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On February 28th, the Shenzhen Municipal Implementation Plan for Supporting the Replacement and Improvement of Consumer Goods with Ultra-Long-Term Special Treasury Bonds (2026) mentioned supporting car replacement and renewal. Individual consumers who transfer their passenger vehicles registered in their own name and purchase new energy passenger vehicles included in the "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or fuel passenger vehicles with an engine displacement of 2.0 liters or less will receive a car replacement and renewal subsidy. Specifically, the subsidy for purchasing new energy passenger vehicles is 8% of the vehicle price (maximum 15,000 yuan), and the subsidy for purchasing fuel passenger vehicles with an engine displacement of 2.0 liters or less is 6% of the vehicle price (maximum 13,000 yuan).On February 28th, the Shenzhen Municipal Governments Implementation Plan for Supporting the Replacement and Improvement of Consumer Goods with Ultra-Long-Term Special Treasury Bonds (2026) mentioned supporting the scrapping and replacement of vehicles. Individual consumers who scrap their passenger vehicles registered in their own name and purchase new energy passenger vehicles included in the "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or fuel-powered passenger vehicles with an engine displacement of 2.0 liters or less will receive a vehicle scrapping and replacement subsidy. Specifically, the subsidy for purchasing new energy passenger vehicles is 12% of the vehicle price (maximum 20,000 yuan), and the subsidy for purchasing fuel-powered vehicles with an engine displacement of 2.0 liters or less is 10% of the vehicle price (maximum 15,000 yuan).February 28th - According to the China State Railway Group, the national railway system is expected to transport 16.35 million passengers today (February 28th), with 1,060 additional passenger trains planned. Yesterday (February 27th), the national railway system transported 15.551 million passengers, an increase of 18% year-on-year, maintaining a level above 15 million passengers for eight consecutive days, with transportation remaining safe, stable, and orderly.February 28th - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28th, 25.74 million new business entities were established in my country in 2025, with an average of 26,000 new enterprises established per day.February 28 - According to the Statistical Communiqué on National Economic and Social Development in 2025 released by the National Bureau of Statistics on February 28, 30.08 million foreigners entered China visa-free in 2025, an increase of 49.5%.

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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