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Financial commentary
Posted on 2017-10-18 10:55:16 Share it on the web version
                        Central Bank Vice President Pan Gongsheng: The Central Bank has basically withdrawn from the foreign exchange market
Source: Securities Times Editor: Oriental Fortune Network

On October 18, Pan Gongsheng, deputy governor of the People's Bank of China and head of the State Administration of Foreign Exchange told a reporter at the Securities Times before the opening ceremony of the Nineteenth National Congress that the RMB exchange rate was relatively stable in recent days and it can be seen that the exchange rate is driven by marketization. The central bank has basically withdrawn from normalized intervention. After the Nineteenth National Congress, the RMB exchange rate will have a more stable basis.

Pan Gongsheng, the head of the State Administration of Foreign Exchange, said that the basic principle of strengthening exchange rate flexibility and maintaining the basic stability of the RMB exchange rate at the equilibrium level will not change, and some technical reforms will be conducted under this basic principle. Monetary policy will remain stable and neutral.

Turning to the issue of China's financial sector opening to the outside world, Pan Gongsheng stated that opening up to the outside world is an important strategy for China. Promoting opening up to the outside world is an important task both from a financial perspective and from the perspective of foreign exchange management.

  Extended reading >>>

  China's economy is expected to be optimistic and support the RMB National Day rose by nearly 1%

  [IMF recently stated that the stabilization of China's economic growth has stimulated the growth momentum of emerging markets and even the world from trade, commodity prices, confidence and other channels]

From May to September, the unilateral appreciation of the renminbi has a clear trend. In just four months, the renminbi (CNY) on the shore has appreciated by more than 6% against the US dollar and has rushed towards 6.4. After bilateral fluctuations dominated the trend of the renminbi in September, the renminbi began to climb again from before the National Day in the backdrop that global institutions are optimistic about the Chinese economy. The rise has been nearly 1% so far.

The public is concerned that the strong appreciation of the renminbi this month is dominated by several factors. What is the impact of the good expectations of China's economic growth on the exchange rate? What are the patterns of future renminbi movements?

Chief Financial Analyst Xie Yaxuan of China Merchants Securities said to the First Financial reporter that the four major reasons helped boost the yuan. First, China's Manufacturing Purchasing Managers' Index (PMI) was 52.7% in September, significantly exceeding market expectations. Second, the International Monetary Fund (IMF) and other agencies have raised China’s 2017 economic growth expectations one after another to boost market confidence; Third, the US inflation data was less than expected, leading to a weakening of the US dollar index; in addition, the international capital flow situation has improved.

Zhou Hao, chief Chinese economist of German Commercial Bank, told the First Financial reporter that China's economic growth was higher than previously expected, and it is expected that the yuan will be near 6.76 at the end of the year.

  The renminbi regains its momentum

As of 14:30 on October 17th, Beijing time, the onshore RMB reported 6.614 against the US dollar, which was nearly 1% higher than the 6.6785 before the National Day holiday. The First Financial Reporter was informed that in addition to the better-than-expected Chinese economy, the recent revaluation of the RMB exchange rate was affected by multiple factors.

First of all, the US dollar is waning. Last Friday’s US inflation data led to a sharp dive in the US dollar, which caused the external devaluation pressure of the renminbi to ease.

"Inflation below expectations has intensified the uncertainties of the Fed's policies. The future inflation turmoil will continue to be overhanging the US dollar bulls," said Stephen Innes, Asia-Pacific chief trading officer at Forex broker OANDA, to the CCP reporter.

Secondly, Xie Yaxuan said that after the National Day holidays, the demand for foreign exchange purchases by residents to travel abroad will help the supply and demand of the domestic foreign exchange market to improve and ease the pressure on the seasonal devaluation of the renminbi before the holiday. Historical data shows that the value of bank valet sales under the service trade in September tends to be significantly higher than the level in October.

In addition, the international capital flow has improved. Last week, international capital inflows from emerging economies such as China, South Korea, and India increased, especially in South Korea, and the inflow reached the highest level this year. The low rebound rate of the emerging market capital flow indicators of the China Merchants Macro Team is even more pronounced.

From the perspective of market funds, according to statistics from the fund flow monitoring agency EPFR last week, the capital inflows from the Chinese market (including A, H, and red chip stocks) funds have significantly expanded, inflows reached 1.29 billion U.S. dollars this week (only 230 million U.S. dollars last week). Recorded the largest weekly inflow since July 2015.

At the same time, the balance of China’s foreign exchange reserves rose by US$10.8 billion in August, which rose for the seventh consecutive month.

It is worth noting that most of the agencies interviewed by the CBN reporter have indicated that there is no element of central bank intervention in the rise in the renminbi exchange rate. "The average daily trading volume of the foreign exchange market was only 21 billion U.S. dollars last week, which is the lowest level since August. This is a strong evidence that the central bank has not interfered with the market." Xie Yaxuan said.

  China's economy is better than expected

External factors are important, but the economic fundamentals are even longer-term factors that determine the strength of the exchange rate. Since the second half of the year, global institutions have raised their expectations for the Chinese economy.

U.S. chief strategy strategist at UBS Securities Gao Ting told the First Financial reporter that the PMI rose unexpectedly in September, and the industrial producer price index (PPI) growth exceeded market expectations year-on-year, still mainly driven by raw material prices.

Zhou Xiaochuan, the governor of the Central Bank, also stated that China’s economic growth rate is expected to reach 7.0% in the second half of the year, which is also beyond the market’s previous judgment that the economic growth rate will slow in the second half of the year.

The IMF also said recently that the stabilization of China’s economic growth has driven growth momentum in emerging markets and globally from channels such as trade, commodity prices, and confidence. It is expected that China’s gross domestic product (GDP) growth rate will increase to 6.8% in 2017. The annual rate was 6.5%, which was 0.2 and 0.3 percentage points higher than the forecast for April this year.

In August of this year, due to unexpectedly strong data performance in Asia Pacific in the first half of the year, Moody’s also raised China’s 2017 economic growth rate forecast from 6.6% to 6.8%, and raised its 2018 growth rate forecast from 6.3% to 6.4. %.

According to Lian Ping, chief economist of the Bank of Communications, the annual economic growth will be significantly higher than 6.5%, and it is expected to remain at around 6.8%. The overall operation is stable.

Specifically, the expansion of export growth has become a major contributor to the rise in GDP this year. Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, told the First Financial reporter that net exports contributed 0.3 percentage points to GDP growth in the first half of this year, compared to a 0.7 percentage point drop in the same period last year. Correspondingly, the dollar-denominated export growth rate in the first half of this year rebounded sharply from -9.57% last year to 8.5%.

Zhang Jun believes that in view of the steady recovery of the Morgan Stanley Global Trade Leading Index (MSGTLI) in the past two months, global trade growth will maintain a relatively stable trend in the fourth quarter and will not shrink substantially. In the fourth quarter, China’s economic growth momentum will continued.

  RMB continues to stabilize in the fourth quarter

As far as the fourth quarter is concerned, major institutions generally expect that the renminbi will show a range-bound pattern against the U.S. dollar and there is no possibility of a substantial depreciation.

Right now, the cross-border capital flow of RMB has improved. The balance of official foreign exchange reserves announced by the People's Bank of China at the end of September 2017 was US$3.1085 trillion, which increased for eight consecutive months.

In addition, the willingness of companies and residents to purchase foreign exchange (the ratio of foreign exchange purchases by residents and enterprises to banks and foreign exchange expenses of foreign customers) fell to 61%, and the purchase exchange rate was 74% earlier this year. The willingness of enterprises and residents to settle foreign exchange (the ratio of foreign exchange sales between residents and enterprises to banks and foreign foreign exchange earnings of customers) rose to 62%.

In terms of external factors, although the Fed started its contracting in October and will raise interest rates again in December, it has already been expected in the market and will restrain the US dollar due to the uncertainty of US fiscal stimulus and continued weakness of inflation. The upside.

Deutsche Bank forex strategist KitJuckes told Chief Financial reporter that the market has fully expected that the Fed’s tightening process will be very modest in 2018, although the US dollar will not collapse, but the US dollar’s ​​growth momentum in September Has collapsed, "At the moment, the euro is still undervalued, and the mean return of medium-term valuations will continue. If the European economic recovery continues and the European Central Bank continues to advance the normalization process, then the euro will rise to 1.3 or higher over the US dollar within 18 months. ."

The euro accounts for about 70% of the U.S. dollar index, and the euro depreciated nearly 30% against the U.S. dollar since 2015. Once the euro begins to rise, the U.S. dollar will also suffer.

In addition, agencies generally expect that if the United States does not show a clear upward trend in inflation, it will be difficult for the US dollar to appreciate significantly.

“TIPS yields fell by 4 percentage points compared to the beginning of the year, while in other G10 countries (participates in the General Borrowing Agreement), this yield has risen. For example, Germany’s climbed 12 At the base point, Canada climbed 25 basis points. During the same period, the US dollar depreciated against the G10 currency, said Jukes.

“Federal officials are assessing whether the downturn in inflation is an intermittent factor. Now the market expects the federal funds rate to rise to around 2.5%, and inflation may still remain below 2%. Therefore, this is not enough to return the dollar back to last December. High position," he said. (Source: First Financial Daily)

Posted on 2017-10-18 14:01:54
                            is it? Ha ha!
Posted on 2017-10-18 15:08:59
Let's take a look at the full circulation of the Chinese mini high-tech 600730 head mini-disk, which can be turned several times.
Posted on 2017-10-18 15:10:13
China Hi-Tech rarely sells stocks in small caps and has huge potential.
Posted on 2017-10-18 15:13:43
                            300113
Posted on 2017-10-18 15:18:02
                            twenty three
Posted on 2017-10-18 15:24:36
                            The food market has come. At the end of the year, there are real markets that are pushing Shouxiangu and Jiuzhou in Sichuan Province. Red Sea's major customers have revealed that they will sharply increase, which will surpass the Zhangjiagang and Qidong equipments that were spurt in the early days of the Red Sea. , we can actively participate in heavy positions, will double the market! The post-holiday market index will basically maintain a stable upward trend, light index heavy stocks, grab the mainstream hot spot leading stocks is king.
Posted on 2017-10-18 15:43:36
                            Communication Baima leader leads the 5G force NB-IOT is expected to Qiyuan
At 10:54 on October 18, 2017 Author: Liu Yang Source: Shen Wanhong Source Editor: dongfangcaifuwang
Silan Micro; hot chip, lithium battery protection. Huijin is the second largest shareholder. The largest shareholder holds 41%!
5G force. 4G has evolved smoothly towards 5G, and early network construction has taken expansion as the core. The 5G investment is smooth and long-lasting, and the vertical industry is the future nugget. MWC2017 Looking at the latest developments in the 5G industry chain. The best layout time for 4G core stocks: 1 year ahead of license issuance. Base station antenna RF company: The relative growth rate and performance growth rate are high. Pre-judgment of domestic 5G license issuance time: 2019-early-2020.
NB-IoT is expected to pave the way. Look at the domestic NB-IoT, global car networking. Domestic operators NB-I...
Posted on 2017-10-18 16:48:58
                            002871 The future big cattle stocks
Posted on 2017-10-18 16:51:14
                            Niang Xipi: Chairman, Northeast Securities 3 quarterly report 0.27 yuan Price of 10.03 yuan is not as good as real loss of ST,Why is that?
600149 *ST Square 2 quarterly report -0.01 yuan price 12.76 yuan 600733 *ST striker 2 quarterly report 0.00 yuan stock price 50.18 yuan
600847 * ST Wanli 2 quarterly report - 0.00 yuan stock price 15.35 yuan 600228 * ST Chang 9 2 quarterly report - 0.06 yuan stock price 14.42 yuan
600817 *ST Hongsheng 2 quarterly report -0.00 yuan stock price 14.05 yuan 600265 ST Jinggu 2 quarterly report -0.07 yuan price 25.07 yuan
600680 ST Top 2 quarterly report -0.36 yuan at current price of 14.11 yuan 600234 ST landscape second quarter report -0.06 yuan stock price of 15.51 yuan
...
Posted on 2017-10-18 17:11:40
                            OCT A000069's third-quarter performance doubled its conservative target of $18.88!
Ended 2017-10-13, Agency's Performance Forecast for the Company for the Next 3 Years in the Last 12 Months

In 2017, a total of 17 institutions gave forecasts, and the average forecasted 2017 earnings per share was 0.9967, of which:
Guotai Junan is the most optimistic, predicting net profit of 935,447.68 million; Guohai Securities is more conservative
, The projected net profit is 599,014,400 yuan.

In 2018, a total of 16 institutions gave forecasts, and the average forecasted earnings per share in 2018 was 1.2495, of which:
Essen Securities is the most optimistic, predicting a net profit of 1246.9 million yuan; Guojin Securities is more conservative
, The projected net profit is 7.3305565 million yuan.

In 2019, a total of 12 institutions gave forecasts, and the average forecasted earnings per share in 2019 was 1.5159, of which:
Essence Securities is the most optimistic, predicting a net profit of 151.213 billion yuan; BOC International is more conservative
, The projected net profit is 89,490,000 yuan.
Posted on 2017-10-18 17:14:05
                            OCT A000069's third-quarter performance doubled its conservative target of $18.88!
Ended 2017-10-13, Agency's Performance Forecast for the Company for the Next 3 Years in the Last 12 Months

In 2017, a total of 17 institutions gave forecasts, and the average forecasted earnings per share in 2017 was 0.9967, of which:
Guotai Junan is the most optimistic, predicting net profit of 935,447.68 million; Guohai Securities is more conservative
, The projected net profit is 599,014,400 yuan.

In 2018, a total of 16 institutions gave forecasts, and the average forecasted earnings per share in 2018 was 1.2495, of which:
Essen Securities is the most optimistic, predicting a net profit of 1246.9 million yuan; Guojin Securities is more conservative
, The projected net profit was 7.3305565 million yuan.

In 2019, a total of 12 institutions gave forecasts, and the average forecasted earnings per share in 2019 was 1.5159, of which:
Essen Securities is the most optimistic, predicting a net profit of RMB 15121.3 million; BOC International is more conservative
, The projected net profit is 89,490,000 yuan.
Posted on 2017-10-18 17:33:46
                            The appreciation of the renminbi is at least a good thing for the stock market, and others are not evaluated.
Posted on 2017-10-18 20:37:00
                            We believe that: Weilong (002871) has a small inventory, high performance and high growth. The original eight concepts are (1. Military, 2. Xiong'an, 3. One Belt and One Road, 4. Guangdong, Hong Kong and Macau, Dawan District, and 5. Hebei Xiong. Anxin District excavated Jing'an Canal Baotian Canal, 6. Made in China 2015, 7. The country's 172 major water conservancy projects, 8. Pan Xiaogang's listing, non-existence and non-prohibition, no ban on stocks within 3 years - high growth in performance - with Implementation of high transfer and large bonus dividends. One missing company sewage treatment system product is an environmental protection concept; as Weilong's product demand is seasonally strong, the construction volume of various types of large projects will generally increase in the second half of the year. The preparatory work has entered the start-up construction.) Wei Long's net profit growth in the second half of the year is even greater. . . Looking at the broader market today, the market sector has accelerated its rotation and the cautiousness of funds has led to the theme stocks entering the phase of speculation. The market expects that the follow-up meeting will mention the reform of central enterprises, China Smart Manufacturing 2025, science and technology, and culture; the strategy can pay more attention to related concept stocks and sub-new stocks with military, environmental, and xiong middle and long-term value. . .
Posted on 2017-10-18 23:57:31
                            The revaluation value of own property is large. As of the end of 2017, 14 of the company's 53 stores were owned properties and 2 were self-owned leases. The company’s own property construction area totaled 882,000 pings, and the property value was calculated as 17.5 billion, plus monetary funds of 6.76 billion and deducting long-term borrowings and bond-payable bonds of 1.61 billion. The revaluation value of the company's assets was approximately 22.65 billion, which was a current market value of 14.5 billion. Premium 56%.
Posted on 2017-10-19 06:56:55
                            Praise, I hope A-shares can quickly withdraw from intervention and use laws and regulations to manage A-shares.
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Source: Securities Times Editor: Oriental Fortune Network

On October 18, Pan Gongsheng, deputy governor of the People's Bank of China and head of the State Administration of Foreign Exchange told a reporter at the Securities Times before the opening ceremony of the Nineteenth National Congress that the RMB exchange rate was relatively stable in recent days and it can be seen that the exchange rate is driven by marketization. The central bank has basically withdrawn from normalized intervention. After the Nineteenth National Congress, the RMB exchange rate will have a more stable basis.

Pan Gongsheng, the head of the State Administration of Foreign Exchange, said that the basic principle of strengthening exchange rate flexibility and maintaining the basic stability of the RMB exchange rate at the equilibrium level will not change, and some technical reforms will be conducted under this basic principle. Monetary policy will remain stable and neutral.

Turning to the issue of China's financial sector opening to the outside world, Pan Gongsheng stated that opening up to the outside world is an important strategy for China. Promoting opening up to the outside world is an important task both from a financial perspective and from the perspective of foreign exchange management.

  Extended reading >>>

  China's economy is expected to be optimistic and support the renminbi National Day rose by nearly 1%

  [IMF recently stated that the stabilization of China's economic growth has stimulated the growth momentum of emerging markets and even the world from trade, commodity prices, confidence and other channels]

From May to September, the unilateral appreciation of the renminbi has a clear trend. In just four months, the renminbi (CNY) on the shore has appreciated by more than 6% against the US dollar and has rushed towards 6.4. After bilateral fluctuations dominated the trend of the renminbi in September, the renminbi began to climb again from before the National Day in the backdrop that global institutions are optimistic about the Chinese economy. The rise has been nearly 1% so far.

The public is concerned that the strong appreciation of the renminbi this month is dominated by several factors. What is the impact of the good expectations of China's economic growth on the exchange rate? What are the patterns of future renminbi movements?

Chief Financial Analyst Xie Yaxuan of China Merchants Securities said to the First Financial reporter that the four major reasons helped boost the yuan. First, China's Manufacturing Purchasing Managers' Index (PMI) was 52.7% in September, significantly exceeding market expectations. Second, the International Monetary Fund (IMF) and other agencies have raised China’s 2017 economic growth expectations one after another to boost market confidence; Third, the US inflation data was less than expected, leading to a weakening of the US dollar index; in addition, the international capital flow situation has improved.

Zhou Hao, chief China economist of German Commercial Bank, told the First Financial reporter that China's economic growth was higher than previously expected, and it is expected that the renminbi will be near 6.76 at the end of the year.

  The renminbi regains its momentum

As of 14:30 on October 17th, Beijing time, the onshore RMB reported 6.614 against the US dollar, which was nearly 1% higher than the 6.6785 before the National Day holiday. The First Financial Reporter was informed that in addition to the better-than-expected Chinese economy, the recent revaluation of the RMB exchange rate was affected by multiple factors.

First of all, the US dollar is waning. Last Friday’s US inflation data led to a sharp dive in the US dollar, which caused the external devaluation pressure of the renminbi to ease.

"Inflation below expectations has intensified the uncertainties of the Fed's policies. The future inflation turmoil will continue to be overhanging the US dollar bulls," said Stephen Innes, Asia-Pacific chief trading officer at Forex broker OANDA, to the CCP reporter.

Secondly, Xie Yaxuan said that after the National Day holidays, the demand for foreign exchange purchases by residents to travel abroad will help the supply and demand of the domestic foreign exchange market to improve and ease the pressure on the seasonal devaluation of the renminbi before the holiday. Historical data shows that the value of bank valet sales under the service trade in September tends to be significantly higher than the level in October.

In addition, the international capital flow has improved. Last week, international capital inflows from emerging economies such as China, South Korea, and India increased, especially in South Korea, and the inflow reached the highest level this year. The low rebound rate of the emerging market capital flow indicators of the China Merchants Macro Team is even more pronounced.

From the perspective of market funds, according to statistics from the fund flow monitoring agency EPFR last week, the capital inflows from the Chinese market (including A, H, and red chip stocks) funds have significantly expanded, inflows reached 1.29 billion U.S. dollars this week (only 230 million U.S. dollars last week). Recorded the largest weekly inflow since July 2015.

At the same time, the balance of China’s foreign exchange reserves rose by US$10.8 billion in August, which rose for the seventh consecutive month.

It is worth noting that most of the agencies interviewed by the CBN reporter have indicated that there is no element of central bank intervention in the rise in the renminbi exchange rate. "The average daily trading volume of the foreign exchange market was only 21 billion U.S. dollars last week, which is the lowest level since August. This is a strong evidence that the central bank has not interfered with the market." Xie Yaxuan said.

  China's economy is better than expected

External factors are important, but the economic fundamentals are even longer-term factors that determine the strength of the exchange rate. Since the second half of the year, global institutions have raised their expectations for the Chinese economy.

U.S. chief strategy strategist at UBS Securities Gao Ting told the First Financial reporter that the PMI rose unexpectedly in September, and the industrial producer price index (PPI) growth exceeded market expectations year-on-year, still mainly driven by raw material prices.

Zhou Xiaochuan, the governor of the Central Bank, also stated that China’s economic growth rate is expected to reach 7.0% in the second half of the year, which is also beyond the market’s previous judgment that the economic growth rate will slow in the second half of the year.

The IMF also said recently that the stabilization of China’s economic growth has driven growth momentum in emerging markets and globally from channels such as trade, commodity prices, and confidence. It is expected that China’s gross domestic product (GDP) growth rate will increase to 6.8% in 2017. The annual rate was 6.5%, which was 0.2 and 0.3 percentage points higher than the April forecast.

In August of this year, due to unexpectedly strong data performance in Asia Pacific in the first half of the year, Moody’s also raised China’s 2017 economic growth rate forecast from 6.6% to 6.8%, and raised its 2018 growth rate forecast from 6.3% to 6.4. %.

According to Lian Ping, chief economist of the Bank of Communications, the annual economic growth will be significantly higher than 6.5%, and it is expected to remain at around 6.8%. The overall operation is stable.

Specifically, the expansion of export growth has become a major contributor to the rise in GDP this year. Zhang Jun, chief economist of Morgan Stanley Huaxin Securities, told the First Financial reporter that net exports contributed 0.3 percentage points to GDP growth in the first half of this year, compared to a 0.7 percentage point drop in the same period last year. Correspondingly, the dollar-denominated export growth rate in the first half of this year rebounded sharply from -9.57% last year to 8.5%.

Zhang Jun believes that in view of the steady recovery of the Morgan Stanley Global Trade Leading Index (MSGTLI) in the past two months, global trade growth will maintain a relatively stable trend in the fourth quarter and will not shrink substantially. In the fourth quarter, China’s economic growth momentum will continued.

  RMB continues to stabilize in the fourth quarter

As far as the fourth quarter is concerned, major institutions generally expect that the renminbi will show a range-bound pattern against the U.S. dollar and there is no possibility of a substantial depreciation.

Right now, the cross-border capital flow of RMB has improved. The balance of official foreign exchange reserves announced by the People's Bank of China at the end of September 2017 was US$3.1085 trillion, which increased for eight consecutive months.

In addition, the willingness of companies and residents to purchase foreign exchange (the ratio of foreign exchange purchases by residents and enterprises to banks and foreign exchange expenses of foreign customers) fell to 61%, and the purchase exchange rate was 74% earlier this year. The willingness of enterprises and residents to settle foreign exchange (the ratio of foreign exchange sales between residents and enterprises to banks and foreign foreign exchange earnings of customers) rose to 62%.

In terms of external factors, although the Fed started its contracting in October and will raise interest rates again in December, it has already been expected in the market and will restrain the US dollar due to the uncertainty of US fiscal stimulus and continued weakness of inflation. The upside.

Deutsche Bank forex strategist KitJuckes told Chief Financial reporter that the market has fully expected that the Fed’s tightening process will be very modest in 2018, although the US dollar will not collapse, but the US dollar’s ​​growth momentum in September Has collapsed, "At the moment, the euro is still undervalued, and the mean return of medium-term valuations will continue. If the European economic recovery continues and the European Central Bank continues to advance the normalization process, then the euro will rise to 1.3 or higher over the US dollar within 18 months. ."

The euro accounts for about 70% of the U.S. dollar index, and the euro depreciated nearly 30% against the U.S. dollar since 2015. Once the euro begins to rise, the U.S. dollar will also suffer.

In addition, agencies generally expect that if the United States does not show a clear upward trend in inflation, it will be difficult for the US dollar to appreciate significantly.

“TIPS yields fell by 4 percentage points compared to the beginning of the year, while in other G10 countries (participates in the General Borrowing Agreement), this yield has risen. For example, Germany’s climbed 12 At the base point, Canada climbed 25 basis points. During the same period, the US dollar depreciated against the G10 currency, said Jukes.

“Federal officials are assessing whether the downturn in inflation is an intermittent factor. Now the market expects the federal funds rate to rise to around 2.5%, and inflation may still remain below 2%. Therefore, this is not enough to return the dollar back to last December. High position," he said. (Source: First Financial Daily)