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On February 24, the article stated that innovation is endless and policy support also needs to be continuously optimized. There is still room for improvement in the intensity and efficiency of fiscal and taxation forces to support scientific and technological innovation. In terms of intensity, we will coordinate financial resources, increase investment in science and technology, further focus on basic research and national strategic scientific and technological tasks, and fully support the key core technology research. In terms of efficiency, we will deepen the reform of the mechanism for the allocation and use of fiscal science and technology funds, improve the performance of fund use, and give full play to the leverage effect of fiscal funds. Research and improve the structural tax reduction and fee reduction policies that focus on supporting scientific and technological innovation and the development of the manufacturing industry, study the tax system that is compatible with the new business format, promote policies that are more in line with the demands of the market and enterprises, improve the accuracy of policies, promote the direct and quick enjoyment of policy dividends, and help enterprises innovate and develop.According to German news today: Lindner, chairman of the German Free Democratic Party, announced his withdrawal from politics.Ukrainian President Volodymyr Zelensky congratulated the CDU/CSU and Merz on their victory in the German Bundestag election.On February 24, the leaders of the 27 EU countries will hold an emergency summit on March 6 to discuss the Ukraine issue and the next steps regarding European security. European Council President Costa announced on Sunday that he would hold the summit in Brussels. Costa posted on social media: "We are at a decisive moment for Ukraine and European security." European Commission President von der Leyen and other members of the EU executive will visit Kiev on Monday to express support for Ukraine on the third anniversary of the outbreak of the Russian-Ukrainian conflict.February 24th news, on the evening of the 23rd local time, the chairman of the German Free Democratic Party, Lindner, announced that if the party ultimately fails to enter the Bundestag because it receives less than 5% of the votes, he will withdraw from politics.

As the US labor market strengthens and China CPI is anticipated, AUD / USD Appears Vulnerable Near 0.6600

Alina Haynes

Mar 09, 2023 13:59

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The AUD / USD pair is displaying a back-and-forth pattern during the Asian session below the round-level resistance of 0.6600. The Australian asset appears vulnerable at the same time that the risk-aversion theme has been strengthened by intensifying fears of a U.S. recession and expectations of higher rates from the Federal Reserve (Fed).

 

S&P500 futures are displaying nominal losses following a fragile recovery move. It seems that the dead cat recovery move by the 500-US stocks basket is tapering away. The US Dollar Index (DXY) has turned sideways above 105.20 after a modest correction; however, the upside appears favored amid positive U.S. Employment data.

 

The robust addition of new jobs to the US labor market in February as a result of rising demand has validated Fed policymakers' concerns about persistent inflation. The United States Automatic Data Processing (ADP) reported an increase of 242K positions in February, exceeding both the expected increase of 200K and the previous release of 119K. As a result, Fed Chair Jerome Powell stated, "The Fed is prepared to announce more rates to reduce inflation."

 

The US Nonfarm Payrolls (NFP) data, which will be released on Friday, will provide investors with greater insight into the state of the US labor market. In addition, the dissemination of the Unemployment Rate and Average Hourly Wages will be crucial.

 

The Australian Dollar has been under intensified pressure following the Reserve Bank of Australia's (RBA) fifth consecutive 25 basis point (bps) rate hike and RBA Governor Philip Lowe's consideration of a policy-tightening suspension in response to a one-time blip in the monthly Consumer Price Index (CPI).

 

Investors are currently focused on China's Consumer Price Index (CPI) (February) data. It is anticipated that China's annual CPI will decrease to 1.9% from the previous release of 2.1%. The monthly CPI in China has been reduced to 0.2% from 0.8% previously. If inflation declines, the Chinese government and the People's Bank of China (PBOC) may be forced to infuse more liquidity into the economy.


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