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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."

As Eurozone Core Inflation Appears Persistent, EUR/JPY Price Analysis: Aims To Climb Above 141.00

Daniel Rogers

Mar 27, 2023 14:41

 EUR:JPY.png

 

During the Tokyo session, the EUR/JPY pair is meeting resistance close to 141.00. As the European Central Bank (ECB) prepares for additional rate hikes in the near future, the cross is struggling to extend its recovery above the aforementioned resistance. However, the upside seems probable.

 

Isabel Schnabel, a member of the ECB's Executive Board, stated that nominal inflation has begun to fall while fundamental inflation persists. To achieve the intended level of inflation, the ECB would require immense fortitude; consequently, additional rate hikes cannot be ruled out.

 

The significance of Bank of Japan (BoJ) Governor Kazuo Ueda's speech on Tuesday will be significant for the Japanese Yen. This will shed light on the likely path of monetary policy action.

 

The EUR/JPY currency pair has rebounded firmly from the horizontal support formed by the Bearish Megaphone pattern on the two-hour time frame. The horizontal support of the chart pattern is the March 16 low of 139.13, while the upward trendline is drawn at 141.58. After the breakdown of critical support, a bearish megaphone pattern is usually accompanied by extreme vulnerability.

 

The 50-period Exponential Moving Average (EMA) at 141.00 represents a point of resistance for Eurozone investors.

 

The Relative Strength Index (14) has shifted from the bearish range of 20.00-40.00 to the bullish range of 40.00-60.00, indicating a temporary reversal.

 

Should the asset surpass the March 21 peak of 142.79, Euro bulls would drive the cross toward the March 9 low around 144.00 and then the March 15 peak of 145.00.

 

In contrast, a break below the low of 139.13 on March 16 would send the cross toward the low of 138.00 on January 19. A decline below this level would expose the asset to a 26 September 2022 low of approximately 137.36.


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