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Bank of England Governor Bailey will speak on global imbalances in ten minutes.On May 8th, Federal Reserve Governor Milan stated on Friday that he hopes current Fed Chairman Jerome Powell will only remain in his position as a governor briefly after stepping down as chairman. Milan said, "I think its important to ensure this is just a transitional phase, and not that theres some ulterior motive behind Powell remaining as a governor." Powell stated after last weeks meeting that he will continue to serve on the Feds board of governorship for a period after his chairmanship ends, with his term running until 2028. He expressed hope to observe whether the Trump administrations legal attacks on the Fed will cease. While Powells continued presence on the Feds board could provide a check on maintaining the status quo as Warsh plans to push for Fed reforms, Powell stated last week, "I dont want to be a high-profile dissident or anything like that." Milan added, "Its important to ensure this is a transitional phase, not one that creates a division of loyalty within the Fed," and to avoid "people being unsure whos really in charge." "Thats why I think that while Powell remaining could help with the transition, we still need to ensure this is just a transitional period."According to The Information, Deepseek plans to release a V4 model update in June.On May 8th, the State Councils investigation team for the "5.4" extraordinarily serious explosion accident at Hunan Changsha Liuyang Huasheng Fireworks Manufacturing and Display Co., Ltd. held its first plenary meeting. Zhang Chengzhong, head of the State Councils accident investigation team and Minister of Emergency Management, presided over the meeting, briefing the participants on the investigation arrangements and outlining work requirements. The meeting emphasized that the accident investigation work must earnestly implement the spirit of General Secretary Xi Jinpings important instructions and the decisions and deployments of the Party Central Committee and the State Council, adhering to the principles of "scientific rigor, legal compliance, seeking truth from facts, and focusing on effectiveness" and "four no-let-go" principles, to thoroughly investigate the facts, the problems, and the responsibilities, and to conduct the accident investigation work with a high sense of political responsibility. At the same time, the meeting required local governments to learn profound lessons, take decisive measures to strengthen the safety supervision of fireworks and firecrackers, draw inferences from this case to improve the investigation and rectification of hidden dangers in key industries and fields, and resolutely prevent and curb major and serious accidents.According to Hong Kong Stock Exchange documents, Jiangsu Xinde Semiconductor Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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