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On September 1st, the "Hangzhou Financial Industry Development 15th Five-Year Plan (Draft for Public Comment)" was released for public comment. The draft includes provisions to promote the clustered development of the financial technology industry. It supports financial institutions and large technology companies in establishing financial technology R&D centers and innovation platforms in Hangzhou, attracts investment to build a digital public service platform for the securities and futures industry, and promotes the joint construction of various financial technology laboratories and incubators. The plan also aims to become a pilot city for the application of artificial intelligence in the financial industry, supporting financial institutions and financial technology companies in conducting research and development on key underlying technologies and cutting-edge technologies for "artificial intelligence + finance," resulting in a number of leading intellectual property achievements. Furthermore, the plan implements the "Data Element ×" financial action, leveraging the Hangzhou corpus to create a trustworthy data space for the Hangzhou financial industry, achieving high-quality supply of financial corpus data, and promoting the industrial application of artificial intelligence in the financial field.September 1st - Hungarian Minister of Transport and Investment, David Vystrčil, stated on August 31st that Hungary has completed the legislative and institutional adjustments required to unfreeze approximately €10 billion in EU funds. Speaking at a press conference in Budapest that day, Vystrčil said the Hungarian government has fully accomplished all the goals agreed upon by Prime Minister Peter Majol and European Commission President Ursula von der Leyen in May of this year. During this period, Hungary passed over 100 pieces of legislation, established new institutions, and launched or completed several key projects, most of which aimed to implement EU-mandated anti-corruption measures. He said the Hungarian government plans to prioritize the unfrozen funds for railway modernization, the construction of affordable housing and student apartments, water resource management projects, and investments in renewable energy and the power grid.Japanese officials said that U.S. Treasury Secretary Bessant understands the Bank of Japans independence.Japanese Finance Minister Satsuki Katayama: Speculative currency market volatility that does not reflect fundamentals has indeed been increasing.The local governor stated that a fire broke out in the port area of Ust-Luga, Russia.

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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