EUR/USD 1.15831

USD/JPY 158.887

GBP/USD 1.34832

GBP/JPY 214.235

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Canadian Trade Minister LeBlanc: We will extend the temporary suspension of the federal fuel tax until January 31, 2027.U.S. Central Command: As of September 2, it has forced 86 merchant ships to change course, rendered 3 ships inoperable, and boarded and inspected 2 ships to ensure they comply with relevant requirements.U.S. Energy Secretary Wright: The United States will impose very strict controls on the flow of funds under the NABEP agreement with Venezuela.On September 3, U.S. Treasury Secretary Matt Bessen stated that the Ukrainian drone attacks on Russian energy facilities are one of the reasons for rising global energy prices. When asked about the high cost of living in the U.S., he first mentioned the attacks before addressing the war with Iran. Bessen said on Fox News Wednesday, "We are currently experiencing an energy shock stemming from both the conflict in Ukraine—because Ukraine decided to bomb Russian energy assets and refined petroleum products, which is putting upward pressure on global prices—and the conflict with Iran." These attacks by Ukraine forced Moscow to extend its diesel export ban until the end of the month. This development, coupled with the relatively smaller volume of fuel shipments passing through the Strait of Hormuz compared to crude oil, has led to a tightening of global supply. Bessen had previously stated that oil pipelines would eventually help energy suppliers bypass the Strait of Hormuz, and that the strait would become irrelevant in the coming years as suppliers develop other energy routes.On September 3rd, Meta released the Muse Spark 1.3 model update, claiming significant performance improvements in coding and intelligent agent tasks. Alexandr Wang, head of Meta AI, stated that the new model is "competitive with state-of-the-art models" and will pave the way for future personal AI agent products, helping users create AI assistants that can work on their behalf around the clock. The price of Muse Spark 1.3 remains consistent with the previous version, a pricing strategy Wang described as "aggressive." Meta also stated that its "contributor tier" option has been well-received by developers. This program significantly reduces the cost of coding products by allowing Meta to use developers work to improve the model, and a "meaning double-digit percentage" of developers have already chosen this option. Wang stated that as model capabilities improve, security has become a crucial issue within Meta, and the company is increasing its investment in security and alignment. Muse Spark 1.3 will be available on Muse Code and the Meta API on the same day, with the highest inference version to be released after additional security testing.

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

截屏2022-11-28 上午10.39.08.png

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.