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According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Funds" and the "Draft Decision of the State Council on Amending and Repealing Some Administrative Regulations".According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant work on the implementation of the health-first development strategy.According to CCTV: Li Qiang chaired an executive meeting of the State Council, where he heard reports on the construction of new power grids and logistics networks.On July 31, the State Council Executive Meeting studied and implemented the spirit of General Secretary Xi Jinpings important speech on the economic situation in the first half of the year and the work for the second half of the year. The meeting emphasized the need to unify thinking and understanding with the Party Central Committees scientific judgment on the economic situation, and to take more concrete measures to promote sustained, improved, and positive economic development, striving for a good start to the 15th Five-Year Plan. It stressed the importance of effectively improving the implementation efficiency of macro policies, making full use of existing policies, and promptly planning and introducing practical and effective new policies. The meeting also emphasized the need to effectively expand domestic demand, seize opportunities in areas with great potential and strong driving force to launch a series of powerful measures, accelerate the implementation of major projects identified in the 15th Five-Year Plan, and solidly advance the planning and construction of the "six networks." Furthermore, it stressed the need to continuously enhance the endogenous driving force of development, and to come up with more practical and effective measures in areas such as building a unified market and optimizing the business environment. Finally, it emphasized the need to continue to prevent and resolve risks in key areas, solidly carry out disaster prevention, mitigation, and relief work, ensure safe production, strengthen assistance to people in difficulty, and safeguard the basic livelihood of the people.

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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