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European Council President Costa: The US unilateral decision to lift sanctions on Russian oil exports is deeply worrying because it affects European security. Applying greater economic pressure on Russia is crucial to getting it to accept serious negotiations for a just and lasting peace. Easing sanctions would increase Russias resources for its aggressive war against Ukraine.On March 13, the Party Committee of the General Administration of Customs held an enlarged meeting to study and implement the spirit of General Secretary Xi Jinpings important speech and the spirit of the National Peoples Congress and the Chinese Peoples Political Consultative Conference. The meeting emphasized the need to earnestly implement the important deployments of the Government Work Report and the 15th Five-Year Plan, to formulate and implement the 15th Five-Year Plan for Customs Development and the Port Modernization Plan with high quality, and to promote the implementation of various tasks. It stressed the importance of promoting the development of new productive forces tailored to local conditions, improving the level of intelligent supervision, credit supervision, and trend-based supervision, enhancing the competitiveness of the industrial chain and supply chain, and contributing to the construction of a modern industrial system. The meeting also emphasized the need to vigorously promote the stabilization and optimization of foreign trade, to carry out a new round of special actions to facilitate cross-border trade, and to support the development of new business forms and models such as intermediate goods trade, cross-border e-commerce, and overseas warehouses. Finally, the meeting stressed the need to expand independent opening-up, to deeply align with high-standard international economic and trade rules, to solidly advance the construction of the Hainan Free Trade Port, to accelerate the transformation and upgrading of comprehensive bonded zones, and to create more high-level platforms for opening-up.A spokesperson for the European Commission stated that the Commission fully supports Polands plan and looks forward to its implementation.On March 13, the Environmental Resources and Food and Drug Crime Investigation Bureau of the Ministry of Public Security deployed a campaign to severely crack down on crimes involving the illegal manufacture, sale, and use of prohibited and restricted pesticides. The bureau required local public security organs environmental, food, and drug crime investigation departments to adhere to the people-centered development philosophy, strengthen their sense of responsibility, focus on key tasks, and severely crack down on all types of pesticide-related crimes during the spring plowing and planting season, given the concentrated agricultural input production and storage activities. This is to effectively safeguard agricultural safety and build a solid food safety defense line "from farm to table."European Commission spokesperson: European security cannot be achieved without Polands participation.

While hawkish Fed bets strain DXY bears, EUR/USD falls toward 0.9800 as EU/German ZEW data is scrutinized

Daniel Rogers

Oct 18, 2022 14:17

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The EUR/USD is holding steady near the eight-day high during Tuesday's Asian session after recently falling to 0.9840 as investors look for more evidence to support the previous day's gain. Because of this, today's European and German ZEW numbers for October will be essential for giving the global economy a boost.

 

The recent immobility of the main currency pair may be linked to a conflict between the risk-on mentality and the aggressive Fed discourse. Another issue for EUR/USD traders is a light calendar in the US.

 

Pair purchasers will benefit from Germany's denial of recession fears and the ECB's officials' forceful rhetoric. The EUR/USD values are also fueled by the general US dollar depreciation brought on by waning concerns over the collapse of the UK market. Depressing US numbers also contribute to the upward trend. As a result, the New York Empire State Manufacturing Index for October decreased by -9.5 instead of the expected -4.0 and -1.5.

 

In contrast, hawkish Fed predictions and worries about market intervention in China and Japan seem to pose a challenge to EUR/USD buyers. Despite this, CME's FedWatch Tool forecasts a probability of about 95% for a 75 basis point Fed rate hike in November. The US Treasury Secretary Janet Yellen's upbeat comments, which suggested a strong US labor market, as well as the upbeat US inflation expectations suggested by the 10-year and 5-year breakeven inflation rates according to data from the St. Louis Federal Reserve (FRED), may have served as inspiration for the tool.

 

It should be noted that China's zero-covid policy, its decision to delay the release of important facts or events, and its determination to protect its potential to annex Taiwan and Hong Kong all offer challenges to the pair's rising trend.

 

S&P 500 Futures track Wall Street's advances in the midst of these transactions, but US 10-year Treasury yields decline to 3.99%, testing the US Dollar Index (DXY) bearish recently.

 

Germany's ZEW figures are anticipated to be weaker in October than the sentiment index for the Eurozone, which could alarm EUR/USD traders and present possibilities for intraday sells. However, the danger triggers for apparent directions will receive significant attention.


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