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On January 29th, STMicroelectronics, a European chipmaker, reported fourth-quarter sales growth as customers increased their purchases of chips for personal electronics, communication equipment, computer peripherals, and industrial machinery. However, the recovery in semiconductor demand from the automotive industry remained weak. The company reported quarterly sales of $3.33 billion, returning to year-over-year growth after several quarters of decline, representing a 0.2% increase. Despite the overall improvement, CEO Jean-Marc Chery stated that the companys automotive customer business performed below expectations, indicating that demand in this key end market remains weak. STMicroelectronics automotive customers include Tesla, Hyundai, German auto parts supplier Continental, and Israels Mobileye. For the first quarter, the company expects revenue of approximately $3.04 billion, up from $2.52 billion in the same period last year, suggesting continued improvement in sales. Gross margin is expected to be approximately 33.7%, slightly higher than 33.4% in the same period last year.German Chancellor Merz: We will never allow the deployment of German soldiers in Afghanistan to be discredited or belittled.On January 29th, major Hong Kong stock indices showed mixed performance. The Hang Seng Index fluctuated narrowly throughout the day, briefly breaking through the 28,000-point mark before retreating slightly. At the close, the Hang Seng Index rose 0.51%, while the Hang Seng Tech Index fell 1%. Total turnover for the Hang Seng Index reached HK$331.994 billion. In terms of sectors and individual stocks, the real estate sector led the gains, with China Aoyuan (03883.HK) rising 32.88%, Sunac China (01918.HK) rising over 29%, Shimao Group (00813.HK) rising over 23%, Country Garden (02007.HK) rising over 16%, and Vanke (02202.HK) rising over 8%. In addition, most insurance stocks rose today, with Ping An Insurance (02318.HK) and New China Life Insurance (01336.HK) rising over 3%. The semiconductor sector retreated today, with Hua Hong Semiconductor (01347.HK) falling more than 5% and SMIC (00981.HK) falling more than 2%.The Hang Seng Index closed up 141.18 points, or 0.51%, at 27,968.09 on Thursday, January 29; the Hang Seng Tech Index closed down 59.06 points, or 1.0%, at 5,841.1; the H-share Index closed up 40.34 points, or 0.42%, at 9,552.58; and the Red Chip Index closed up 75.87 points, or 1.73%, at 4,470.01.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.51% and the Hang Seng Tech Index falling 1%. Property stocks were strong today, with China Aoyuan (03883.HK) surging over 30%, and Sunac China (01918.HK), R&F Properties (02777.HK), and Shimao Group (00813.HK) all rising over 20%.

Analysis of the NZD/USD Price indicates a continuation of gains towards 0.65

Daniel Rogers

Jan 18, 2023 15:02

 NZD:USD.png

 

The NZD/USD pair is oscillating within a narrow range near 0.6430 in the early Asian session. Despite the market's risk aversion, the New Zealand dollar has traded sideways after reclaiming the monthly high of 0.6437. In reaction to Tom Barkin's hawkish comments about the Richmond Federal Reserve (Fed) Bank, S&P500 futures are exhibiting greater losses, indicating investors' diminishing appetite for risk.

 

Following a V-shaped recovery, the US Dollar Index (DXY) has turned sideways at 102,000 and is expected to extend gains on a risk aversion theme. In addition, higher 10-year US Treasury yields would certainly provide safe-haven investments a new lease of life.

 

After one hour of consolidation, the NZD/USD pair has broken out of the Bullish Pennant chart pattern, indicating that the rising trend will continue. Participants typically initiate long positions during the consolidation period of a chart pattern, preferring to enter an auction once a bullish bias has been established.

 

Adding to the upward filters, the 20-period and 50-period Exponential Moving Averages (EMAs) have resumed their upward trend at 0.6415 and 0.6401, respectively.

 

Meanwhile, the Relative Strength Index (14) continues to struggle to enter the positive zone between 60.00 and 80.00. The occurrence of a similar event will produce bullish momentum.

 

For greater gains, the Kiwi asset must beat Tuesday's high of 0.6439, which will rocket it to December 15's high of 0.6470, then December 13's high of 0.6514.

 

Alternately, a breach below Monday's low of 0.6361 will weaken the New Zealand Dollar and push the Kiwi asset towards January 12's low of 0.6304. A breach below this level will expose the asset to more losses approaching the low of 0.6263 on December 28.

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