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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."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.

AUD/USD Falls Toward 0.7000 as Weak China Data Increases RBA and Fed Concerns

Daniel Rogers

Feb 01, 2023 15:36

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AUD/USD accepts offers to re-establish intraday low at 0.7040 as market nervousness deepens ahead of Wednesday morning's critical Fed announcement. The Chinese activity statistics provided by the industry group may support the retreat moves.

 

However, China's Caixin Manufacturing PMI rose from 49.0 to 49.2, falling shy of market estimates of 49.5. Additionally, the sixth consecutive month of readings below 50 reinforces the negative outlook on Australia's largest consumer.

 

The head of the RBA's Economic Analysis Department, Marion Kohler, stated elsewhere that the bank expects inflation to peak in the fourth quarter of 2022. In contrast, the Wall Street Journal's James Glynn projected that the RBA will deliver a series of rate hikes and retain its aggressive stance at the monetary policy meeting next week.

 

Despite fading inflation fears and persistent recession worries, traders are preparing for today's critical Federal Open Market Committee (FOMC) monetary policy meeting. Despite recent poor inflation numbers, Fed Chair Jerome Powell's hawkish approach and readiness to defend quick rate hikes make today's Fed meeting intriguing.

 

In this scenario, S&P 500 Futures register moderate losses, while US Treasury bond yields remain sluggish and arrest their slide from yesterday. The US Dollar Index (DXY) receives bids near 102.15 in an attempt to recoup Tuesday's losses.


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