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As Beijing gets set to expand its global footprint via the launch of multinational institutions like the AIIB which are aimed squarely at disrupting the post-World War II economic order and shaking up a system that’s been underpinned by the notion of dollar hegemony for decades, it’s important that China keep up the momentum when it comes to besting the US wherever and whenever it can. Presumably that’s why the country sunk nearly $6 million and 12 months of work into building the world’s longest glass bridge that leads absolutely nowhere. The key point, apparently, is that the structure is a whopping 5 meters longer than its US competitor.
Via China.org
Workers are finishing the construction of a glass cantilever bridge in Longgang scenic area in Yunyang, Southwest China's Chongqing municipality. The transparent structure, 718 meters above the ground, has a cantilever extending 26.68 meters from the edge, five meters longer than the Grand Canyon Skywalk. The project, with a total investment of 35 million yuan($5.6 million), started in March 2014. The bridge has a carrying capacity of 1000 tons. [Photo/China News Service]
From Gavekal Capital Blog
World Inflation Falls To A New 5-Year Low
It's become a running theme, at least since last September, but the latest release of CPI numbers from around the world has brought our simple average World CPI proxy to its lowest level since the financial crisis. For the period ending in February, our World CPI proxy hit just 1.01% year-over-year. This is the lowest rate of change since November 2009. The year-over-year rate in our World CPI proxy has been falling for six months straight.
Oil has undoubtedly dragged down the headline CPI for many countries around the world. However, our World CPI proxy has the highest correlation (0.78) to the Citi Inflation Surprise Index which is near its lowest levels ever. 14 of the 33 countries that we track currently have a year-over-year change in consumer prices at or below 0%.
Our World PPI proxy bounced back slightly in February but still remains squarely in negative territory year-over-year (-2.43%).
As the greenback has eased after intra-day rise to 0.9756, suggesting minor consolidation would be seen and pullback to 0.9655-65 cannot be ruled out, however, as early breach of indicated resistance at 0.9693-95 adds credence to our view that temporary low has possibly been formed at 0.9491 last week, reckon
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As the British pound has rebounded after holding above yesterday's low at 1.4753 in part due to cross-buying in sterling, suggesting near term upside risk is for a stronger rebound to 1.4875-80 and possibly towards 1.4900, however, still reckon resistance at 1.4922 would limit upside and price should falter well
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As the single currency has recovered after intra-day selloff to 1.0713, suggesting minor consolidation would be seen and although recovery to the Kijun-Sen (now at 1.0785) cannot be ruled out, reckon 1.0845-50 would cap upside and bring another decline later. A break of said support at 1.0713 would extend the
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As the greenback has retreated after rising to 120.36 (exactly 1.236 times projection of 118.33-119.49 measuring from 118.93), suggesting consolidation below this level would be seen and pullback towards previous resistance at 119.49 cannot be ruled out, however, reckon the lower Kumo (now at 119.16) would hold and bring another
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As the single currency has slipped again after faltering below resistance at 0.7342, retaining our view that further consolidation below last week's high of 0.7385 would be seen with mild downside bias for weakness to 0.7225-30, however, a firm break below there is needed to add credence to our count
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