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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."

With traders awaiting UK Retail Sales and US PMI, GBP/USD is meeting resistance at 1.2000

Daniel Rogers

Jul 22, 2022 14:46

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The British pound has been under selling pressure against the US dollar throughout the Asian trading session as the pair attempts to break through the crucial 1.2000 barrier. The cable had previously seen a vertical up trend after buyers indicated interest from Thursday's low of 1.1890. The asset is expecting a correction, but this does not necessitate a bearish reversal.

 

The US dollar index (DXY) has experienced strong buying demand in the first hour of trading as investors bet on a rate hike by the Federal Reserve (Fed) next week. Given the recent drop in US long-term inflation projections, the probability of a 100 bps rate hike has unquestionably increased. However, the current pricing pressures must be handled quickly lest they have a catastrophic impact. That's why the Fed may do nothing or declare a rate hike of 75 basis points.

 

The US S&P PMI data will be the focus of investors for the whole of today's session. In this update, the Global Composite data stands at 51.7, down from 52.3 in the last release. It's possible that the Manufacturing PMI may fall from 52.7 to 52. There is hope that the Services PMI would rise to 52.6 from 52.7. This will keep the DXY in a weak position.

 

With regards to the pound, all eyes will be on the latest Retail Sales report. The economy is -5.3 percent more vulnerable than it was in the last report, which was -4.7 percent, according to a preliminary evaluation. Sales at stores have been on the rise even before the recent spike in energy costs. Due to out-of-control inflation, the forecast for retail sales should have been raised. A smaller consensus, on the other hand, indicates that demand is poor across the board and that prices will not rise over their prior level regardless of pricing pressures.

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