EUR/USD 1.17172

USD/JPY 156.871

GBP/USD 1.34562

GBP/JPY 211.093

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Venezuelas Defense Minister: The national armed forces have been fully activated to safeguard national sovereignty.Venezuelan Defense Minister: Most of Maduros security team members were killed in the US operation.On January 4th, the Russian Ministry of Defense issued a war report stating that Russian forces had taken control of the Podolsky settlement in Kharkiv Oblast. Over the past day, Russian forces launched attacks on Ukrainian troops in multiple locations including Sumy, Kharkiv, Donetsk, Zaporizhzhia, and Kherson, destroying Ukrainian armored vehicles, counter-battery radar stations, electronic warfare systems, ammunition depots, and shooting down Ukrainian-made guided-missile bombs and drones. On the same day, the General Staff of the Armed Forces of Ukraine issued a battle report stating that 211 battles had taken place in the front-line areas over the past day. Ukrainian forces launched attacks on multiple Russian personnel and equipment concentrations, and initiated or repelled Russian offensives in the directions of Kupyansk and Pokrovsk. Ukrainian forces also destroyed Russian tanks, artillery, air defense systems, and drones.On January 4th, Alexei Pushkov, a member of the Federation Council of Russia, argued that bringing Caracas under US control would mean seizing a huge "trophy" in geostrategic competition. Whether Washington can achieve this without sending troops to Venezuela and occupying the country is a major question. Pushkov stated, "Removing Venezuela from the sphere of anti-American influence and bringing it under direct US control, rather than merely its sphere of influence, means for Washington to seize a huge trophy in global geoeconomic and geostrategic competition… From this perspective, arresting Maduro is only the first step in achieving this goal. The goal itself has not yet been achieved. Whether Trump can achieve this goal without sending troops to Venezuela and occupying the country is a major question."The mayor of Moscow, Russia, said that 25 drones flying towards Moscow have been shot down.

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.