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February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to adhere to the bottom line and actively and steadily resolve risks in key areas. Strengthen the coordination between risk prevention and development promotion policies to further enhance development resilience. Focus on stabilizing the real estate market, implementing city-specific policies to control new supply, reduce inventory, and optimize supply, encouraging the acquisition of existing commercial housing for the purpose of affordable housing, etc. Deepen the reform of the housing provident fund system, orderly promote the construction of "good houses," and accelerate the construction of a new model for real estate development. Actively and orderly resolve local government debt risks, urging local governments to proactively resolve their debts. Optimize debt restructuring and replacement methods, and take multiple measures to resolve the operational debt risks of local government financing platforms.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to persist in reform and strengthen the driving force and vitality of high-quality development. This includes formulating regulations for the construction of a unified national market, thoroughly addressing "involutionary" competition, and creating a sound market ecosystem. It also includes formulating and implementing a plan to further deepen the reform of state-owned assets and enterprises, and improving supporting regulations and policies for the Law on Promoting the Private Economy. Furthermore, it calls for accelerating the clearing of overdue payments to enterprises, promoting win-win development for platform enterprises and their operators and workers, expanding pilot projects for market-oriented reforms of factors of production, optimizing the structure of fiscal transfer payments, and improving the local tax system. Finally, it emphasizes further promoting the reduction and improvement of small and medium-sized financial institutions and continuously deepening the comprehensive reform of investment and financing in the capital market.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article points out that it is necessary to adhere to innovation-driven development and accelerate the cultivation and expansion of new growth drivers. It emphasizes adhering to the principle of using scientific and technological innovation to lead industrial upgrading and continuously generate new quality productivity. It calls for formulating an integrated plan to promote the development of education, science and technology talent. It also emphasizes building international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei region), Shanghai (Yangtze River Delta region), and the Guangdong-Hong Kong-Macao Greater Bay Area, creating world-class sources of scientific and technological innovation. Furthermore, it stresses strengthening the leading role of enterprises in innovation, supporting the expansion of application demonstrations of new technologies, new products, and new scenarios, improving the intellectual property protection system in emerging fields, and accelerating the transformation of scientific and technological achievements. The article also calls for formulating an action plan to expand and improve the service industry, implementing a new round of high-quality development action for key industrial chains, deepening and expanding "artificial intelligence +", improving artificial intelligence governance, and innovating science and technology financial services.February 15th news: The fourth issue of Qiushi magazine, to be published on February 16th, will carry an important article by Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, entitled "Key Tasks of Current Economic Work." The article emphasizes that there are many tasks to be done in the economic work of 2026, and it is crucial to grasp the key points and focus on the essentials. It stresses adhering to domestic demand as the main driver and building a strong domestic market. It calls for coordinating efforts to promote consumption and expand investment, making good use of my countrys super-large market advantage. It emphasizes the need to further implement special actions to boost consumption, formulate and implement plans to increase the income of urban and rural residents, expand the supply of high-quality goods and services, optimize the implementation of policies related to new infrastructure and new urbanization, eliminate unreasonable restrictions on consumption, and unleash the potential of service consumption such as culture and tourism. Focusing on improving peoples livelihoods and enhancing future growth potential, it calls for stabilizing investment, appropriately increasing the scale of central government budgetary investment, optimizing the implementation of key projects, optimizing the management of local government special bonds, continuing to leverage new policy-based financial instruments, promoting high-quality urban renewal, and effectively stimulating private investment.On February 15th, the Equipment Industry Department of the Ministry of Industry and Information Technology organized the National Automotive Standardization Technical Committee to revise the mandatory national standard "Marking of Automotive Control Components, Indicators and Signaling Devices." A draft for public comment has been completed and will be released soon. The document explicitly requires that turn signal lights, window operation, and activation of combined driver assistance systems should be equipped with physical control components. This document replaces GB 4094—2016 "Marking of Automotive Control Components, Indicators and Signaling Devices." This revision adds new types and technical requirements for physical control components, aiming to improve driving safety, ensure that key control components are accessible, usable, and largely blind-operable during driving, allowing drivers to perceive the triggering results of control components without overly relying on visual cues, reducing distractions caused by display screens, and further ensuring the reliability and effectiveness of control components. Other modifications and additions include: changing the scope of application of the standard, deleting descriptions inapplicable to electric vehicles, adding requirements for the display level and visibility of signs, and adding a power battery fault signal device sign, etc.

USD/TRY reestablishes its annual high on route to 17.00, notwithstanding Erdogan's expectation of future inflation moderation

Alina Haynes

Jun 06, 2022 15:25

 截屏2022-06-06 下午3.23.52.png

 

In spite of Turkish currency (TRY) traders' inflation worries and President Erdogan's efforts to appease TRY purchasers, the USD/TRY continues to trade near $16.36, the highest level since 2022. The pair's upward momentum is influenced by Friday's high Turkish inflation data for May, as well as the US dollar's comeback over the last week, not to mention expectations of the Fed's faster/more aggressive rate rises.

 

According to Reuters, "Turkish President Tayyip Erdogan stated on Sunday that inflation numbers from the month of May, when annual consumer prices soared to a 24-year high, indicate that inflation is now on the down." It is noteworthy that the May inflation rate for Turkey increased to 73.5 percent in the most recent report.

 

Reuters also reported that the lira fell by 44 percent last year and has been the poorest performer in emerging markets for several consecutive years, mostly owing to economic and monetary policy worries under the administration of President Tayyip Erdogan.

 

In contrast, the odds supporting a 0.50 percent rate hike by the Federal Reserve in September have lately increased to 75 percent from 35 percent a week earlier, which emphasizes this week's US Consumer Price Index (CPI) data and favors US dollar purchasers. In spite of this, the US Dollar Index (DXY) reversed a two-week downward trend at Friday's close, trading down 0.14 percent intraday near 102.000 as of press time.

 

US Nonfarm Payrolls (NFP) for May came in at 390K, above expectations of 325K but falling short of the upwardly revised prior readings of 428K. In addition, the unemployment rate stayed constant at 3.6% against predictions of a minor reduction to 3.5%. In addition, the US ISM Services PMI dropped to 55.9 in May, compared to the market estimate of 56.4 and the flash reading of 57.1 in April. Following the release of the statistics, Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed's only worry is inflation. The officials underlined that the likelihood of a recession has increased.

 

Wall Street benchmarks finished in the negative and US 10-year Treasury rates saw their first weekly increase in three weeks to reflect the risk-averse sentiment of the previous day. However, S&P 500 Futures increased by 0.5 percent to 4,126 and US 10-year Treasury rates fell by 1.3 basis points (bps) to 2.942 percent as per the most recent data available.

 

Amid a pre-Fed blackout for Fed officials and in anticipation of Friday's US CPI, USD/TRY traders should pay attention to risk drivers moving forward.

Technical Evaluation

A successful breach of the prior resistance line from early January, about 16.45 at the time of publication, would lead USD/TRY values toward the $17.00 mark before testing the late 2021 top at $18.36.


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