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July 29th - Despite some speculation that the Federal Reserve might unexpectedly raise interest rates on Wednesday, Fundstrat Global Advisors market strategist Tom Lee believes this is unlikely, primarily based on recent progress on inflation. The latest inflation data shows that housing costs and other key components are slowing, giving the Fed room to keep rates unchanged. Therefore, it would be surprising if the Fed, which always emphasizes data collection, concluded that inflationary pressures remain strong based solely on surface observations. Admittedly, inflation has not yet returned to 2%, but the impact of tariffs and rising oil prices are distorting these figures. However, the Fed may consider further reducing its asset holdings on its balance sheet.TSMC (TSM.N): Raw material supply is normal.On July 29th, CSPC Pharmaceutical Group (01093.HK) announced in Hong Kong that its Phase II clinical trial (SYH2062-003) for the treatment of essential hypertension in adults, developed by the Group, has been officially launched at its first center in China. This product specifically silences the angiotensinogen (AGT) gene, inhibits the expression of the corresponding protein, and alleviates excessive activation of the renin-angiotensin system (RAAS), thereby exerting an effective pathway inhibition and long-term blood pressure control effect.On July 29, CSPC Pharmaceutical Group (01093.HK) announced in Hong Kong that CRB-701 (SYS6002), which the Group licensed to Corbus Pharmaceuticals, Inc. for development, has been approved by the U.S. Food and Drug Administration to initiate a registration clinical trial (trial code: TEMPO-1) for second-line treatment of oropharyngeal squamous cell carcinoma.Italian oil company Eni: Refineries will operate at maximum capacity in the third quarter.

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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