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July 12th - According to the Ministry of Education, this year marks the 20th anniversary of the student loan program based on the students place of origin. Over the past two decades, my countrys student loan program has cumulatively issued 620.7 billion yuan in loans, benefiting 68.21 million students.July 12th - According to Middle East Eye, the United States is collaborating with Iraq and Syria on a plan to upgrade an aging oil pipeline connecting the northern Iraqi city of Kirkuk to Baniyas on Syrias Mediterranean coast, enabling Iraq to bypass the Strait of Hormuz when exporting crude oil. The report, citing Iraqi and other regional officials, stated that an agreement to restore the approximately 800-kilometer-long pipeline is expected to be announced next week during Iraqi Prime Minister Ali Zaidis meeting with Trump at the White House. The pipeline, which has been out of service for decades, is currently severely damaged. The report quoted a senior official as saying that the pipeline will likely require complete reconstruction, a project expected to take two to three years. Several American companies have already been recruited to participate in the project.July 11 - Irans Permanent Representative to the United Nations, Illavani, warned on the 11th that if the United States continues to violate its obligations, Iran will no longer abide by the memorandum of understanding signed with the United States.According to Axios, a regional source said that parties are discussing the possibility of issuing a potential statement on the full opening and free passage of the "middle channel" (located in international waters) in the Strait of Hormuz.According to RIA Novosti, the Russian Ministry of Defense stated that Ukrainian President Zelenskyy has deployed almost all available Western missile defense systems to Kyiv.

As a result of the Fed's hawkish stance, the AUD/USD has fallen below 0.6600, shifting market focus to PMI data

Alina Haynes

Sep 22, 2022 14:57

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The Australian dollar was trading below the 0.6600 US dollar support level during the Tokyo trading session. As a result of the Federal Reserve's interest rate decision, the asset is tumbling like a pack of cards (Fed). The two-day downtrend has resumed, and the asset is now trading below the round-number support of 0.6600. The asset is expected to have support close to the 0.65 level.

 

Investors believed the Federal Reserve will raise interest rates by 75 basis points (bps) for a third time in a row. Volatile hawkish counsel has had an effect on risk-sensitive and commodity-linked currencies. The Fed has put off job growth, economic prospects, the housing market, and demand for durable goods in order to maintain price stability, which is its core goal.

 

The target for maturity rates is 4.6%, which is significantly higher than the previous peak of 3.6%. Because of this, the distribution of loans will be slowed and the market liquidity will decrease. Lenders may also see an increase in their delinquency fees as a result. Since fewer loans are being made available, some companies may delay expansion plans.

 

The financial markets in Australia will be closed on Thursday for National Mourning Day. Accordingly, the performance of the US dollar index will continue to be scrutinized closely (DXY). The S&P Australian PMI data is expected to be issued on Friday, and investors will continue to keep a close eye on it. It is expected that the Manufacturing PMI would rise from 53.8 to 54.0. While we expect the Services PMI to drop from its current 50 to a much more modest 47.7.


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