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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 fears of a US economic slowdown mount, the USD/JPY exchange rate attempts to push auctions below 132.00

Alina Haynes

Jan 09, 2023 14:46

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During the opening minutes of the Asian session, the USD/JPY pair breached the immediate support level of 132.0. Given the severe volatility of the US Dollar Index, it is anticipated that the major will modify its auction profile below 132.00. (DXY). As Japanese markets are closed on Monday in observance of Coming of Age Day, the USD/JPY exchange rate may decline.

 

As the S&P500 futures have prolonged their upward gallop in early Monday trade, the market players' appetite for risk has increased. In addition, the US Dollar Index (DXY) is feeling more offers after President Evans' speech at the Chicago Federal Reserve that was less forceful (Fed). The USD Index has extended its decline to approximately 103.35 and is projected to reach a six-month low of 103.00.

 

Evans, president of the Chicago Fed, was quoted in the Wall Street Journal (WSJ) as saying, "It was likely that economic data would justify a 25 basis point raise in the policy rate at the Fed's next meeting," according to a Reuters story.

 

Friday, Atlanta Fed bank president Raphael Bostic told Reuters that the Federal Reserve's actions will depend on the status of the economy. In addition, he noted that "The US economy is certainly faltering" due to a significant decrease in housing and interest rate activities. In terms of policy rate forecasts, the Fed policymaker anticipates a terminal rate above 5% and the continuation of policy rate peaks until CY2024.

 

As reported by Reuters, Japanese Prime Minister Fumio Kishida indicated on Sunday that his administration and the Bank of Japan (BoJ) must reevaluate their relationship in guiding economic policy after a new BoJ governor is appointed in April. In a move that would open the stage for an exit from the Bank of Japan's ultra-loose monetary policy, he stated that the government may reconsider its decade-long commitment to combat deflation with the Bank of Japan.


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