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On May 15th, six entities, including the European-based Stellar Group, announced a restructuring of Dongfeng Peugeot-Citroën Automobile Company (DPCA), with a total investment exceeding 8 billion yuan, primarily focused on the new energy vehicle sector. This marks a significant leap for Chinas automotive industry from "bringing in" to "going global," demonstrating the completeness of my countrys new energy vehicle industry chain and supply chain, and its strong appeal to global capital.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "The White House claims that during the meeting between the Chinese and US leaders, China agreed to reopen the Strait of Hormuz. Can China confirm this?" Guo Jiakun stated that the recent ceasefire between the US and Iran, exploring solutions through negotiations, has been welcomed by regional countries and the international community. China has always maintained that dialogue and negotiation are the right path, and that a military solution is not the way forward. Now that the door to dialogue has been opened, it should not be closed again. The momentum of easing tensions should be stabilized, the general direction of a political solution should be upheld, and a solution that takes into account the concerns of all parties should be reached through dialogue and consultation on issues such as the Iranian nuclear issue. The strait should be reopened as soon as possible to respond to the calls of the international community and jointly maintain the stability and smooth flow of global supply chains. A comprehensive and lasting ceasefire should be reached as soon as possible to promote the early restoration of peace and stability in the Middle East and the Gulf region, laying the foundation for building a sustainable regional security architecture.Russian Foreign Minister Lavrov: Russia hopes to end the war with Iran and achieve a sustainable solution.Russian Foreign Minister Sergey Lavrov: Western intervention, whether through military force or regime change, will increase the complexity of the situation in the Middle East and North Africa.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from The New York Times asked whether China and the United States had reached any agreements on agriculture. Guo Jiakun stated that during the visit, both sides reached important consensus on maintaining stable economic and trade relations, expanding pragmatic cooperation in various fields, and properly resolving their differences. China is willing to work with the United States to implement the important consensus reached by the two heads of state, based on the principles of equality, respect, and mutual benefit, to continuously expand the list of cooperation and achieve mutual benefit and win-win results.

The US Dollar Index is trying to regain 109 ahead of US Durable Goods Orders data from Jackson Hole

Alina Haynes

Aug 24, 2022 15:26

截屏2022-08-24 上午10.16.07.png 

 

As traders wait for the day's significant triggers amid a sluggish opening, the US Dollar Index (DXY) continues its rise toward the multi-year high established in July, adding bids to 108.60 in the Asian session on Wednesday.

 

The dollar index dropped from a multi-year high of 109.27 against the six major currencies the day before yesterday. While the present downturn in US data is driving the quote to retreat, the DXY bulls are supported by concerns of an economic slowdown and the US Federal Reserve's (Fed) quick rate hikes.

 

The president of the Minneapolis Fed, Neel Kashkari, was quoted by Reuters as saying that misreading the underlying inflation dynamics is the biggest worry. If the Fed sees inflation creeping closer to their target of 2%, they may slow their rate of rate hikes, according to the official.

 

However, traders in fed funds futures are pricing in a 52.5% chance of a rate hike of 75 basis points (bps) at the upcoming Fed meeting. On Monday, Reuters reported that a rate hike of 50 basis points in September was somewhat more likely than 50 percent.

 

Preliminary readings released on Tuesday by the US S&P Global Manufacturing PMI for August showed a decline to 51.3 from 52.0 expected and 52.2 earlier, while the Services index plunged to 44.1 from 47.3 compared to 49.2 market expectations. As reported by S&P Global, the Composite PMI has fallen to 45, the lowest level in 27 months, signaling a potential crisis for the US economy.

 

In addition, the number of newly constructed homes sold in the United States dropped to 0.511 million in July, down from 0.585 million the previous month and 0.575 million the market had predicted. The US Richmond Fed Manufacturing Index dropped to -8.0 in August from a reading of 0.0 the month before.

 

At press time, US 10-year Treasury rates were lingering at 3.05%, the highest level in a month, despite small advances for the day on Wall Street. S&P 500 Futures have been declining somewhat as of press time, which is notable.

 

DXY volatility may be constrained in the future by the light schedule preceding the North American session. Next, keep an eye on the US Durable Goods Orders for July, which are predicted to rise 0.6% after rising 2.0% in June. As markets try to predict the Fed's next move, Friday's speech by Fed Chairman Jerome Powell at the Jackson Hole conference hosted by the Kansas City Fed will be crucial.

 

DXY bears are threatened by a rising support line that has been in place for two weeks near 108.00, but the buyers won't be convinced until the uptrend is confirmed above 109.30.


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