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On November 16th, it was reported that the United States and Trinidad and Tobago are about to conduct military exercises in waters near the coast of Venezuelas Sucre state. On November 15th, Venezuelan President Maduro strongly condemned the exercises, calling the action "irresponsible" and a "threat" to peace in the Caribbean. Maduro stated that such actions are intended to put pressure on Venezuela, but Venezuela "will not be threatened by anyone." Recently, Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will be "intensifying exercises" in the country "in the coming days."1. Hungarian Prime Minister: Europe is on the brink of war. 2. Ukraine claims 1,200 Ukrainian prisoners will be released; Russia has not yet responded. 3. Russian Ministry of Defense: Russian troops have taken control of the Yablokovo settlement in Zaporizhia. 4. Ukrainian President Zelenskyy has ordered a comprehensive reform of state-owned energy companies. 5. According to RIA Novosti: The situation remains stable after an external power line to the Zaporizhia nuclear power plant was shut down. 6. Southern Ukrainian Defense Forces: Ukrainian troops have conducted a tactical withdrawal from the town of Novovasilivsk in the Zaporizhia region. 7. General Staff of the Armed Forces of Ukraine: A Russian oil refinery in Ryazan Oblast was attacked by Ukrainian forces; the refinery produces 840,000 tons of aviation fuel and other military fuels annually. 8. Russian Ministry of Defense: 247 Ukrainian drones were shot down in the past 24 hours. A Ukrainian military airport and energy facility related to the defense industry were attacked. 9. General Staff of the Armed Forces of Ukraine: Ukrainian forces struck the Sky-U radar station in Crimea, a military train in the Tokmok region of Zaporizhzhia, and a Russian troop assembly point in Volchansk, Kharkiv region.On November 16, the Kremlin announced that Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu held a phone conversation on November 15, during which they had in-depth exchanges on the situation in the Middle East, including developments in the Gaza Strip, Irans nuclear program, and the situation in Syria.On November 15th, a Federal Reserve official revealed that former Federal Reserve Governor Kugler resigned abruptly because Federal Reserve Chairman Powell refused to grant her an exemption from handling financial assets that violated the Feds code of ethics. The official stated that Kugler was under investigation by the Feds internal oversight body for recent financial reporting issues before her resignation in August. Documents released on Saturday show that officials at the Feds Office of Ethics refused to approve Kuglers latest financial reporting materials and referred the matter to the Feds Office of the Inspector General. These reporting materials, published on the website of the U.S. Government Office of Ethics, indicate details of her financial activities that allegedly violated the Feds internal code of ethics. Kugler announced her resignation on August 1st, effective August 8th, without specifying a reason.Market news: Former Federal Reserve Governor Kugler faced an ethics investigation before resigning.

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.