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On August 2, Russias First Deputy Permanent Representative to the United Nations, Konstantin Polyansky, stated at a Security Council meeting that UN staff were unwilling to take seriously the Ukrainian militarys attack on Russian civilian facilities, which undermined the UNs authority. He said: "In this case, the relevant staff of the UN Secretariat acted with extreme hypocrisy, feigning ignorance and evading responsibility by claiming they could not verify the authenticity of the information about Ukrainian crimes. All of this clearly undermined the authority of our global organization."On August 2nd, a full year since the Bank of England began its interest rate-cutting cycle, despite four consecutive rate cuts and the likelihood of further cuts, British households continue to face the highest borrowing costs in a generation. Analysis of Bank of England savings and mortgage data shows that Britons are spending £11 billion (US$14.5 billion) less annually than in July of last year. This loss stems primarily from two factors: First, the rate cuts have hit savers hard, significantly reducing the returns on their savings. Second, many homeowners have yet to benefit from the rate cuts, as they are still waiting for mortgages locked in during periods of high interest rates to expire. Edward Allenby, an economist at Oxford Economics, said: "Against the backdrop of slowing real wage growth and tighter fiscal policy, the lagged impact of past rate hikes on mortgage holders will continue to dampen consumption. The Bank of Englands rate-cutting cycle is unlikely to provide a significant boost to business investment and consumer spending over the next few years."DeepBlue Auto: Global deliveries of 27,169 vehicles in July, a year-on-year increase of 62%.On August 2, CNN reported that the United States plans to conduct the first large-scale test of its Golden Dome missile defense system before the 2028 presidential election, allowing the current administration to promote it as a political achievement during the campaign. The report indicated that the test is tentatively scheduled for the fourth quarter of 2028. An unnamed US Department of Defense official stated that this timeline indicates that Republicans want to have a demonstration to show during the November election. He also noted that completing the systems test preparations within such a tight timeframe is an "extremely challenging task," especially given the high technical complexity of deploying a new missile interceptor system. This test may only be the first phase of the Golden Dome project, and full deployment will take much longer.YouGov poll: Most Americans believe tariffs hurt American consumers; only 22% blame foreign manufacturers.

AUDNZD recovers over 1.0900 as bets on RBA hawkishness surge

Alina Haynes

Nov 08, 2022 16:27

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After dipping below 1.0884 in the early Asian session, the AUDNZD pair has received renewed interest. The asset has reclaimed the round-level barrier of 1.0900 as wagers on the Reserve Bank of Australia's (RBA) continued rate hike soared. In the absence of a substantial stimulus that could move the cross in a certain direction, the cross is predominantly trading in a sideways fashion.

 

In the meantime, Goldman Sachs analysts have offered a pessimistic prognosis for future RBA interest rate decisions. We were stunned by the RBA's October decision to suspend the pace of rate hikes, especially before the policy rate had reached the lower bound of their estimate for the nominal 'neutral rate,' which is between 3.00 and 4.50%.

 

Concerning forward guidance, the investment banking industry asserts that RBA's more frequent board meetings provide RBA Governor Philip Lowe with a possible opportunity to synchronize with the worldwide policy tightening pace.

 

Last week, the RBA's monetary policy statement issued gloomy forecasts for Gross Domestic Product (GDP). In addition, short-term inflation expectations remained elevated, hovering around 8%, as inflationary pressures in the Australian region showed no signs of abating.

 

On the front of New Zealand, investors anticipate the release of Business NZ PMI data on Thursday. The expected economic data is 52.7, up from 52.0 in the previous release. Nonetheless, inflation forecasts for the following two years will be constantly reviewed beforehand. In CY2023, it is anticipated that rising service and commodity prices will continue to exert considerable price pressures worldwide. A rise in inflation projections over the long run could exacerbate market volatility.


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