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On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan". Xin Guobin, Vice Minister of Industry and Information Technology, said that during the 15th Five-Year Plan period, efforts should be made to cultivate growth drivers, promote the deep integration of scientific and technological innovation and industrial innovation, develop new productive forces according to local conditions, adhere to the principle of "industry posing questions, science and technology answering questions", strengthen the construction of public technology service platforms, pilot testing platforms and other carriers, promote the rapid transition of original technologies to pilot testing and achieve large-scale application, actively explore and cultivate new scenarios, new business forms and new models, and expand the supply of high-quality products to meet the consumption needs of different groups.On August 26, the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Xin Guobin, Vice Minister of Industry and Information Technology, stated that during the 15th Five-Year Plan period, significant efforts will be made to create a favorable ecosystem. We must act as a supportive "family member" for enterprises, implement key tasks for deepening reform, strengthen planning guidance, standardization, policy guarantees, and high-level opening-up and cooperation to create a sound industrial ecosystem. We must strengthen legislative research in emerging fields such as the digital economy and artificial intelligence, improve the mandatory standards system in the industrial and information technology sector, and use standards improvement to support the high-quality development of the industry. We must intensify efforts to clear overdue payments to enterprises, continue to implement special actions to reduce the burden on enterprises, and further enhance the sense of gain for enterprises, especially small and medium-sized enterprises.On August 26, Yao Jun, Director of the Planning Department of the Ministry of Industry and Information Technology, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, we will organize and implement a revitalization action for traditional industries, strengthen the guidance of national standards, empower with digital and green technologies, and constrain environmental and safety regulations to consolidate the foundation, improve quality, build brands, and accelerate the improvement of the quality and efficiency of traditional industry development. First, we will focus on technological transformation. This is an important means to promote the transformation and upgrading of traditional industries. We will deepen the pilot projects for new technological transformation in manufacturing cities, strengthen technological innovation, equipment upgrading, and model innovation, and vigorously promote new technological transformation aimed at improving quality and efficiency, focusing on the application of digital and intelligent technologies and green and low-carbon technologies, to promote the intelligent, green, and integrated development of traditional industries. For example, in the petrochemical industry, we will accelerate the upgrading and transformation of old equipment, fully utilize digital and intelligent technologies and green technologies to effectively reduce safety and environmental risks, achieve synergistic effects in pollution reduction and carbon reduction, and promote high-quality development of the industry. Second, we will focus on standard improvement. We will implement an action to guide the optimization and upgrading of traditional industries through standard improvement. Third, we will focus on quality upgrading.On August 26, the National Food and Strategic Reserves Administration announced that the 11th APEC Ministerial Meeting on Food Security was held in Hangzhou, Zhejiang Province on August 25. The meeting adopted and released the "Principles Paper on Enhancing the Resilience of Food Systems in the Asia-Pacific Region through Innovation and Digitalization," calling on economies to apply innovative achievements and digital technologies such as artificial intelligence to improve decision-making capabilities, interconnectivity, and responsiveness across the entire food system chain. This aims to help food systems better anticipate risks, withstand shocks, adapt to changes, and restore production capacity, thereby improving operational efficiency and overall effectiveness.On August 26, the State Council Taiwan Affairs Office held a regular press conference. Spokesperson Zhang Han stated that the construction of the Xiamen-Kinmen Bridge is a shared aspiration and urgent wish of the people of both Xiamen and Kinmen. Once fully operational, the Xiamen-Kinmen Bridge will facilitate travel between the two places and boost Kinmens economic development and improve peoples livelihoods. Zhang Han also stated that the DPP authorities should face up to the interests and demands of Kinmen residents, stop political calculations, truly work for the benefit of the people, and support the early completion and opening of the Xiamen-Kinmen Bridge.

With the US NFP approaching, bears of the US Dollar Index halt below the monthly low of 105.80

Alina Haynes

Aug 01, 2022 11:56

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The US Dollar Index (DXY), which had been falling for three days, came to an end during the Asian session on Monday, maintaining lower ground at 105.80. The dollar index recovers recent losses in the process, despite the market's mildly pessimistic attitude and cautious outlook ahead of July's critical US employment data and ISM PMIs.

 

Demand for safe-haven assets such as the US dollar was boosted by recent worries in China, hawkish comments from the US Federal Reserve (Fed), and better readings on the Fed's preferred inflation measure.

 

Despite the fact that Taiwan is not listed on Nancy Pelosi's agenda, she has already begun her journey to Asia. Threats from Beijing might be the root of the problem. Six people with knowledge of the Chinese warnings told the Financial Times that they were significantly more severe than previous threats Beijing has made when it is displeased with American behavior or policy toward Taiwan (FT).

 

The US Core Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred inflation indicator, rose to 4.8 percent YoY in June from 4.7 percent in May. Niel Kashkari, president of the Minneapolis Fed, responded by stating to the New York Times (NYT) that the Fed is still far from putting an end to rate increases. "A half-point rate rise at the forthcoming Fed meetings sounds feasible to me," the official stated.

 

It should be mentioned that the DXY suffered during the last week as a result of Jerome Powell, the chairman of the US Federal Reserve (Fed), stressing data dependence and neutral rates in his speeches.

 

Wall Street benchmarks echoed the mood by praising the Fed's declining hawkishness, but US Treasury rates remained under pressure as investors flocked to safe haven assets owing to concerns about the impending recession. However, as of the time of publication, the S&P 500 Futures are indicating marginal losses at about 4,120, which indicates the unfavorable sentiment that has lately benefited the US dollar.

 

The US ISM Manufacturing PMI for July, which is predicted to be 52 vs 53 before, might have an immediate impact on DXY fluctuations prior to the US ISM Services PMI for July. News articles and Fedspeak on China will be quite important. However, with demands for neutral rates and an economic downturn, Friday's US Nonfarm Payrolls (NFP) report will garner substantial attention. 

Technical Assessment 

The US Dollar Index bears are directed toward an ascending support line from early February, which is now resistance at 104.75 at the time of writing, by a clear negative break of a two-month-old ascending trend line, which is now resistance at 106.85.


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