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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

EUR/USD Hovers around 1.0540s as Bears Take a Breather

Daniel Rogers

May 07, 2022 10:14

The EUR/USD pared some of Thursday's losses and is poised to end the week on a positive note, snapping four straight weeks of losses despite a risk-averse financial market climate. At 1.0552, the EUR/USD is up 0.13 percentage points.

 

US markets have extended their losses for a second day in a row, indicating that sentiment is still negative. Earlier in the North American session, the US Department of Labor released April's Nonfarm Payrolls report, which indicated that the US economy added 428K jobs, which was higher than the 390K jobs that analysts had predicted. Leisure, hospitality, manufacturing, transportation, and warehousing led job growth.

 

The Unemployment Rate stayed constant at 3.6%, while Average Hourly Earnings increased by 5.5% y/y, a decrease from the previous month's figure of 5.6%.

 

According to sources cited by Reuters, "nothing in today's employment report would modify the Fed's predicted course" and "current market sentiment does not place much confidence in the Fed's ability to get inflation under control without a recession."

 

Analysts at ING wrote in a note that "the unemployment rate remained unchanged at 3.6 percent instead of falling to 3.5 percent as anticipated, which in combination with a softer average hourly earnings figure of 0.3 percent month-on-month rather than the 0.4 percent consensus forecast (and slower than the 0.5 percent gain in March) may be interpreted as a signal of less inflationary pressures in the labor market."

 

The US Dollar Index, a measure of the greenback's value against a basket of six currencies, is currently up 0.11 percent, standing at 103.664, while the 10-year US Treasury yield has touched a yearly high of 3.131 percent.

Technical Price Forecast for EUR/USD

From a daily chart standpoint, the EUR/USD exchange rate remains bearish. Despite Friday's favorable price action for the shared currency, the major remains susceptible to additional selling pressure, despite the efforts of ECB members to bolster the EUR.

 

The EUR/USD is neutrally bullish on the 1-hour time frame chart in the near future. The 50-hour simple moving average (HSMA) moved above the 200-hour simple moving average (HSMA), a bullish indicator, although the EUR/USD remains range-bound due to the nearly horizontal slope.

 

First upwards resistance for the EUR/USD would be the April 2017 peak near 1.0569. Breaking above would reveal Friday's daily peak, just shy of 1.0600, followed by the R1 daily pivot at 1.0620. On the downside, the 200-HSMA at 1.0550 would be the initial support for the EUR/USD. A breach of the latter would expose the swing low from February 2017 at 1.0494, the S1 daily pivot at 1.0470, and then 1.0450.

 

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