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February 17th - A Russian diplomatic source stated late on the 16th that a Russian delegation led by Presidential Aide Medinsky had departed and was expected to arrive in Geneva, Switzerland, early on the 17th to participate in trilateral talks between Russia, the United States, and Ukraine. Bilateral contacts between Russia and Ukraine are possible during the talks. The source said the Russian delegation would arrive in Geneva around 6:00 AM local time on the 17th. The US is technically involved in coordinating the necessary permits for the Russian delegations arrival in Geneva via the EU. The source said the trilateral talks plan to discuss key factors in resolving the Ukrainian issue, including military, political, and humanitarian issues. The duration of the talks is currently unknown. Bilateral contacts between Russia and Ukraine are possible during the Russia-US-Ukraine talks.BHP Billiton (BHP.N): The Escondida copper mine is expected to produce between 1 million and 1.1 million tons in fiscal year 2027.BHP Billiton (BHP.N) reported a net profit of $5.64 billion for the first half of the year, up 28% year-on-year; revenue for the first half was $27.902 billion, higher than the market estimate of $26.907 billion.February 17th - BHP Billiton (BHP.N) announced that it has signed a long-term working capital agreement with Wheaton Precious Metals International Limited. The agreement stipulates that BHP Billiton will receive a $4.3 billion upfront payment upon completion of the transaction. BHP Billiton will deliver silver to Wheaton in accordance with its share of silver production at the Antamina mine. Under the agreement, Wheaton will pay BHP Billiton 20% of the spot price of silver at the time of delivery.Conflict Status: 1. Russian Ministry of Defense: Shot down 345 Ukrainian drones within 24 hours. 2. Russian Ministry of Defense: Recaptured Pokrovka and Minkivka in eastern Ukraine. 3. Local authorities stated that the fire in the Russian port of Taman has been extinguished. Peace Talks: 1. Sources: Talks on the Ukraine issue and the Iran issue will be held simultaneously in Geneva on February 17. 2. Russian Presidential Press Secretary Peskov: The trilateral talks in Geneva will include the territorial issue. 3. Market news: The Russian delegation to the Geneva talks will expand to approximately 20 people. 4. Swiss Foreign Ministry: The Geneva talks on the Ukraine issue will be held behind closed doors. 5. Zelensky: Ukraine will not relinquish its territory. Further Russian attacks will make reaching an agreement more difficult; Russia will launch a new round of large-scale energy strikes. Other Status: 1. Hungarian Prime Minister Orbán: Ukrainian President Zelensky must organize elections. 2. Ukrainian National Anti-Corruption Service: The former Ukrainian Energy Minister is accused of money laundering. 3. Russian media: Hungary and Slovakia have requested Croatia to allow Russian oil to transit through their borders. 4. Following the attack on Russian ports, European coal futures prices continued to rise.

Near 0.6650, AUD/USD Traders Remain Bullish; Risk Appetite, Fed Minutes on the Horizon

Alina Haynes

Nov 23, 2022 15:57

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In the early hours of Wednesday, AUD/USD is modestly bid around 0.6655-50, maintaining the previous day's rebound from a two-week-old support despite contradicting market mood. The latest quiet in the AUD/USD pair indicates traders' caution ahead of critical US activity data for November, as well as a cautious attitude ahead of the Federal Open Market Committee (FOMC) Meeting Minutes and US Durable Goods Orders for October.

 

In the meantime, the coronavirus situation in China continues to deteriorate as daily cases approach the April record high and Chengdu announces mass COVID-19 testing from November 23 to 27. According to Reuters, on November 22, local government agencies in Beijing reported 388 new symptomatic locally transmitted COVID-19 infections and 1,098 asymptomatic cases.

 

AUD/USD bulls were boosted by anticipation of a rapprochement with China, as well as the recent rally of equities and decrease in US Treasury yields.

 

According to the Australian Financial Review (AFR), "Defence Minister Richard Marles said China's willingness to reengage was expressed during a bilateral meeting with his Chinese counterpart General Wei Fenghe on Tuesday, their first since the Shangri La talks in Singapore in June."

 

In November, the Richmond Fed Manufacturing Index improved from -10 to -9, but Kansas City Federal Reserve President Esther George recently noted, "We may need a higher interest rate for some time to urge households to continue saving." The S&P Global Manufacturing PMI for Australia declined to 51.5 from 52.7 and 52.4 earlier in the day, while the Services PMI decreased to 47.2 from 49.3 and 49.4 respectively.

 

In this scenario, European and British markets, along with Wall Street, closed higher, as 10-year US Treasury yields fell six basis points (bps) to 3.76 percent. However, benchmark bond rates remain relatively stable near 3.75 percent, whereas S&P 500 Futures struggle to find a clear direction close to 4,011.

 

Traders will examine the short-term direction of AUD/USD based on further confirmed economic transition indicators and the December rate hike of 50 basis points (bps) by the Federal Reserve. Despite this, PMI numbers for early November. In addition, the October Federal Open Market Committee (FOMC) Meeting Minutes and US Durable Goods Orders will be key for defining direction.

 

Despite the recent bounce from a two-week-old ascending support line, AUD/USD bears remain bullish as the monthly peak near 0.6800 threatens the upward momentum. Notably, the Relative Strength Index (RSI) around 14 combines with the recently weaker Moving Average Convergence and Divergence (MACD) signals to challenge AUD/USD buyers.

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