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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."

USD / NZD Bulls Arrive At The Highs And Apply Pressure Below 0.6250

Daniel Rogers

Mar 02, 2023 16:17

 NZD:USD.png

 

NZD/USD is down roughly 0.27 percent, falling from a high of 0.6257 to a low of 0.6238, wiping out some of the gains made in the middle of the week in reaction to information indicating a recovery in China demand, which raised commodity prices.

 

This came after Australia released a disappointing report, where GDP growth fell to 0.5% quarter-over-quarter from 0.7% earlier and fell short of consensus forecasts of a 0.8% rise. The information raised the chance that the Reserve Bank of Australia would stop raising rates sooner than anticipated, which originally hurt both currencies.

 

However, the kiwi profited from speculative buying after China's non-manufacturing activity expanded at a faster pace in February and the Caixin/S&P Global manufacturing PMI report for last month also exceeded expectations. The offshore yuan rose 1.3% to 6.8683 per dollar, recording its largest one-day rise since late November.

 

The New Zealand currency outperformed most of its peers, according to ANZ Bank analysts, and did well on crosses, especially NZD/AUD. "After the strong German CPI report, the EUR was a strong performer, and the Kiwi followed suit. This trend may have been worsened by stop-loss buying in the NZD/AUD pair because there was no clear NZD catalyst. This may result in muted price action in the coming days.

 

The USD mood is also changing. Bond yields climbed as a result of strong data last week, which caused the DXY to soar. However, last night's solid data dragged on the dollar in a "good news is bad news" way, probably due to worries that the Fed will orchestrate a recession. Is the strength of the NZD a tardy acknowledgment of the economy's resilience and post-cyclone recovery? Has performed admirably."


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