minutes, all Federal Reserve (Fed) policymakers favored a more gradual rate of policy tightening. For Fed members to abandon their hawkish view on monetary policy, greater evidence of inflation moderation is required.

 

According to Reuters, the president of the Minneapolis Fed, Neel Kashkari, emphasized on Wednesday that the Fed must avoid hastily lowering the policy rate and reigniting inflation. In order to attain the inflation target of 2%, he suggested that the interest rate should peak at approximately 5.4% and then remain stable.

 

This week, investors will closely monitor the second catalyst considered by the Federal Reserve when crafting monetary policy. Friday's Nonfarm Payrolls (NFP) are projected to be 200K, a decrease from the previous report's 263K. In addition, investors will pay attention to the Average Hourly Earnings (Dec) data, which is expected to be 5% lower. Given that consumers will continue to have more discretionary spending, a rise in wage expenses may cause the Consumer Price Index to grow (CPI).

 

Investors anticipate the release of the Eurozone's Harmonized Index of Consumer Prices (HICP) on Friday. According to the consensus, the headline HICP is projected to decrease from 10.1% to 9.7%. Consensus has diminished as a result of falling energy prices and the government's one-time reimbursement of family energy expenses. Certainly, the European Central Bank (ECB) will be fascinated by this in the future.

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