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On January 11, UN Secretary-General Spokesperson Stephane Dujarric said on the 10th local time that the United Nations has noticed reports from both the United States and Russia that US President-elect Trump plans to hold talks with Russian President Vladimir Putin. The United Nations welcomes any dialogue between the United States and Russia after Trump officially takes office as president. US media reported on the same day that Trump is planning to hold talks with Putin to resolve the Ukrainian issue. In response, Russian Presidents Press Secretary Peskov said on the 10th that Russia welcomes Trumps willingness to resolve the issue through dialogue. Although there are no specific arrangements at present, there should be further actions after Trump takes office as president.On January 11, the South Korean government said on the 10th that the country will discuss the minimum age standard for the elderly in the near future to deal with issues related to the aging population. According to media reports, the South Korean government intends to raise the minimum age threshold for the elderly to 70 years old. This proposal was made by the Ministry of Health and Welfare of South Korea and has been reported to Acting President Choi Sang-moo. At present, the minimum age standard for the elderly in South Korea is 65 years old.On January 11, the weather in northern and western Japan near the Sea of Japan has been extremely cold recently, with heavy snowfall in large areas over the past few days. In particular, the snow depth in Suoyu, Aomori Prefecture reached 3.7 meters on the 10th. Due to the snowfall, some sections of Japans highways were closed, and some Shinkansen trains were suspended or delayed.British Chancellor of the Exchequer Reeves: The fiscal rules set in the October budget are "non-negotiable". Global financial markets have undoubtedly changed.On January 11, Mitsubishi Motors President Takao Kato was interviewed on January 10. Regarding whether to join the management merger consultation between Honda and Nissan, he said "this is one of the options." Speaking of the envisioned benefits, Kato Takao said "We can actively get help in the North American business (where Mitsubishi Motors has no production base)." Kato Takao also pointed out that in terms of in-vehicle software development, "there will also be scenarios where the technical strength of the two companies will be utilized, which will be very beneficial." Honda and Nissan announced the full launch of management merger consultations in December last year. Mitsubishi Motors previously stated that it will decide whether to join the consultations around the end of January.

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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