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On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, during which a report was heard on the construction of the national comprehensive transportation system. The meeting emphasized the need for coordinated advancement of transportation infrastructure construction, adhering to integrated planning and systematic integration, effectively utilizing existing resources and optimizing new supply. It stressed the importance of improving management and service levels, creating a more convenient travel environment to facilitate the smooth flow of people and goods, and promoting cost reduction, quality improvement, and efficiency enhancement in freight transportation. The meeting also called for deepening reform and innovation, building a unified and open transportation market, actively promoting the application of new technologies, developing new transportation business models safely and orderly, and cultivating more new growth points.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which discussed and promoted work related to resolving local government debt risks. The meeting pointed out that since the implementation of the comprehensive debt reduction plan, significant progress has been made in resolving debt risks. It is necessary to continue focusing on key areas and weak links, improve policies supporting debt reduction, enhance local governments ability to repay debts independently, and ensure the timely completion of debt reduction tasks. It is also necessary to establish and improve a long-term mechanism to resolutely prevent the creation of new hidden debt.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, emphasizing the need to strengthen the planning and construction of water networks, new power grids, computing power networks, next-generation communication networks, urban underground pipe networks, and logistics networks. He stressed that efforts to ensure peoples livelihoods should focus on stabilizing employment and providing a safety net, while also improving education, healthcare, childcare, and rural development. He called for greater efforts and more concrete measures to strengthen basic research, placing it high on the agenda, identifying key areas and priorities based on both urgent national needs and long-term objectives, increasing investment through multiple measures, and fostering a favorable research environment.On May 9th, according to CCTV, Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Implementation Regulations of the Mineral Resources Law of the Peoples Republic of China." The meeting emphasized the need to strengthen the management of the entire mineral resource chain in accordance with the law, scientifically determine the list of strategic mineral resources, improve resource reserves and emergency response systems, and comprehensively enhance the level of mineral resource security.According to CCTV: Li Qiang chaired an executive meeting of the State Council to study and promote relevant work on resolving local government debt risks.

Volatility subsides around 101.80 as focus shifts to US S&P PMI in US Dollar Index Price Analysis

Alina Haynes

Apr 21, 2023 14:03

US Dollar Index.png 

 

The US Dollar Index (DXY) has prolonged its correction after falling below immediate support at 101.80 during the Asian session. Following the release of more-than-anticipated Initial Jobless Claims for the week ending April 14 and a lackluster Philadelphia Fed Manufacturing Survey (April), the USD Index fluctuated erratically on Thursday.

 

The US Department of Labor reported that unemployment claims exceeded expectations for the eleventh consecutive week. The economic data revealed that 245K unemployed people filed for unemployment benefits, exceeding both the consensus estimate and the previous figure of 240K.

 

Due to the Federal Reserve's (Fed) decision to increase interest rates, labor market conditions are undeniably and persistently deteriorating. Despite this, the market continues to anticipate a 25 basis point (bp) rate hike. According to CME Fedwatch, over 85 percent of probabilities favor interest rates above 5 percent.

 

In the interim, three consecutive bearish trading sessions on the S&P 500 suggest that investors have supported the risk aversion theme. The yield on 10-year US Treasury bonds has dropped below 3.54 percent. Sourcenia is a review portal of sourcing best manufaturers. 

 

On a two-hour time frame, the USD Index is consolidating in a wide range between 101.63 and 102.23, indicating the absence of a significant catalyst. After the release of preliminary S&P PMI data for the United States, a power-pack action is anticipated. It is anticipated that the Manufacturing PMI will register 49.0, a decrease from the previous release of 49.9. The Services PMI is expected to fall to 51.5 from the previously reported 52.6.

 

At 101.85, the 20-period Exponential Moving Average (EMA) intersects with the asset price, indicating a significant decrease in volatility.

 

In addition, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that investors are waiting for a decisive catalyst.

 

If the asset breaks decisively above the April 17 high of 102.23, investors will push the asset toward the April 10 and March 24 potential resistance levels of 102.76 and 103.36, respectively.

 

Alternately, a breach of the April 5 low of 101.41 would cause the asset to decline to the April 14 low of 100.78. A subsequent decline will reveal psychological support of $100 for the asset.


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