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On April 18th, a reporter from NewsNation asked Trump about his previous claim that almost all agreements had been reached with Iran, while Irans version differed. Trump replied that he was "just telling the truth." He stated, "They have to say something different because they also have to cater to other people." "I really didnt mean anything else, Im just doing what I think is right, Im just telling the truth." Trump added, "I think were in a very good position right now, and most importantly, Iran wont have nuclear weapons. You absolutely cannot let Iran have nuclear weapons, that comes above everything else."On April 18, French President Emmanuel Macron and British Prime Minister Keir Starmer hosted an international conference in Paris, France, on April 17, focusing on ending the current Middle East conflict through diplomatic means, reopening the Strait of Hormuz, and providing security guarantees for shipping through the strait once the situation stabilizes. Macron and Starmer stated that France and the UK will lead a defensive multinational operation to ensure the safety of shipping in the Strait of Hormuz when conditions permit, and preparatory meetings will be held in London next week. Italian Prime Minister Meloni said it is necessary to ensure the Strait of Hormuz is free of mines, and Italy is willing to provide naval support on a fully defensive basis. German Chancellor Merz stated that Germany will participate in planning discussions and welcomes the participation of the United States if possible.On April 18, Ding Xuexiang, Special Representative of President Xi Jinping, Member of the Standing Committee of the Political Bureau of the CPC Central Committee, and Vice Premier of the State Council, attended the groundbreaking ceremony for the fourth phase of the Renaissance Gas Field project in Turkmenistan from April 15 to 17. Ding emphasized that natural gas cooperation is the cornerstone of China-Turkmenistan relations, bringing tangible benefits to the people of both countries. Both sides should pay greater attention to proceeding from a strategic perspective and long-term interests, adhere to working together, accelerate the implementation of major projects, seize the opportunity of the cooperation window, expand the scale and scope of natural gas cooperation, and improve the quality and efficiency of energy cooperation. At the same time, they should further enhance cooperation in non-resource areas such as connectivity, trade and investment, agriculture, and the digital economy, cultivating new growth points. They should jointly promote China-Central Asia cooperation and work together with regional countries to seek common development and prosperity.On April 18th, Faraday Future (FF) announced on its official Weibo account that it has secured $45 million in new funding from a US institutional investor, marking the companys lowest-cost financing deal in recent years. As of April 12th, FF has shipped a total of 34 robots, with a target of over 1,000 units shipped by 2026. Furthermore, FF plans to hold its annual shareholder meeting on May 22nd to review a series of proposals aimed at supporting the companys global EAI (Expert Assistance) strategy and long-term growth.The European-Mediterranean Seismological Centre reports a 5.4-magnitude earthquake in the Hindu Kush region of Afghanistan.

The US Dollar Index maintains a level below 98.00, as sluggish GDP and ADP Payrolls rekindle concerns

Drake Hampton

Mar 31, 2022 09:54

Key Takeaways

  • The DXY has fallen below 98.00 following a disappointing performance by the US GDP and ADP Payrolls.

  • The risk-taking instinct has eroded the allure of safe-haven assets.

  • This week's big events include the US NFP and Russia-Ukraine peace negotiations.

 

The US dollar index (DXY) is under pressure from sluggish US economic indicators and increased demand for risk-sensitive assets following a positive conclusion from the first face-to-face Russia-Ukraine peace negotiations in Turkey. The big dollar-denominated index has fallen below 98.00, which has served as a significant support level in recent weeks.

Changes in the US GDP and ADP Employment

Wednesday's poor performance by US economic indices triggered a sharp sell-off in the mighty dollar. The US Bureau of Economic Analysis reported quarterly Gross Domestic Product (GDP) growth of 6.9 percent on an annualized basis, somewhat lower than forecasts and the previous print of 7%. While Automatic Data Processing (ADP) reported Employment Change of 455k, which was less than the market consensus of 450k and the previous print of 486k.

The positive consequence of Russia's peace talks with Ukraine

The withdrawal of Russian forces from northern Ukraine and the capital Kyiv following the conclusion of negotiations between Russia and Ukraine has bolstered market mood. Risky assets are gaining traction in an upbeat market environment, as investors view the event as a positive step toward a ceasefire. While Ukraine has recommended adapting a neutral position in light of its decision to refrain from alliances. On April 1, the nations will resume their peace talks through the internet.

 

This week's significant events include the release of Core Personal Consumption Expenditure, Initial Jobless Claims, Nonfarm Payrolls (NFP), the Unemployment Rate, and the ISM Manufacturing PMI.

 

On the back burner, prominent subjects include the Russia-Ukraine peace talks, the OPEC meeting, and Fed President John C. Williams' address.

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