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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."

Dow Jones, EUR/USD, USD/JPY, AUD/USD, GBP/USD, EU CPI, BOJ, and US GDP for the Week Ahead

Drake Hampton

Apr 25, 2022 10:49

For the fourth consecutive week, the Dow Jones Industrial Average (DJIA) fell nearly 2% as risk sentiment deteriorated rapidly into the weekend. The catalyst appeared to be a discernible increase in the Fed's rhetoric about significantly tightening policy in response to soaring inflation that threatens to undermine the economic recovery. Rate traders responded by increasing their bets on 50 basis point rate hikes via overnight index swaps, which currently price in complete 50 basis point raises for the next three FOMC meetings. The preliminary gross domestic product (GDP) growth rate for the United States is scheduled to be released on Tuesday, which will indicate how much the economy increased in March.

 

This resulted in a rebound rout in Treasuries, which spread to the rest of the world's financial markets. Government bond yields increased across the board, from UK Gilts to German Bunds. The French election this weekend may result in some European bond repricing, but the impact is likely to be minor in the event of a Macron victory. A Le Pen triumph, on the other hand, would almost certainly have a rattling effect, although polls indicate that is an improbable prospect. Eurozone inflation data for the first quarter may spark some volatility trading in EUR/USD. According to a Bloomberg survey, economists anticipate Q1 core inflation to be 3.1 percent year on year.

 

The risk-sensitive Australian and New Zealand Dollars fell against the Greenback in the Asia-Pacific region. Australia is expected to release its first-quarter inflation figures, with analysts anticipating an increase to 4.6 percent from 3.6 percent year over year. A stronger-than-expected reading could spark a recovery in the battered AUD/USD pair. A broad decline in metal prices weighed on sentiment around the Australian Dollar, which remains under pressure due to continued Chinese lockdowns.

 

USD/JPY could witness a turnaround following Thursday's Bank of Japan policy meeting outcome. The central bank has been assertive in recent months in attempting to contain bond yields, and no adjustment in the benchmark rate is expected this week. However, a change to the central bank's inflation targets may result in some currency repricing. Last week, options traders began to unwind bearish bets on the Yen, as demonstrated by a decline in one-week risk reversals. Another significant focus is the Bank of England's rate hike bets, following a bad batch of statistics that put doubt on the United Kingdom's economic recovery, with retail sales and PMIs falling short of expectations.

Weekly Performance of the US Dollar Against Currencies and Gold

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