EUR/USD 1.17648

USD/JPY 156.253

GBP/USD 1.34817

GBP/JPY 210.661

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The German DAX 30 index closed up 271.31 points, or 1.11%, at 24,636.23 on Tuesday, December 30; the UK FTSE 100 index closed up 77.60 points, or 0.79%, at 9,944.13; and the French CAC 40 index closed up 56.13 points, or 0.69%, at 8,168.15. The Stoxx 50 index closed up 43.74 points, or 0.76%, at 5795.45 on Tuesday, December 30; the Spanish IBEX 35 index closed up 155.82 points, or 0.91%, at 17351.62 on Tuesday, December 30; and the Italian FTSE MIB index closed up 528.49 points, or 1.19%, at 44964.50 on Tuesday, December 30.Belarusian President Alexander Lukashenko signed a decree approving the 2026 National Investment Plan. This plan will allocate approximately 2.988 billion Belarusian rubles to fund related projects.The Brazilian oil workers union, Sindipetro-NF, stated that it has accepted Petrobrass labor agreement proposal and decided to suspend the strike.December 31 – Ukraine intensified its attacks on Russian energy infrastructure this month, with the number and scope of targets reaching record highs since the start of the Russia-Ukraine conflict. Data compiled from official statements by both countries shows at least 24 attacks occurred in December targeting Russian oil refineries, tankers, other offshore facilities, and major pipeline infrastructure. These attacks exacerbate pressure on Russian exports, while Russias major oil producers are already facing challenges from international sanctions. Although Moscow continues to export large quantities of crude oil, the inflow of petrodollars is decreasing, and the Russian government expects oil and gas revenues to fall to 23% of budget revenue this year, a record low.On December 31st, the General Offices of eight departments, including the Ministry of Commerce, issued the "Implementation Rules for the 2026 Automobile Trade-in Subsidy." The rules state that in 2026, individual consumers who transfer their passenger vehicles registered in their own name and purchase new energy passenger vehicles listed in the Ministry of Industry and Information Technologys "Catalogue of New Energy Vehicle Models Eligible for Vehicle Purchase Tax Reduction or Exemption" or gasoline passenger vehicles with an engine displacement of 2.0 liters or less will receive a one-time subsidy. For those trading in for eligible new energy passenger vehicles, a subsidy of 8% of the new vehicles sales price will be provided, with a maximum subsidy of 15,000 yuan; for those trading in for eligible gasoline passenger vehicles, a subsidy of 6% of the new vehicles sales price will be provided, with a maximum subsidy of 13,000 yuan.

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.