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On June 10th, the Publicity Department of the Central Committee of the Communist Party of China and the Ministry of Public Security jointly launched a concentrated publicity month campaign themed "Dont Listen, Dont Believe, Dont Be Greedy: Building a Heart-to-Heart Defense Against Fraud," aiming to further intensify anti-fraud publicity, continuously improve public awareness and ability to identify scams, and effectively create a strong anti-fraud atmosphere throughout society. The launch ceremony for the concentrated publicity month was held in Beijing on June 10th.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending June 8, total refined product inventories at the port of Fujairah were 5.377 million barrels, an increase of 165,000 barrels from the previous week. Specifically, light distillate inventories decreased by 205,000 barrels to 2.057 million barrels; middle distillate inventories increased by 40,000 barrels to 1.268 million barrels; and heavy residual fuel oil inventories increased by 330,000 barrels to 2.052 million barrels.June 10th - According to data from the China Passenger Car Association (CPCA), from June 1st to 7th, the national passenger car retail sales reached 228,000 units, a 23% decrease compared to the same period last year and an 11% decrease compared to the same period last month. The cumulative retail sales this year reached 7.327 million units, a 20% decrease year-on-year. From June 1st to 7th, the national passenger car manufacturers wholesale sales reached 204,000 units, a 25% decrease compared to the same period last year and a 10% increase compared to the same period last month. The cumulative wholesale sales this year reached 10.39 million units, a 6% decrease year-on-year.On June 10, the State Administration for Market Regulation (SAMR) released the "Guidelines for International Cooperation in Quality Certification by Local Market Regulation Departments," providing guidance for local market regulation departments to strengthen and improve related work and better serve local enterprises and economic development. The "Guidelines" instruct local market regulation departments to focus on leading foreign trade enterprises, small and medium-sized export enterprises, key upstream and downstream enterprises in the industrial chain, and inspection, testing, and certification institutions, promptly collecting information on obstacles to international cooperation in quality certification and market access certification requests faced by foreign trade enterprises. Upon identifying difficulties, bottlenecks, and potential risks in the field of quality certification, these departments should promptly report them to the SAMR, providing case studies and materials for national-level international exchanges and negotiations on quality certification. The guidelines also require timely tracking of the progress and opinions on handling relevant requests, forming a closed-loop working mechanism of investigation, reporting, implementation, and feedback to ensure that enterprise requests are effectively addressed and that quality certification plays a positive role in serving local industries.June 10th Futures News: On June 10th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 235,809 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 34,160 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 96,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

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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