EUR/USD 1.18198

USD/JPY 154.325

GBP/USD 1.35125

GBP/JPY 208.536

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The EU will hold an emergency meeting on the 23rd to reassess the trade agreement reached between the EU and the US in 2025. The European Parliaments International Trade Committee was originally scheduled to meet on the 24th to vote on legislative proposals to advance the ratification of the trade agreement.A spokesperson for the Ministry of Commerce stated: We have noted the ruling of the U.S. Supreme Court in the tariff lawsuit and are conducting a comprehensive assessment of its content and impact. China has consistently opposed all forms of unilateral tariff increases and has repeatedly emphasized that there are no winners in a trade war, and protectionism leads nowhere. The U.S.s unilateral measures, such as reciprocal tariffs and fentanyl tariffs, violate both international trade rules and U.S. domestic law, and are not in the interests of any party. Facts have repeatedly proven that cooperation between China and the U.S. benefits both sides, while confrontation harms both. China urges the U.S. to cancel its unilateral tariffs on its trading partners. We have also noted that the U.S. is preparing alternative measures, such as trade investigations, in an attempt to maintain tariffs on its trading partners. China will closely monitor this and firmly safeguard its interests.Nasdaq futures extended their losses to 1%, S&P 500 futures are currently down 0.75%, and Dow futures are down 0.6%.Goldman Sachs: Potential easing of sanctions on Iran/Russia will accelerate the increase in crude oil inventories and release more supply in the long term, with crude oil prices expected to have a downside of 5% to 8% in the fourth quarter of 2026.Tencent Wealth Managements current account + 7-day annualized yield ranges from a maximum of 1.1850% to a minimum of 0.8410%. WeChat Pays 7-day annualized yield ranges from a maximum of 1.0930% to a minimum of 1.0220%. Alipays Yuebaos 7-day annualized yield ranges from a maximum of 1.0990% to a minimum of 1.0040%.

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.