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French government spokesman: (Regarding Trumps tariff measures) We are ready for this trade war.French government spokesman: France will respond to Trumps tariffs together with Europe and reiterate that it will take reciprocal measures against digital services.On April 3, Anhui Provincial Governor Wang Qingxian presided over the 66th executive meeting of the provincial government on the afternoon of April 2 to review the "Opinions on Promoting the "Double Recruitment and Double Introduction" of Emerging Industries and Improving the Quality and Efficiency of Industrial Cultivation (Version 2.0)". The meeting pointed out that promoting the "double recruitment and double introduction" of emerging industries and improving the quality and efficiency of industrial cultivation is an important measure to create an emerging industry gathering place. We should focus on optimizing the industrial ecology, promoting the coordinated advancement of investment promotion and talent attraction, deepening the integrated development of "government, industry, academia, research, finance and services", and driving the integration of science and technology, industry and talents to land and empower each other. We must adhere to cutting-edge thinking, cutting-edge observation and cutting-edge action, further improve the quality and efficiency of the operation of the industry special team, constantly launch new offensives and achieve new results, and provide more powerful support for the provinces high-quality development.On April 3, Trump announced on April 2 that he would impose a 24% reciprocal tariff on Japan. In terms of details, the United States accused Japan of imposing a 700% tariff on American rice. Given that Japan imposed a "46%" tariff on the United States, a "24%" reciprocal tariff was imposed on Japan. Japans Minister of Agriculture, Forestry and Fisheries Taku Eto responded on April 3: "Even if you calculate logically, you wont get such a number. Its incomprehensible."Euro Stoxx 50 futures fell 2.08%, Germanys DAX futures fell 2.12% and Britains FTSE 100 futures fell 1.48%.

NZD/USD Recovers To Near 0.6250 As The USD Index Retreats In Response To The Fed's Dovish Guidance

Daniel Rogers

Mar 23, 2023 14:56

 NZD:USD.png

 

The NZD/USD pair has extended its recovery to near 0.6250 during the Asian session. After declining to near 102.00, the US Dollar Index (DXY) displayed a brief retracement, and the New Zealand dollar rose sharply from 0.6220. It is anticipated that the USD Index will maintain its downward momentum as the Federal Reserve (Fed) approaches its terminal rate.

 

It was widely anticipated that the Fed would increase interest rates by 25 basis points (bp), resulting in rates between 4.75 and 5.00 percent. Jerome Powell, the chairman of the Federal Reserve, fought harder to maintain his hawkish stance, contending that rate cuts in 2023 are out of the question because restrictive monetary policy is required to reduce inflation to 2%. Fed Chairman Jerome Powell's statement that "additional policy tightening may be warranted" indicated that the Fed is nearing the end of its rate-hiking campaign.

 

After Fed Chairman Powell allayed fears of a bleak economic outlook due to reduced demand and the scope of economic activities, U.S. stocks experienced an enormous sell-off on Wednesday. According to Fed Chair Powell, the US banking system is'sound and resilient,' but credit conditions for households and businesses cannot be ruled out.

 

The New Zealand Dollar is struggling to maintain its footing in Asia-Pacific as the market anticipates a reduced growth rate in the kiwi zone due to recent inundation.

 

According to Reuters, Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway stated on Thursday that interest rates were clearly contracting and causing a welcome decline in economic demand, but it was not yet clear that inflation expectations were under control.