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New York gold futures surged 2.00% on the day, currently trading at $4,687.40 per ounce.The yield on Japans 30-year government bonds rose 10 basis points to 3.710%.On January 20th, the Ministry of Finance issued a notice regarding the implementation of a special guarantee program for private investment. The notice emphasizes increased risk compensation. The central government will provide risk compensation for any new compensation expenditures made by the guarantee fund under this program. The annual business scale of the guarantee fund will be determined by the Ministry of Finance based on the financing needs of enterprises, the operation of the guarantee fund, and risk control. The notice also encourages the exploration of new product offerings. Government-backed financing guarantee institutions and banks are encouraged to explore innovative models such as "supply chain + financing guarantee" and "scenario-based finance + digital RMB," focusing on expanding private investment, developing medium- and long-term credit guarantee products, and actively providing financing support for small and medium-sized enterprises (SMEs) in the upstream and downstream of key industrial supply chains.On January 20th, the Ministry of Finance issued a notice regarding the implementation of a special guarantee plan for private investment. The notice proposes appropriately increasing the risk-sharing ratio. Within this plan, banks will bear no less than 20% of the loan risk responsibility. The government-backed financing guarantee system will bear no more than 80% of the loan risk responsibility responsibility. The financing guarantee fund will appropriately increase its risk-sharing ratio for medium- and long-term loans to private enterprises, reducing the risk-sharing responsibility and compensation pressure on direct guarantee institutions. A differentiated risk-sharing mechanism will be established, with the financing guarantee funds risk-sharing ratio divided into three tiers: no more than 30% for loans with a term exceeding one year but not exceeding three years, no more than 35% for loans with a term exceeding three years but not exceeding five years, and no more than 40% for loans with a term exceeding five years.Nomura Securities raised its target price for Hyundai Motor from 370,000 won to 570,000 won.

Bulls Face a Wall of Resistance Around 1.0960-1.1000 in the AUD/NZD Price Analysis

Alina Haynes

Apr 29, 2022 09:56

The AUD/NZD is ready to recoup some of the week's losses, climbing for the third consecutive day, up a modest 0.13 percent as the Asian Pacific session begins. The AUD/NZD currency pair is trading at 1.0943 at the time of writing.

 

The week's lack of New Zealand data left the AUD/NZD exposed to the Australian economic calendar, which revealed that inflation increased by 5.1 percent year on year, above expectations of 4.6 percent and blowing the headline reading of 3.5 percent. Core inflation increased to its highest level since 2009, 3.7 percent, up from a previous reading of 2.6 percent.

 

Apart from that, sentiment improved throughout the day, and the Asian session reflected the tone on Wall Street. Investors were kept on their toes by China's coronavirus outbreak. Meanwhile, market participants shrugged aside the Ukraine-Russian spat and a weaker-than-expected US growth report as desire for risky assets surged.

 

As a result, the AUD/NZD appreciated last week on anticipation of a May rate hike by the Reserve Bank of Australia (RBA). Nonetheless, an Australian Federal Election could dissuade the RBA from acting despite a strong inflation report.

Forecasting the AUD/NZD Exchange Rate: A Technical Analysis

The AUD/NZD currency pair's bias is bullish. The pair is in an uptrend as shown by the daily moving averages (DMAs) below the exchange rate. However, Thursday's price action hit strong resistance near 1.0962, a zone that is surrounded by resistance levels between 1.0960 and 1.1000.

 

The AUD/initial NZD's resistance level on the upside would be April's 28 daily high of 1.0962. After clearing 1.0975, the next supply zone would be 1.0998.

 

On the other hand, the first demand zone for the AUD/NZD would be 1.0900. If the pair breaks below 1.0880, it will expose April's 28 swing low at 1.0824, followed by April's 25 swing low at 1.0824.

 

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