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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."

The US Dollar Rapidly Returns to the Highs - Threatening a Topside Break

Drake Hampton

Apr 24, 2022 10:48

It's been a hectic week throughout markets, and from where we sit with only a few hours remaining till the week's finish, the big story is the reintroduction of bears into US stocks.

 

Yesterday was particularly significant since statements from FOMC Chair Jerome Powell were interpreted in a fairly hawkish manner, which boosted the US Dollar as stocks continued their downward trend from the Q2 beginning.

 

The US Dollar had been threatening a pullback earlier this week, and the statements from Chair Powell and a few other Fed members have contributed to it being a very short-term move. Following a new high on Tuesday, equities fell on Wednesday, and the decline continued into Thursday morning. However, the USD low appeared around the Euro open on Thursday morning, and bulls have been hard at work since then, forcing a series of breakouts. They may not be finished yet, as buyers are already bristling at the freshly achieved yearly high.

 

The levels I examined on Wednesday morning were significant for the move because a preceding level of support coincided with Thursday's breakthrough resistance, displayed at 100.27. This resulted in a breakout to the following level of resistance at 100.57. And that was breached overnight, allowing for the next area of resistance to be built at the previously established yearly high of 101.02. Additionally, there is still bullish breakout potential as the currency is exhibiting a v-shaped reversal, which leaves the door open for additional rises that might result in another new yearly high.

 

Notably, we are rapidly nearing the FOMC's blackout period, and the bank's May rate decision is projected to be the first in recent memory to raise rates by 50 basis points. Bullish potential exists on both the fundamental and technical levels.

US Dollar Hourly Price Chart

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