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TSMC: Approved capital budget of approximately US$20.7 billion.On August 12th, Monica George Michail, associate economist at the National Institute of Economic and Social Research, said the Bank of England is likely to cut interest rates only once more this year because wage growth in the UK remains high. Data on Tuesday showed that average fixed wages continued to grow by 5.0% in the three months ending in June. Michail said that after the central bank cut its key interest rate to 4.00% last week, strong wage growth remains a source of uncertainty when deciding on its next move. However, she said, "Given signs of gradual easing, we expect one more rate cut this year."On August 12th, the Suzhou Artificial Intelligence (Taihu) Computing Center (Wuzhong District Artificial Intelligence Computing Center), with a total investment exceeding 2 billion yuan, officially opened. Official data released by Wuzhong Taihu New City indicates that the Suzhou Artificial Intelligence (Taihu) Computing Center, located in the Wuzhong Taihu New City Energy Center, spans floors 5 through 8. With a planned total investment exceeding 2 billion yuan, the center will provide 8,000 petabytes of computing power upon completion. The total planned number of racks is approximately 260, and high-performance computing servers exceeding 4,000 petabytes have already been deployed.On August 12, Russian media reported that the Russian Navy has deployed its first drone command center on the Kamchatka Peninsula. The report said that the Russian military plans to build a widely distributed platform network on the peninsula to deploy and maintain Russian naval reconnaissance and strike drones to strengthen the security of the Northern Sea Route and strategic nuclear submarine bases and improve the efficiency of monitoring Russian territory.According to the China Passenger Car Association (CPCA), passenger car sales in June reached 2.14 million units, a year-on-year increase of 20.6% and a month-on-month increase of 14.7%. New energy vehicle sales reached approximately 1.11 million units, a year-on-year increase of 33.3% and a month-on-month increase of 15.0%, leading the overall market in year-on-year growth. New energy vehicle sales accounted for 51.9% of total passenger car sales in June, a 0.2% increase from the previous month and a 4.9% increase compared to the same period last year. Pure electric vehicle sales reached approximately 676,000 units, a year-on-year increase of 42.1% and a month-on-month increase of 16.8%. Plug-in hybrid vehicle sales reached approximately 434,000 units, a year-on-year increase of 21.6% and a month-on-month increase of 12.4%. Cumulative new energy vehicle sales in 2025 are projected to reach 5.274 million units, a year-on-year increase of 30.9%.

NZD/USD Price Analysis: Struggles to sustain the recovery from the 0.6370 support converging

Daniel Rogers

Dec 13, 2022 15:03

 NZD:USD.png

 

NZD/USD is trading near 0.6390 in the early hours of Tuesday as Kiwi pair traders look for additional signs to prolong the current rebound from the significant support convergence. In doing so, the statement demonstrates the market's caution ahead of the United States' November inflation data, namely the Consumer Price Index (CPI) (CPI).

 

Although NZD/USD reversed a three-day gain the day before, bears were unable to breach the 50-bar Simple Moving Average (SMA) and a one-week-old ascending support line near 0.6370.

 

However, the pair's comeback conflicts with the negative MACD signals to challenge NZD/USD buyers. The downward-sloping resistance line from 5 December, which was approaching 0.6420 at press time, might also threaten the rising momentum of the New Zealand dollar pair.

 

If the NZD/USD maintains firmer than 0.6420, it is probable that the monthly high around 0.6475-80 will be retested.

 

In contrast, a decisive violation of the 0.6370 support confluence might fast send the price to the previous weekly low near the round number 0.6300.

 

However, at 0.6290 and 0.6280, the 100-day simple moving average (SMA) and 61.8% Fibonacci retracement level of the NZD/USD pair's gain from November 28 to December 1 could pose a challenge to bearish.