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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

US Dollar Index Follows Yields Higher To Reclaim Monthly High Prior To Powell's Speech

Daniel Rogers

Feb 07, 2023 15:55

 US Dollar Index.png

 

The US Dollar Index (DXY) surges to 103.60 as buyers flex their muscles ahead of an important speech by Federal Reserve (Fed) Chairman Jerome Powell. By tracking positive US Treasury bond yields and hawkish Fed worries, the dollar's signal versus the six major currencies keeps DXY bulls happy.

 

However, statements by US Treasury Secretary Janet Yellen and Vice President Joe Biden help DXY bulls by delaying recession fears and bolstering hawkish wagers on the Fed's impending actions. In their respective remarks, both policymakers, however, minimized the probability of a U.S. recession. In response to favorable US data, traders increased their hawkish wagers on the Fed, which contributed to the dollar's strength.

 

Notably, last week's upbeat US employment, wage, and activity figures reignited optimism that the Federal Reserve still has work to do before it can welcome rate hawks and policy doves.

 

Recent discussions regarding Sino-American relations, especially after the United States shot down a Chinese balloon and postponed a diplomatic visit to Beijing, provided additional support for the DXY bulls the day before, along with fading recession fears and a buoyant US data-driven hawkish Fed bias. Recent comments by US Vice President Joe Biden appear reassuring, as he noted, "The balloon incident does not impair US-China relations."

 

Wall Street ended in the red as 10-year US Treasury bond yields extended Friday's rally, allowing the DXY to climb for a third consecutive day.

 

Aside from Fed Chair Jerome Powell's speech and US Vice President Joe Biden's State of the Union (SOTU) address, the US Dollar Index may move sideways in the near future. If Powell chooses to laud recent economic advances in the United States and reiterates his hawkish stance on monetary policy, the DXY might extend its gains.


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