EUR/USD 1.18258

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Starlink: For users affected by winter storm Fern, the team has enabled emergency text messaging for more T-Mobile users via our direct cellular satellite connections.January 25th - The Fourth Session of the 16th Beijing Municipal Peoples Congress opened on January 25th. Beijing Mayor Yin Yong delivered the government work report. By 2025, Beijings GDP will reach 5.2 trillion yuan, a growth of 5.4%, 0.4 percentage points higher than the national average. General public budget revenue will increase by 4.8%, the urban surveyed unemployment rate will be 4.1%, and per capita disposable income will increase by 4.4% in real terms. Consumer prices will remain generally stable. Several indicators, including per capita GDP, total labor productivity, and energy consumption, water consumption, and carbon emissions per 10,000 yuan of GDP, will remain among the best in the country for provincial-level regions.On January 25th, according to CNN, federal law enforcement officers in Minneapolis, Minnesota, shot and killed another man during an immigration enforcement operation. Video footage shows a federal officer disarming the man before a Border Patrol officer shot him. The deceased has been identified as 37-year-old Alex Pretty, believed to be an intensive care unit nurse. Police stated he was suspected of having a legal gun license. The Department of Homeland Security claims the officer acted in self-defense—a claim Minnesota Governor Tim Walz dismissed as nonsense and a lie. During the Trump administrations massive crackdown on immigration, the Department of Homeland Securitys statements have been repeatedly contradicted by on-site video footage and challenged in court. Despite the cold weather, anti-ICE protesters continued their march in Minneapolis today.On January 25th, when asked about the recent sell-off of Japanese government bonds and the depreciation of the yen, Japanese Prime Minister Sanae Takaichi said on a Fuji TV program, "I will not comment on specific market fluctuations." She added, "The government will take necessary measures against speculative or abnormal market behavior," but did not elaborate further. Previously, the sharp fluctuations in the yens exchange rate had fueled traders expectations of possible government intervention. The recent sell-off of Japanese government bonds and the yen has raised concerns that Takaichis expansionary fiscal policy and the Bank of Japans slow pace of interest rate hikes could lead to increased government debt and excessive inflation. After the yen fell below the important psychological level of 160 against the dollar, the Federal Reserve Bank of New York suddenly conducted a currency check on Friday. Some traders believed this increased the possibility of joint US-Japan intervention to stop the yens continued depreciation, after which the yen rebounded rapidly.Japanese Prime Minister Sanae Takaichi: The government will take necessary measures to deal with speculative and abnormal market fluctuations.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.