Foreign exchange morning paper Yesterday’s important news 1, US Treasury Secretary Janet Yellen said in new testimony at the hearing that she was prepared to take more deposit action “if necessary.” 2. Wall Street, unable to resist the lure of Credit Suisse’s top talent at a discount, is said to be lifting de facto hiring restrictions. 3. The Fed’s balance sheet grew by another $100bn to $8.78tn as the size of its discount window fell and new facilities rose. 4. U.S. money markets attracted $117.4 billion in inflows in the week ended March 22, according to the Investment Company Institute. 5. The odds of a quarter-point rate hike by the Fed in May fell to 33 percent, according to Fed funds futures, with a year-end rate forecast of 3.96 percent. 6. Russian Deputy Prime Minister Novak said that the export of natural gas through the Power of Siberia pipeline is expected to reach 22 billion cubic meters in 2023. Russia produced 10.2 million b/d of oil in February. 7. The LME confirmed that nickel trading in Asian hours would resume on March 27 and that no further irregularities had been detected in the nickel market. 8. Syria and Saudi Arabia agreed to reopen embassies. 9. Ubs aims to complete the Credit Suisse deal by the end of April, according to people familiar with the matter. Separately, S&P downgraded Credit Suisse’s Additional Tier 1 debt to “D” before withdrawing the rating. Credit Suisse previously said it had tendered $571 million worth of notes. 10, The number of Americans filing for unemployment benefits unexpectedly fell for a second straight week, underscoring that the labor market remains tight and employers are reluctant to lay off workers. 11. The EIA Natural Gas Report showed total U.S. natural gas inventories for the week ended March 17 at 1.9 trillion cubic feet, down 72 billion cubic feet from the previous week, 504 billion cubic feet higher than a year ago, or 36.1 percent, and 351 billion cubic feet higher than the five-year average, or 22.7 percent. 12. Hindenburg issued a short note on the company, which suggested that Block had grossly overstated its true user numbers and underestimated its customer acquisition costs. Block responded to the inaccurate shorting report by saying it intends to work with the SEC to explore possible legal action against Hindenburg. 13, the Bank of England raised interest rates by 25 basis points to 4.25 percent. Boe Governor Bailey said he would continue to take the decisions needed to keep inflation low and did not know whether 4.25% would be the peak for interest rates. 14. The Swiss National Bank raised interest rates by 50 basis points to 1.50 per cent, in line with market expectations and the highest rate since October 2008. Today’s focus is on data and events 21:45 Preliminary US Markit manufacturing PMI for March The fundamentals and technical training course is updated regularly on a weekly basis. The course explains foreign exchange related knowledge points systematically and in detail. B station video: space.bilibili.com/68967327/#/ Watermelon video: https://www.ixigua.com/home/1675277877643454/?list_entrance=search Students who like the teacher can add the teacher’s wechat account: 15123332022 or the QR code below to get one-on-one guidance from the teacher. Every working day there are financial morning news, yesterday’s market review, today’s trading strategy, market outlook, real-time call single, single analysis.