EUR/USD 1.15853

USD/JPY 160.075

GBP/USD 1.35378

GBP/JPY 216.693

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On August 30, according to the Lebanese National News Agency (NNA), Israeli forces bombed a nursing home in the southern Lebanese town of Houla. NNA also reported that an Israeli drone fired a guided missile at an open area between Jalmac and Qafal Leman. This comes after Israeli artillery shelled the suburbs of Zautar Gharbiyeh, and reports of a large explosion between the towns of Markaba and Rab Salahin.On August 30th, according to a source within the Turkish Foreign Ministry, the Turkish Foreign Ministry summoned the Ukrainian ambassador to Turkey on the 29th to lodge a protest regarding the attack on Turkish vessels near the port of Tuapse in the Black Sea earlier this week. The source said Turkey expressed its reaction to the attacks and warned of the necessity of ensuring the safety of people, property, navigation, and the environment in the Black Sea. Recently, there have been several attacks on Turkish merchant ships in the Black Sea. On August 26th, a ship operated by a Turkish company was attacked near the port of Tuapse in the Black Sea. The following day, Turkey dispatched another ship to tow the same vessel, which also became a target. On August 22nd, two Turkish merchant ships were attacked in the Black Sea, resulting in the death of one crew member and injuries to eight others.On August 30th, local time, the Niger National Civil Aviation Authority issued a notice stating that air operations at Diori Hamani International Airport in Niamey, the capital, had fully resumed normal operations on the afternoon of August 29th. Early on the morning of the 29th, local time, reports of intense gunfire and explosions were heard in multiple locations in Niamey, including the area around Diori Hamani International Airport and near the presidential palace. Later that evening, the Nigerien Ministry of Defense issued a statement saying that some soldiers at Military Base 101 in Niamey had attempted a mutiny that day, but the situation was now under control.According to Al Jazeera: Israeli settlers attacked Palestinians and damaged property in the West Bank towns of Burka and Alaba.According to Al Jazeera, the Iranian-backed Hezbollah brigade claimed it received warnings before the joint US-Saudi airstrikes.

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.