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French government spokesman: (Regarding Trumps tariff measures) We are ready for this trade war.French government spokesman: France will respond to Trumps tariffs together with Europe and reiterate that it will take reciprocal measures against digital services.On April 3, Anhui Provincial Governor Wang Qingxian presided over the 66th executive meeting of the provincial government on the afternoon of April 2 to review the "Opinions on Promoting the "Double Recruitment and Double Introduction" of Emerging Industries and Improving the Quality and Efficiency of Industrial Cultivation (Version 2.0)". The meeting pointed out that promoting the "double recruitment and double introduction" of emerging industries and improving the quality and efficiency of industrial cultivation is an important measure to create an emerging industry gathering place. We should focus on optimizing the industrial ecology, promoting the coordinated advancement of investment promotion and talent attraction, deepening the integrated development of "government, industry, academia, research, finance and services", and driving the integration of science and technology, industry and talents to land and empower each other. We must adhere to cutting-edge thinking, cutting-edge observation and cutting-edge action, further improve the quality and efficiency of the operation of the industry special team, constantly launch new offensives and achieve new results, and provide more powerful support for the provinces high-quality development.On April 3, Trump announced on April 2 that he would impose a 24% reciprocal tariff on Japan. In terms of details, the United States accused Japan of imposing a 700% tariff on American rice. Given that Japan imposed a "46%" tariff on the United States, a "24%" reciprocal tariff was imposed on Japan. Japans Minister of Agriculture, Forestry and Fisheries Taku Eto responded on April 3: "Even if you calculate logically, you wont get such a number. Its incomprehensible."Euro Stoxx 50 futures fell 2.08%, Germanys DAX futures fell 2.12% and Britains FTSE 100 futures fell 1.48%.

GBP/USD Traders Prepare for the Non-Farm Payroll, the Straw That Will Break the Camel's Back

Daniel Rogers

May 06, 2022 09:58

The pound is steady against the US dollar at 1.2365 but remains in extremely negative territory after collapsing below critical daily support on Thursday. GBP/USD plummeted from a high of 1.2634 to a low of 1.2325 as a result of the Bank of England's stern warnings, weak global economic statistics, and the likelihood of an aggressive Federal Reserve.

 

The Bank of England increased rates by 25 basis points, but "surprisingly, the BoE now forecasts inflation at 10.25 percent year on year in Q4 this year, up from 5.75 percent previously, due to higher power costs," analysts at ANZ Bank stated.

 

"In a particularly evocative illustration of a recurring global phenomenon, inflation is creating a "real income shock" - with average earnings growth falling short of inflation, real personal consumption would ultimately decline dramatically."

 

"In reality, the Bank of England forecasts that all components of domestic demand will slow this year and into next."

 

Against a backdrop of deteriorating Chinese PMIs and Germany's factory orders falling a massive 4.7 percent in March, compared to the -1.1 percent forecast, the US dollar thrived in anticipation of inflows to the US economy, which has performed better than other developed economies.

With an eye on the NFP

Thus, the Nonfarm Payrolls report becomes a crucial event. For example, ANZ Bank noted that "although the Fed is not considering a 75 basis point rate hike at the moment, that guidance is predicated on forecasts that the trend growth in monthly nonfarm payrolls will moderate and core inflation will stabilize."

 

However, there are no promises that will be the case. The demand for labor in the United States remains quite robust, and inflation in core services continues to rise gradually. Thus, tomorrow night's nonfarm payroll and employment figures are critical."

GBP/USD

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