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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."

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.


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