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February 27th - A Gallup poll shows that South Korean President Lee Jae-myungs approval rating rose slightly to 64% this week, mainly due to positive reviews of his economic and housing policies. Negative reviews of Lee Jae-myung remained unchanged at 26%. Among the reasons for positive reviews, economic and real estate policies were mentioned most frequently, each accounting for 17%, followed by foreign policy (11%). Among negative reviews, concerns about real estate policies accounted for 15%, and negative views on his economic policies accounted for 10%. The ruling Democratic Partys approval rating dropped one percentage point to 43%, while the main opposition People Power Partys approval rating remained unchanged at 22%.February 27th - According to the China State Railway Group, the national railway system is expected to transport 15.35 million passengers today (February 27th), with 1,036 additional passenger trains planned. As of 8:00 AM today, the 12306 railway ticketing platform has sold a total of 387 million train tickets for the Spring Festival travel season. Yesterday (February 26th), the national railway system transported 15.784 million passengers, maintaining a level above 15 million for seven consecutive days, with transportation remaining safe, stable, and orderly.February 27th - At the third press conference on the progress of the Hainan Free Trade Ports customs closure, it was announced that as of February 25th, the provinces total passenger traffic during the Spring Festival travel rush reached 14.055 million, an increase of 8.2% year-on-year. Among them, the number of passengers entering and leaving the island totaled 8.184 million, an increase of 9% year-on-year. Li Li, Director of the Safety Department and Director of the Water Transport Division of the Hainan Provincial Department of Transportation, stated that passenger and vehicle traffic across the Qiongzhou Strait has been high since the start of the Spring Festival travel rush, with a stable year-on-year increase. In the first 24 days of the Spring Festival travel rush, the total number of passengers entering and leaving the island reached 3.179 million, an increase of 14.6% year-on-year. The total number of vehicles entering and leaving the island reached 762,000, an increase of 9.8% year-on-year, of which 142,600 were new energy vehicles, an increase of over 65% year-on-year.South Koreas Ministry of Land, Infrastructure and Transport announced that Hyundai Motor Group will invest 5.8 trillion won to build an artificial intelligence data center.South Koreas Ministry of Land, Infrastructure and Transport: Hyundai Motor Group will invest 400 billion won to build a factory to produce robots.

Price Analysis of the US Dollar Index: DXY Retreats from 104.00, Rising Wedge Anticipated

Alina Haynes

May 12, 2022 10:27

During Thursday's Asian session, the US Dollar Index (DXY) fails to continue the previous two days' upward momentum, trading on the defensive around 103.95.

 

In doing so, the dollar index remains near the 20-year high reached earlier in the week, but for the first time in three days, the daily decline is recorded.

 

In addition to highlighting a 12-day-old rising wedge bearish pattern surrounding the multi-day top, the DXY's most recent decline also reveals a multi-day top-adjacent rising wedge formation. The slow RSI also highlights the significance of the chart pattern.

 

However, a decisive breach below 102.90 is required to validate the potential decline to 101.30.

 

During the fall, the 100-SMA and monthly low between 102.65 and 102.35 will serve as intermediate stops.

 

Until the quote continues below the indicated wedge's resistance line, approximately 104.30 as of press time, a recovery appears elusive.

 

After that, a slow climb to the September 2002 high of 109.80 cannot be ruled out.

Four-hour DXY chart

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