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According to the Wall Street Journal, U.S. Army Secretary Driscoll plans to meet with Russian officials later in the day.On November 19th, the overnight SHIBOR was 1.4200%, down 10.50 basis points; the 7-day SHIBOR was 1.4870%, down 3.10 basis points; the 14-day SHIBOR was 1.5680%, up 1.80 basis points; the 1-month SHIBOR was 1.5200%, unchanged from the previous trading day; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On November 19th, a Citi research report indicated that Xiaomis (01810.HK) adjusted net profit for the third quarter exceeded both the banks and market expectations, primarily due to in-line non-operating revenue and better-than-expected gross margins in the IoT, internet, and electric vehicle sectors. However, operating expenses were higher than anticipated. Management emphasized that Xiaomi has secured memory supply for 2026 and will prioritize maintaining average selling price and market share given memory price increases. Furthermore, management expects full-year electric vehicle deliveries to exceed 350,000 units, but the vehicle purchase tax subsidy policy will impact next years electric vehicle gross margin. The banks latest forecast projects smartphone shipments of 170 million and 160 million units in 2025 and 2026 respectively, with gross margins of 11.3% and 8.9%; electric vehicle deliveries are expected to remain at 400,000 and 700,000 units, with gross margins of 25.2% and 22.2%. The target price has been lowered to HK$50, while maintaining a buy rating. The bank remains optimistic about the long-term prospects of the IoT and electric vehicle businesses, but memory price increases may put short-term pressure on the share price.On November 19th, a Citi research report indicated that AAC Technologies (02018.HK) has signed an agreement to acquire shares and other equity securities of DispelixOy, an AR diffraction waveguide technology company. The transaction is expected to be completed in the first half of 2026. AAC has been collaborating with Dispelix on a strategic R&D partnership for several years, jointly developing next-generation AR devices with several leading OEM customers and collaborating with major mobile platform suppliers to develop next-generation reference design platforms. The report believes that this acquisition will expand AACs product portfolio and solution capabilities in the XR field, covering acoustics, haptic feedback, microelectromechanical systems (MEMS), camera lenses and lens modules, structural components, and waveguide technology. The report currently gives AAC a target price of HK$56 and a buy rating.On November 19th, Morgan Stanley issued a research report raising its target price for JD Health (06618.HK) from HK$60 to HK$68.8, based on a discounted cash flow valuation, maintaining its "Market Perform" rating. Morgan Stanley stated that, taking into account JD Healths third-quarter results, the company benefits from growth in direct sales and service revenue, and has raised its total revenue forecasts for 2025 to 2027 by 1.4% respectively. Furthermore, with the expansion of drug sales and the increased proportion of advertising revenue, the companys gross margin is showing an upward trend. The bank has raised its recurring earnings per share forecasts for the period by 9%, 13%, and 13% respectively.

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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