EUR/USD 1.17977
0.064%
Gold 4922.84
5.670%
Oil 61.429
-1.036%
USD/JPY 155.795
0.127%
GBP/USD 1.36760
0.058%
GBP/JPY 213.070
0.194%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Ukrainian President Zelenskyy met with NATO Secretary General Rutte.February 3rd - Monex Europe analysts stated in a report that the news of France finally passing its budget should help ease political headwinds for the euro and push it higher. The budget passed after months of back-and-forth and multiple rounds of no-confidence votes. Looking ahead, neither Wednesdays Eurozone inflation data nor Thursdays ECB interest rate decision are likely to be major market drivers. The inflation data should have been fully priced in by the market before its release. The ECB is expected to reiterate its data-driven decision-making stance and avoid signaling future interest rate hikes; however, any hints of concern about the recent euro strength will be closely watched.February 3 - According to the Japan Meteorological Agency, a magnitude 4.8 earthquake struck off the coast of Ibaraki Prefecture, Japan, at approximately 6:03 PM local time on February 3. The maximum intensity was 3, and the epicenter was at a depth of 50 kilometers. There is no risk of a tsunami.February 3rd - Converas Antonio Ruggiero stated in a report that the pound is near a five-month high against the euro amid improved risk sentiment and a calm market regarding the upcoming Bank of England interest rate decision. He noted that the positive correlation between the pound and risk sentiment has boosted the currency, and the break above the 1.1550 resistance level against the euro further reinforced this trend. The market widely expects the Bank of England to keep interest rates unchanged on Thursday. Ruggiero stated that pound bulls may believe the risk of the Bank of England shifting to a more dovish stance on policy easing is limited, and the probability of more than two policymakers voting in favor of a rate cut is low.Following reports of progress in the ceasefire implementation plan, Ukrainian international government bonds rose by as much as 1.5 cents.

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.