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JPMorgan Chase raised its price target for Marathon Petroleum (MRO.N) from $257 to $300.On July 13th, the Ministry of Civil Affairs and 14 other departments jointly released the "Three-Year Action Plan for Expanding and Improving the Rehabilitation Assistive Device Industry (2026-2028)." Regarding payment guarantees, the plan supports the inclusion of eligible therapeutic rehabilitation assistive devices in medical insurance and explores the inclusion of intelligent services related to long-term care and supportive assistive devices in the long-term care insurance coverage. It also guides and encourages commercial insurance companies to include rehabilitation assistive device configurations in their commercial health insurance reimbursement scope. In terms of industry management, the plan accelerates the revision and formulation of mandatory standards for electric wheelchairs and recommended standards for wearable exoskeletons. Regarding talent cultivation, the plan supports eligible rehabilitation assistive device enterprises and institutions in establishing postdoctoral research workstations and supports universities and vocational schools in offering majors related to rehabilitation engineering and rehabilitation assistive device technology.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The opinion mentions improving the system for inventorying, statistically analyzing, and accounting for natural resource assets. It calls for integrating and utilizing the results of natural resource surveys, land space monitoring, registration of ownership, grading, and valuation to conduct regular inventories of natural resource assets, clarifying the physical quantity, exploring ways to calculate the value, ascertaining the baseline of natural resource assets, and clarifying the status of usage rights. It also calls for establishing an annual update mechanism for the results of natural resource asset inventories and strengthening the analysis and application of these results. Furthermore, it emphasizes improving the statistical system for all-people-owned natural resource assets, improving the system for compiling natural resource asset balance sheets, and promoting their routine compilation. Finally, it explores the development of natural capital accounting.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The opinion mentions improving the market system and rules for natural resource assets. It calls for deepening the reform of the paid use system for natural resource assets, establishing and improving rules for the allocation, transfer, leasing, valuation as investment (equity participation), joint ventures, and contracted management of natural resource assets in accordance with laws and regulations, improving relevant natural resource asset allocation contracts, clarifying the rights, obligations, and responsibilities of all parties, and implementing full life-cycle management. It also explores the establishment of a paid use system for state-owned agricultural land. The opinion promotes competitive bidding for mining rights and strictly controls negotiated bidding. It aims to gradually increase the proportion of market-based allocation of sea area use rights. It also aims to cultivate and regulate the water rights trading market. Furthermore, it calls for formulating rules for grading, classifying, and valuing natural resource assets in accordance with laws and regulations, and improving the natural resource asset pricing system. Finally, it emphasizes improving the natural resource asset trading mechanism, strengthening dynamic market monitoring and supervision, establishing a market credit system, and maintaining market order for natural resource assets.On July 13, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on improving the system for managing natural resource assets. The main objectives are: by 2030, the system for managing natural resource assets will be more complete, with clearer responsibilities, a clearer picture of asset holdings, stronger overall protection, more efficient asset allocation, and more comprehensive assessment and supervision; all types of natural resource assets and all national land space will be effectively protected, and the level of natural resource asset management will be significantly improved. By 2035, the system and mechanisms for managing natural resource assets will operate smoothly, a complete and systematic system for managing natural resource assets will be fully established, and the level of natural resource asset management will be comprehensively improved.

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

Daniel Rogers

Jan 18, 2023 15:02

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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.