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August 2nd - According to Yonhap News Agency, Hyundai Motor Company and Kia Motors announced on Sunday that the two South Korean automakers sold over 100,000 electric vehicles in Europe in the first half of this year, aiming to strengthen their position in the region. Hyundai and Kia stated that they plan to sell a total of 131,032 electric vehicles in Europe in the first half of 2026, a significant increase of 41.8% from 92,365 vehicles sold in the first half of the year. The two companies expect that if the current sales momentum continues until the end of the year, annual electric vehicle sales in Europe will exceed 200,000 units for the first time since they entered the European electric vehicle market in 2014. As of May this year, their cumulative electric vehicle sales in Europe surpassed the 1 million mark.On August 2nd, in response to Trumps post claiming an agreement had been reached on the framework of a deal to cancel strikes against Iran, a CNN reporter pointed out that, according to reports from CNN and other media outlets, there is no indication that any proposals currently under discussion equate to "ending the Iranian nuclear threat." Details regarding the Strait of Hormuz remain extremely limited. Sources only indicate that it involves the possibility of some kind of potential agreement with Oman.August 2nd - According to the Beijing Railway Bureau, due to a rain warning, some trains on the Huairou-Miyun Line and the S2 Line of the Beijing Suburban Railway will be temporarily suspended today (August 2nd). Specifically, the following train numbers will be temporarily suspended: Huairou-Miyun Line S503, S504, S513, S514, S517, S518, and S523; S2 Line S205, S206, S287, and S288.On August 2nd, US President Trump posted on social media that the United States is prepared to confront Iran at a level of military deterrence, power, and strength unseen since World War II. Nevertheless, we have just received requests from Iran and other Middle Eastern countries to suspend any attacks, as a framework for an agreement has been reached. This will include the immediate, complete, and total opening of the Strait of Hormuz, and an end to Irans nuclear threat. Based on this request, I agree to cancel any attacks for the future interests of the world, and for the survival of a successful and prosperous Iran, provided that an agreement can be reached swiftly. The State of Israel shares this commitment with me. Lets get started and get this done.On August 2nd, Yin Yong, Deputy Secretary of the Beijing Municipal Committee and Mayor of Beijing, recently conducted research on the development of the pharmaceutical and healthcare industry in the Beijing Economic-Technological Development Area. He emphasized the need to leverage Beijings policy, innovation, and openness advantages in the pharmaceutical and healthcare industry, continuously deepen reforms in the pharmaceutical field, improve industry support policies, unleash the vitality of open development, enhance the development level of the pharmaceutical and healthcare industry, and strive to build a globally competitive pharmaceutical and healthcare industry cluster, thus supporting the high-quality development of the capital city through high-quality industrial development.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.