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Samsung Electronics: We will continue to work hard and persist in sincere dialogue until the very last moment to prevent the worst-case scenario from occurring.On May 13, the Russian Ministry of Defense announced that the ceasefire agreement ended at midnight on May 11, and Russian armed forces continued special military operations. Russian forces struck Ukrainian military airfields, ammunition depots, fuel depots, and other targets in 56 areas, shooting down 108 fixed-wing drones. The General Staff of the Ukrainian Armed Forces reported on May 12 that 174 battles occurred in the front-line areas over the past day, with Ukrainian forces repelling Russian offensives on multiple fronts and shooting down 1,252 Russian drones.Japans March trade balance will be released in ten minutes.On May 13th, the head of Samsung Electronics Korean union stated that the company and the union failed to reach an agreement on wages on Wednesday, and a strike by over 50,000 employees is expected, potentially disrupting the production of artificial intelligence and other chips. Previously, under government mediation, the two sides held marathon negotiations lasting several hours on Monday and Tuesday. Union representative Choi Seung-ho stated that the company did not respond to the unions demands for reforming the compensation plan, including eliminating the current 50% bonus cap on annual base salary and instead calculating bonuses solely based on operating profit. The union had previously stated that if its demands were not met, employees would begin an 18-day strike starting May 21st. The union representative stated that there are currently no plans to restart negotiations with management before the strike date, but he is willing to consider a "reasonable proposal" from the company. The National Labor Relations Commission of Korea stated that it had proposed "multiple alternatives," but "given the significant differences in the positions of both sides and the unions request to suspend negotiations," it decided to end the mediation process.South Korea added only 74,000 jobs in April, the weakest performance since a year-on-year decrease of 52,000 in December 2024, following data released Wednesday by Statistics Korea. The job gains in February and March were both in the 200,000 range. The unemployment rate was 2.9%, unchanged from the same period last year. The number of unemployed was 853,000, a decrease of 2,000 year-on-year. By sector, employment in the health and social welfare services industry increased by 261,000 year-on-year, arts, sports and leisure-related services by 54,000, and real estate by 49,000. Employment in the science and technology services industry decreased by 115,000, and manufacturing by 55,000. Statistics Korea noted that the record decline in employment in the science and technology services industry since it was classified separately in 2013 is mainly due to the base effect of strong employment growth in previous years.

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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