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On July 29th, Malaysian Prime Minister Anwar Ibrahim announced that the Malaysian government will implement measures such as providing AI courses to young people of specific age groups to enhance their understanding and application of artificial intelligence (AI), thereby accelerating the development of Malaysias AI industry and the countrys digital transformation. Anwar announced the launch of the "AI for All" program. Starting August 31st, Malaysian youth aged 18 to 30 who complete designated AI-related courses will receive a free three-month subscription to mainstream AI software. The courses cover areas such as AI safety, generative AI, and cloud computing. The first phase is expected to benefit approximately 100,000 young people.July 29th - According to the Chosun Ilbo, Samsung Electro-Mechanics recently notified its sales partners that starting August 1st, the shipment price of its MLCC (Multi-Layer Ceramic Capacitor) products will be uniformly increased by 30% from the current level. Another leading MLCC manufacturer, Taiyo Yuden of Japan, has also issued a price increase notice, announcing that the price of its MLCC shipments will increase from September 1st. The reason given for the price increase is the sharp rise in the prices of raw materials and auxiliary materials. The company stated that it has been making almost every effort to reduce costs, but its own efforts alone are insufficient to fully absorb the increased costs.According to Israeli media, an Israeli who previously served in a secret military unit has been accused of spying for Iran and attempting to provide information.July 29th - On July 29th, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management continued to organize a joint consultation with the China Meteorological Administration, the Ministry of Water Resources, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the Ministry of Industry and Information Technology, and the Ministry of Transport to assess the development trend of heavy rainfall and deploy flood control work in key areas. The State Flood Control and Drought Relief Headquarters maintained the Level IV emergency response for flood control in Guangdong, Sichuan, and Gansu, and the Level IV emergency response for drought relief in Inner Mongolia, Xinjiang, and the Xinjiang Production and Construction Corps. The working group previously dispatched continues to guide flood control and disaster relief work in Guangdong. The consultation pointed out that, according to forecasts, over the next three days, there will be heavy to torrential rain in Central China, South China, northern Northeast China, central and eastern Northwest China, and eastern Southwest China, with heavy torrential rain in coastal areas of South China, the Sichuan Basin, and Heilongjiang. The rainfall will be widespread throughout the north and south, occurring simultaneously in multiple locations, making the flood control and disaster relief situation still severe and complex.July 29th, Futures News: Overall, we expect the Federal Reserve to maintain interest rates unchanged this time. In the short term, this decision will help stabilize the US economy and financial market sentiment, and will also provide some support for global oil demand, but it will not be the dominant factor determining the trend of international oil prices. In the coming months, the geopolitical situation in the Middle East, OPEC+ supply, and global oil demand will remain the three key variables affecting global energy market oil prices. Our baseline judgment on future oil price trends remains one of intense volatility followed by a gradual decline, with oil prices in 2027 generally lower than this year. At the same time, we continue to maintain our high and low scenario forecasts. Under the high and low scenarios, the annual average difference in Brent crude spot prices is $21/barrel this year, and will further widen to $48/barrel next year.

AUDUSD fluctuates near 0.6670 support as higher Treasury yields bolster US Dollar rebound

Daniel Rogers

Nov 18, 2022 15:14

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AUDUSD stalls at 0.6690 following a two-day decline as bears seek fresh signals to end a four-week uptrend. Friday's light economic calendar offers a challenge for sellers of the Australian dollar throughout the Asian trading session. Notwithstanding, the US Dollar's recovery, aided by increased Treasury yields, mixes with the market's pessimistic outlook to keep pair sellers upbeat.

 

US Dollar Index (DXY) appears to be recovering from a three-month low hit earlier in the week, as a result of recent assertive words from US Federal Reserve (Fed) officials and better top-tier data from the United States. The dollar disregards Thursday's conflicting secondary numbers as a result.

 

The solid Retail Sales and Producer Price Index (PPI) numbers for the month of October appeared to favor Fed hawks. However, James Bullard, president of the Federal Reserve Bank of St. Louis, remarked on Thursday that the US Federal Reserve's (Fed) monetary policy is not now deemed restrictive enough to reduce inflation. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, issued his most recent comments along the same vein. The Federal Reserve's Kashkari stated, "With inflation still high and monetary policy tightening already underway, it is unknown how high the US central bank will have to raise its policy rate."

 

In terms of data, the US Philadelphia Fed Manufacturing Index declined to -19.4, compared to -6.2 market estimates and -8.8 previously. In addition, Housing Starts decreased by 4.2% month-over-month in October, following a 1.3% decline in September, and Building Permits decreased by 2.4%, compared to a 1.4% increase the previous month. In addition, Jobless Claims decreased to 222K for the week ending November 11 compared to the 225K predicted and upwardly revised 226K the previous week.

 

Domestically, Australia's Employment Change increased by 32,2K versus 15K market forecasts and 0.9K previously, while the Unemployment Rate decreased to 3.4% from 3.5% previously and 3.5% forecasts. Especially with the publication of the solid Wage Price Index, the employment data gained a boost in their ability to attract buyers. However, it appears that previous dovish remarks from Reserve Bank of Australia (RBA) officials have kept AUDUSD purchasers on the board.

 

In addition, elevated tensions between Russia and Ukraine as a result of missile strikes against Poland and growing Covid counts in China weighed on market sentiment and the risk-barometer pair.

 

Wall Street ended in the red, echoing sentiment, while 10-year Treasury yields rose from a six-week low.

 

A lack of significant data/events could allow bears to catch their breath, but risk-averse sentiment and hawkish Fed concerns could drive the AUDUSD price close to the weekly loss.

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