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February 7th - This morning (February 7th), the Shanghai Municipal Peoples Government held a press conference. Yang Jiaying, Director of the Shanghai Municipal Human Resources and Social Security Bureau, stated that employment is a top priority for peoples livelihood. The bureau is making every effort to promote employment for college graduates and other young people. Shanghai is the top choice for many young students to pursue their dreams. We are strengthening policy support and implementing a comprehensive employment service campaign tailored to the characteristics of this youth group. We are fully leveraging the synergistic effect of "One Station (the first stop for employment in Shanghai), One Circle (a 15-minute employment service circle), and One Action (the Employment in Shanghai Plus Action)" to increase employment assistance for young people.February 7th - U.S. Ambassador to the United Nations Mike Walz stated that the United States will pay part of the billions of dollars in arrears owed to the UN within weeks, while emphasizing the need for continued UN reform. This comes after UN Secretary-General António Guterres warned of the UNs financial situation, stating that the UN faces the risk of "imminent financial collapse" due to member states unpaid dues. In a telephone interview, Walz said the first payment would be seen soon, and while the final amount has not yet been determined, he believes it will be finalized within weeks.The China Earthquake Networks Center officially determined that a 3.2-magnitude earthquake occurred in Tengchong City, Baoshan City, Yunnan Province at 12:00 on February 7, with a focal depth of 10 kilometers.On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."February 7 – The World Health Organization (WHO) reported on February 6 that Bangladesh had one case of Nipah virus infection, with no other related cases identified. According to a WHO press release that day, the infected person is a woman aged 40 to 50 living in the Rajshahi district of Bangladesh. She developed fever and neurological symptoms on January 21 and was diagnosed with Nipah virus on January 29. Bangladeshi authorities notified the WHO on February 3. The woman had no recent travel history but had consumed raw date juice. Her 35 close contacts tested negative for Nipah virus.

AUDUSD fluctuates near 0.6670 support as higher Treasury yields bolster US Dollar rebound

Daniel Rogers

Nov 18, 2022 15:14

 截屏2022-11-18 上午11.27.07.png

 

AUDUSD stalls at 0.6690 following a two-day decline as bears seek fresh signals to end a four-week uptrend. Friday's light economic calendar offers a challenge for sellers of the Australian dollar throughout the Asian trading session. Notwithstanding, the US Dollar's recovery, aided by increased Treasury yields, mixes with the market's pessimistic outlook to keep pair sellers upbeat.

 

US Dollar Index (DXY) appears to be recovering from a three-month low hit earlier in the week, as a result of recent assertive words from US Federal Reserve (Fed) officials and better top-tier data from the United States. The dollar disregards Thursday's conflicting secondary numbers as a result.

 

The solid Retail Sales and Producer Price Index (PPI) numbers for the month of October appeared to favor Fed hawks. However, James Bullard, president of the Federal Reserve Bank of St. Louis, remarked on Thursday that the US Federal Reserve's (Fed) monetary policy is not now deemed restrictive enough to reduce inflation. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, issued his most recent comments along the same vein. The Federal Reserve's Kashkari stated, "With inflation still high and monetary policy tightening already underway, it is unknown how high the US central bank will have to raise its policy rate."

 

In terms of data, the US Philadelphia Fed Manufacturing Index declined to -19.4, compared to -6.2 market estimates and -8.8 previously. In addition, Housing Starts decreased by 4.2% month-over-month in October, following a 1.3% decline in September, and Building Permits decreased by 2.4%, compared to a 1.4% increase the previous month. In addition, Jobless Claims decreased to 222K for the week ending November 11 compared to the 225K predicted and upwardly revised 226K the previous week.

 

Domestically, Australia's Employment Change increased by 32,2K versus 15K market forecasts and 0.9K previously, while the Unemployment Rate decreased to 3.4% from 3.5% previously and 3.5% forecasts. Especially with the publication of the solid Wage Price Index, the employment data gained a boost in their ability to attract buyers. However, it appears that previous dovish remarks from Reserve Bank of Australia (RBA) officials have kept AUDUSD purchasers on the board.

 

In addition, elevated tensions between Russia and Ukraine as a result of missile strikes against Poland and growing Covid counts in China weighed on market sentiment and the risk-barometer pair.

 

Wall Street ended in the red, echoing sentiment, while 10-year Treasury yields rose from a six-week low.

 

A lack of significant data/events could allow bears to catch their breath, but risk-averse sentiment and hawkish Fed concerns could drive the AUDUSD price close to the weekly loss.

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