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On August 17, the Hong Kong Stock Exchange (HKEX) announced that its Board of Directors has approved a three-year contract extension for its Group Chief Executive Officer, Chen Yiting, from March 1, 2027 to February 28, 2030 (both dates inclusive).A Houthi spokesman said: "The armed forces confirm that they are closely monitoring all actions and military movements of the Saudi adversaries and will strike against them, whether they occur on land or at sea."A Houthi spokesman stated that the armed forces successfully used multiple ballistic missiles to strike a Saudi enemy landing ship and four accompanying military vessels near the coast of Mocha in the Red Sea. The operation resulted in the ship catching fire, several accompanying vessels sinking, and the remaining vessels catching fire.Futures Market Summary | Monday, August 17th, CCTV News Highlights: 1. A grand meeting commemorating the 100th anniversary of Jiang Zemins birth was held in Beijing, with Xi Jinping delivering an important speech. 2. Xi Jinping sent a message of condolence to the Indonesian President regarding the strong earthquake in Indonesia. 3. At the invitation of Xi Jinping, the King of Jordan will pay a state visit to China. 4. Li Qiang chaired the 12th plenary meeting of the State Council. 5. A symposium on Jiang Zemins philosophy of peace and tranquility was held in Beijing, with Cai Qi attending the opening ceremony and delivering a speech. 6. The national economy maintained steady and positive growth from January to July. 7. Sales prices of commercial housing in first-tier cities generally rose month-on-month in July. 8. Eight departments jointly issued a document to ensure the safety of agricultural irrigation water. 9. my country has determined the first batch of primary care disease patients to receive "same disease, same payment" for hospitalization. 10. Change 6 lunar soil research provides new evidence of differences between the near and far sides of the moon. 11. The TV series "Hidden Edge" premieres tonight on CCTV-1. 12. Iran claims the US and Israel have achieved no objectives in the war against Iran; US media reports rising frustration among Gulf allies. 13. Russia claims to have shot down over 1,400 drones in one day; Ukrainian attack on major Russian logistics hub. 14. US President calls for a significant reduction in US-South Korea military exercises. 15. Foreign ministers of eight countries condemn Israels rejection of the Gaza peace plan. 16. Ebola death toll in the Democratic Republic of Congo rises to a new high. 17. Wildfires spread rapidly on islands near the Greek capital. 18. Hurricane causes widespread flooding and power outages in Hawaii.On August 17th, Morgan Stanley analysts stated in a report that low volatility in the G10 foreign exchange markets is expected to continue into late August and early September. Data from now until the Federal Reserve meeting in September should align with expectations that the Fed will maintain interest rates this year, which will prompt the market to gradually digest expectations of a rate hike. "Given the weak long-term correlation between Fed policy pricing and foreign exchange volatility, we expect foreign exchange volatility to face downward pressure." Furthermore, Middle East risks may continue to be priced into the market ahead of the US midterm elections, and August is historically a relatively calm period for the market.

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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