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December 31st - "According to sources, Samsung and SK Hynix have received US approval to export chip manufacturing equipment to China in 2026," Reuters reported on the 30th. This comes after the US temporarily eased restrictions on South Korean companies following the earlier revocation of export license exemptions for some technology companies regarding chip manufacturing equipment. The report stated that Samsung, SK Hynix, and TSMC previously benefited from the "Verified End User (VEU)" system, an exemption from the comprehensive US export restrictions on chip-related goods to China. Companies on the "VEU" list can import designated controlled items (including semiconductor equipment and technology) from the US without needing to apply for separate export licenses.December 31st - This weeks U.S. Energy Information Administration (EIA) weekly crude oil inventory report was delayed by several hours, highlighting the latest indication that layoffs at U.S. federal agencies are impacting data releases that are crucial to the market. This year, the EIA has laid off more than 100 of its approximately 350 employees. These layoffs and downsizing were driven by the U.S. Department of Government Efficiency, a plan previously led by Elon Musk. Scott Shelton, an energy expert at TP ICAP Group, stated that because the oil market is currently primarily influenced by geopolitical factors, traders are not paying as close attention to U.S. inventory levels as they used to when the report was released. This helps mitigate the impact of the data delay. "Theres a general indifference about this. Its just a helpless shrug at the inefficiency and unpredictability of the U.S. governments data after the government shutdown."On December 31, GigaDevice announced on the Hong Kong Stock Exchange that it plans to issue 28,915,800 H shares (subject to the exercise of the offering size adjustment right and over-allotment option) in Hong Kong, with an issue price not exceeding HK$162 per share. Trading is expected to commence on January 13, 2026.U.S. API crude oil production for the week ending December 26 was -58,000 barrels per day, compared to -57,000 barrels per day in the previous week.U.S. refined product imports for the week ending December 26 were -441,000 barrels per day, compared to 121,000 barrels per day in the previous week.

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.

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