EUR/USD 1.18216

USD/JPY 157.095

GBP/USD 1.36182

GBP/JPY 213.938

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On February 8th, a closed-door seminar on policy prospects for the National Peoples Congress and the Chinese Peoples Political Consultative Conference (NPC & CPPCC) was held at the Beijing Advanced Research Institute of Jiangxi University of Finance and Economics. The seminar was chaired by CPPCC member Yin Yanlin, and Vice President Li Chungen of Jiangxi University of Finance and Economics attended and delivered a speech. Experts at the seminar suggested the following: First, fiscal policy should play a greater regulatory role this year, with the deficit ratio higher than or at least no lower than last year, increasing the scale of national debt issuance, and expanding the overall expenditure. Second, given the current high actual financing costs, a substantial overall interest rate cut should be implemented to stimulate investment and consumption, at least 50 basis points throughout the year, while better utilizing the space for reserve requirement ratio (RRR) cuts. Third, the coordination between fiscal and monetary policies should be strengthened, the role of new financial policy tools should be better utilized, and their scale should be appropriately expanded to achieve a leverage effect on investment. Fourth, to stabilize investment, boost consumption, and restore the basic conditions for effective credit issuance as soon as possible, greater efforts are needed to stabilize the real estate market.February 8th - On February 7th, the closed-door meeting of the 2026 China All-Solid-State Battery Industry-University-Research Collaborative Innovation Platform Annual Meeting was held in Beijing. The meeting brought together representatives from government, industry, academia, and research institutions to conduct in-depth discussions on the progress of all-solid-state battery R&D, common strategic assessments, and common key technical issues. Platform Chairman Ouyang Minggao pointed out that major technological changes require accumulated experience, and solid-state batteries are a major strategic direction for the next generation of battery upgrades. Currently, my countrys all-solid-state battery R&D has made significant progress, but it also faces many practical challenges. High-energy-density sulfide all-solid-state batteries still need to overcome a series of key scientific challenges at multiple levels, including key materials, interfaces, composite materials, electrodes, and cells. Looking to the future, we must remain confident, overcome difficulties, and actively strive to maintain Chinas leading position in the global lithium battery market.Ukrainian President Zelensky: Russian energy infrastructure is a legitimate target of Ukraines attacks.Ukrainian President Zelensky: Ukraine will start drone production in Germany in mid-February.Renowned tech journalist Gurman predicts the new iPhone 17e will feature the A19 chip and MagSafe charging, as well as Apples latest in-house cellular and wireless chips. Apple plans to keep the price unchanged at $599.

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.