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On June 12th, NIO founder and chairman William Li stated that reducing the weight of new energy vehicles has significant user value, but achieving this goal is not easy. He believes that lightweighting is a comprehensive result of cost, technology, engineering, and product definition. According to Lis calculations, after the basic vehicle definition is completed and the final sprint towards lightweighting begins, it costs approximately 1,000 yuan per kilogram to reduce weight. He said that reducing weight from 2 tons to 1.9 tons is relatively easy, but continuing to reduce weight from 1.9 tons will result in increasingly higher costs per kilogram.ECB Governing Council member Machrouf: We need to address inflation in advance.June 12th Futures News: On June 12th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 236,681 tons, an increase of 872 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, an increase of 600 tons compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 3,116 tons. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 95,070 tons, a decrease of 1,150 tons 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.ECB Governing Council member Koch said that raising interest rates will help stabilize the situation, and inflation should not be expected to reach the levels of 2022 and 2023. The key is that price shocks will not lead to a market deadlock. The ECB will take decisive measures to ensure that the medium-term inflation rate falls to 2%.The German DAX 30 index opened 372.79 points higher, or 1.54%, at 24,582.68 on Friday, June 12; the UK FTSE 100 index opened 71.37 points higher, or 0.69%, at 10,375.25; and the French CAC 40 index opened 110.87 points higher, or 1.35%, at 8,311.67. The Stoxx 50 index opened 89.39 points higher, or 1.48%, at 6146.35 on Friday, June 12; the Spanish IBEX 35 index opened 307.60 points higher, or 1.68%, at 18597.70 on Friday, June 12; and the Italian FTSE MIB index opened 638.76 points higher, or 1.26%, at 51143.50 on Friday, June 12.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

 NZD:USD.png

 

During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.