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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."

In anticipation of UK Retail Sales, the British Pound falls to a new monthly low near 1.1900

Daniel Rogers

Aug 19, 2022 12:01

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On Friday's Asian session, the pound to dollar exchange rate (GBP/USD) accepted offers to reaffirm its monthly bottom at 1.1905, falling for a third consecutive day on concerns about the UK economy, aggressive Fedspeak, and upbeat US data.

 

Bloomberg reports that Indonesian President Joko Widodo has invited Chinese President Xi Jinping and Russian President Vladimir Putin to the Group of 20 Summit in Bali later this year. Recent market movement in favor of the US dollar may have this explanation. This was the first time the leader of the world's fourth-most populous nation had announced that both of them will be attending the November conference, according to the news.

 

August's record low for the GfK Consumer Sentiment Index in the United Kingdom was even lower than July's record low of -41. Following the release of the data, Reuters said, "British consumers are experiencing a'sense of aggravation' about the growing cost of living, according to the country's longest-running research of household finances.

 

British employment and inflation figures were reported earlier in the week, but this did not help the GBP/USD as the strong US economy and aggressive Fed talk encouraged pair bears.

 

Weekly Initial Jobless Claims declined to 250K from 265K market consensus and 254K correction, whilst the Philadelphia Fed Manufacturing Survey for August rose to 6.2 from -5 expected and -12.3 before.

 

The Fed will keep raising interest rates to "right-size" the economy, according to Mary Daly, president of the Federal Reserve Bank of San Francisco. The policymaker indicated that a move of 50 basis points or 75 basis points would be acceptable for the September rate decision. But Neel Kashkari of the Minneapolis Federal Reserve reportedly does not think a recession is happening in the country at the moment. President of the Federal Reserve Bank of St. Louis and self-proclaimed "lifelong hawk" James Bullard is considering a further rate hike of 75 basis points in September. According to Reuters, investors expect a hike to a range of 3.50–3.75 percent by March of next year, based on trade in futures contracts related to the Fed's policy rate. As a result, the Federal Reserve target rate is between 2.25 and 2.50 percent as of right now.

 

Finally, Wall Street ended with a lackluster performance, putting pressure on S&P 500 Futures, while US 10-year Treasury rates rebounded from their previous day's drop from the monthly high to 2.891% as of press time.

 

For new guidance, GBP/USD traders will focus on August UK Retail Sales, which are predicted to be -3.3% YoY compared to -5.8% in July.