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On April 4th, it was reported that TrueEV, XPengs exclusive distributor in Australia, entered administration (bankruptcy management) proceedings, drawing attention. XPeng responded that during the past two years of cooperation, it learned through various channels that TrueEV had experienced a broken cash flow and was under the control of its financing party, and had not purchased any vehicles for over a year, failing to fulfill order obligations including 454 cars. TrueEV also had a public business conflict with local dealers, severely damaging the foundation of trust between the two parties. Therefore, in accordance with the cooperation agreement, XPeng formally issued a breach of contract notice to TrueEV, terminating its exclusive distributorship, but retaining its distributorship status. However, TrueEV denied the aforementioned operational problems and instead pursued legal action against XPeng. The Australian court rejected its injunction application on April 1st. XPengs goal going forward is to establish itself in Australia within the next three years as a technology brand that is not only technologically advanced but also trustworthy in terms of user experience.On April 4th, it was reported that the international standard proposal for "DC Filter Capacitors for High Voltage Direct Current Transmission Systems," initiated by my country, was recently approved by the International Electrotechnical Commission (IEC). This standard is the first international standard specifically addressing DC filter capacitors in the field of high voltage direct current transmission, filling a gap in related professional standards. The standard was led by Chinese experts, with participation from experts from Italy, France, Germany, and other countries. The development of this standard will facilitate the sharing of advanced technological concepts of Chinas core high voltage direct current transmission equipment with the world, contributing more Chinese strength to global energy transition and power system upgrading.April 4th - Data released by the General Statistics Office of Vietnam shows that Vietnams economy slowed compared to the previous quarter due to heavy reliance on Middle Eastern oil imports. Vietnams GDP grew by 7.83% in the first quarter, lower than the 8.46% in the fourth quarter of last year. The Vietnamese governments growth target for this year is no less than 10%, but this target is currently under pressure. Vietnam imports over 80% of its crude oil from the Middle East, and oil shipments from the region have been disrupted due to the conflict with Iran. Rising fuel prices have forced Vietnamese airlines to scale back operations and prompted authorities to introduce cost-control measures, including reducing fuel taxes, subsidizing prices through government-controlled funds, and encouraging remote work to reduce consumption.Note: Vietnams March trade balance and March import year-on-year rate have not yet been released.April 4th - According to China State Railway Group, the national railway system is expected to transport 21.9 million passengers today (April 4th), with 1,173 additional passenger trains planned. Yesterday, the national railway system transported 18.252 million passengers, with transportation proceeding safely, smoothly, and orderly.

Prior to the release of UK GDP and US PCE Inflation figures, the GBP/USD has found a temporary resting place near 1.1200

Daniel Rogers

Sep 30, 2022 10:53

 截屏2022-09-30 上午9.56.05.png

 

Price action for GBP/USD on Friday's Asian session has seen it range between 1.1160 to 1.1555 as buyers prepare for the first weekly advance in three weeks. As a result, the cable pair is benefiting from the general weakness of the US dollar and the ambiguous outlook on the US dollar before to the release of important data from the UK and the US.

 

In a recent interview, UK Trade Secretary Kemi Badenoch said that the chancellor and the Bank of England are "working well" together.

 

As a result, the GBP/USD exchange rate is supported by expectations of a robust rate hike cycle from the Bank of England, or "Old Lady."

 

As a counterpoint, the US Dollar Index (DXY) has remained in the red at around 111.90, snapping a two-week uptrend. By this metric, the Fed's recent strong rhetoric and the widespread recession fears in the face of lowering inflation expectations are not justified by the dollar's performance against the six major currencies. Important for dollar traders today is the August Core PCE Price Index, which is expected to be 4.7% YoY, the same as the previous reading.

 

Final readings of the UK's Gross Domestic Product (GDP) for the second quarter (Q2) are expected to corroborate initial forecasts of -0.1%, making them important to track.

 

If incoming data verifies the projections, the GBP/USD could pare recent gains, which would be appropriate given the optimistic inflation estimates and fears of a UK economic downturn.

 

A significant break above a two-week-old resistance line, now support around 1.1035, is needed to keep GBP/USD investors upbeat, as is a move above the 100-day exponential moving average (EMA) surrounding the 1.1200 level. When the RSI reaches the overbought area, it usually means that further gains will be capped.


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