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On January 17, SpaceX said that the starship experienced a rapid unplanned disintegration during the launch burn. The team will continue to review the data from todays flight test to better understand the root cause. This flight test will help us improve the reliability of the starship.Futures News on January 17, according to the latest data from the U.S. Commodity Futures Trading Commission (CFTC), as of January 10, ① there were 47,356 unpriced sell orders for U.S. cotton on-call, a decrease of 1,694 lots from the previous month; there were 85,069 unpriced buy orders, an increase of 1,514 lots from the previous month; ② there were 14,122 unpriced contracts on the ICE Cotton 2503 contract, a decrease of 2,245 lots from the previous week; ③ there were 11,738 unpriced contracts on the ICE Cotton 2505 contract, an increase of 121 lots from the previous week; ④ there were 13,032 unpriced contracts on the ICE Cotton 2507 contract, a decrease of 305 lots from the previous week; ⑤ there were 0 unpriced contracts on the ICE Cotton 2510 contract, the same as the previous week; ⑥ there were 5,234 unpriced contracts on the ICE Cotton 2512 contract, an increase of 458 lots from the previous week.On January 17, SpaceXs new generation heavy-lift rocket "Starship" was launched from Texas, the United States on the 16th, carrying out its seventh test flight. Shortly after the launch, the second-stage spacecraft of the rocket lost contact with the ground team. The live broadcast of SpaceX showed that after the launch, the first-stage booster of the rocket was once again recovered from the launch tower. When landing, it was "clamped" by the mechanical arm on the launch tower and "captured" and recovered in mid-air. However, the second-stage spacecraft of the rocket subsequently lost contact with the ground team, and the live broadcast of the spacecraft was interrupted.SpaceX lost contact with Starship.SpaceX Starship conducted its seventh test flight and ignited and launched.

EUR/USD falls to 1.0850 as German/US Data escalates the ECB-Fed Conflict

Alina Haynes

Feb 01, 2023 15:32

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Mid-1.0800s intraday support is reestablished for EUR/USD on Wednesday morning, reversing Tuesday's rebound gains. This demonstrates the market's uneasiness ahead of the Federal Open Market Committee (FOMC) meeting. German economic risks to the EU, as well as mixed data from the United States and fears that Fed Chairman Jerome Powell will yet support hawks, might potentially weigh on the currency.

 

The Eurozone's Gross Domestic Product (GDP) for the fourth quarter (Q4) climbed 0.1% quarter-over-quarter (QoQ) on Tuesday, compared to 0.0% expected and 0.3% earlier. The year-over-year statistics were also good for the bloc, topping the market consensus of 1.8% to achieve 1.9%, compared to 2.3% previously. Nevertheless, German Retail Sales decreased 5.3% month-over-month in December, which was substantially worse than expected. Earlier in the week, the German GDP likewise disappointed EUR/USD pair speculators.

 

In contrast, the US Employment Cost Index (ECI) for the fourth quarter declined to 1.0% compared to market estimates of 1.1% and previous readings of 1.2%. In addition, the Conference Board (CB) Consumer Confidence index dropped from 108.3 to 107.10 in January. The US Chicago Purchasing Managers' Index (PMI) for January, which rose to 44.3 vs 41 expected and 44.9 previous readings, does not merit substantial attention.

 

Aside from the United States, higher profit reports from industry leaders including General Motors, Exxon, and McDonald's alleviated the economic downturn and lifted Wall Street indices. Nevertheless, the Dow Jones Industrial Average (DJIA), the S&P 500, and the Nasdaq all reported daily gains of greater than 1.0% on the previous trading day. In contrast, the yields on 10-year US Treasury notes reversed a three-day rise and returned to 3.51 percent, while their two-year equivalents plummeted to 4.20 percent.

 

It should be noted that JP Morgan's annual survey uncovered a reduction in inflation fears and a rise in recession fears, which tests the risk profile in the middle of pre-Fed anxiety. In spite of this, the world's largest rating agency, Fitch, forecasts that the US Consumer Price Index (CPI) would moderate to the mid-3.0% band in 2023 and the high-2.0% range in 2024, putting pressure on EUR/USD bears.

 

As a result of these variables, S&P 500 Futures see minor losses, while US Treasury bond rates remain sluggish and halt their slide from the previous day. This allows the EUR/USD pair to prepare for the Federal Reserve's dovish rate hike of 0.25 percentage points.

 

While the 0.25 basis point Fed rate hike is virtually expected and has been priced in, EUR/USD traders will also pay close attention to January activity data and Jerome Powell's ability to defend aggressive rate hikes.


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