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The final August services PMI figures for France, Germany, and the Eurozone will be released in ten minutes; Singapores fuel oil inventory figures for the week ending September 2, and the changes in LME copper, aluminum, and nickel inventories in the UK for the week ending September 3 will be released in twenty minutes.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A Reuters reporter asked, "The president of Palau, the host country of the 55th Pacific Islands Forum, said today that he hopes member states will reach a consensus to condemn Chinas missile test in the region. What is the Foreign Ministrys response to this?" Guo Jiakun stated that China has repeatedly clarified its position on the test. Palaus repeated hype is an attempt to manipulate the positions of other Pacific Islands Forum member states; its intentions are malicious, and its scheme will not succeed. Guo Jiakun said that China adheres to the path of peaceful development, firmly pursues a defensive national defense policy, and never engages in military expansion. We are willing to work with South Pacific countries to contribute to maintaining peace, stability, development, and prosperity in the South Pacific region.On September 3, Polish Deputy Defense Minister Pawel Zalewski stated that Poland hopes to expand its participation in NATOs nuclear deterrence system, and the issue of participating in related missions under the NATO nuclear sharing framework is currently under discussion. He said Poland hopes to participate in missions related to nuclear weapons delivery, which is also part of the NATO nuclear sharing mechanism. Through participation in related programs, Poland hopes to further strengthen its role in NATOs nuclear deterrence system. Zalewski stated that this is the first time Poland has pushed for NATO member states to consider allowing it to participate in related nuclear weapons delivery missions. However, he also emphasized that there is currently no issue of deploying nuclear warheads outside of existing NATO deployment sites.September 3 - U.S. retail diesel prices rose to their highest level since mid-2022, surpassing the peak set at the beginning of the Iran-Iraq War and just shy of a record high. Data from the American Automobile Association (AAA) showed that the national average retail price of diesel rose to $5.783 per gallon on Wednesday, exceeding the high reached in April during the Middle East war and only slightly below the record high set in June 2022 during the energy crisis triggered by the Russia-Ukraine conflict. Patrick DeHaan, director of oil analysis at GasBuddy, said that at the current rate of increase, diesel prices could break a new record before Labor Day next Monday.On September 3, the Ministry of Commerce held a regular press conference. Spokesperson Huang Ling, responding to comments made by EU Trade and Economic Security Commissioner Šefčovič regarding China-EU trade, emphasized that consultations at all levels between China and the EU should adhere to the stable and balanced positioning of the key China-EU trade partnership, and insist on resolving each others concerns on an equal footing. Unilateral demands, conditions, or even threats of market closures should be avoided. Huang Ling stressed that China has repeatedly reiterated that the EU should face up to its own economic and trade problems. China is not the root cause of these problems, but rather a partner that can help the EU resolve them.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

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During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.