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On May 27th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. TSR20 rubber futures warehouse receipts: 29,534 tons, a decrease of 202 tons from the previous trading day; 2. Aluminum futures warehouse receipts: 481,196 tons, a decrease of 75 tons from the previous trading day; 3. Alumina futures warehouse receipts: 0 tons, a decrease of 466,471 tons from the previous trading day; 4. Stainless steel warehouse futures warehouse receipts: 73,912 tons, an increase of 1,025 tons from the previous trading day; 5. Copper futures warehouse receipts: 94,930 tons, a decrease of 2,258 tons from the previous trading day; 6. Rebar warehouse futures warehouse receipts: 20,218 tons, unchanged from the previous trading day; 7. Zinc futures warehouse receipts: 109,598 tons, a decrease of 48 tons from the previous trading day; 8. Hot-rolled coil futures warehouse receipts: 517,427 tons, a decrease of 20,558 tons from the previous trading day; 9. Tin futures warehouse receipts: 8,151 tons, up 6 tons from the previous trading day; 10. Lead futures warehouse receipts: 56,773 tons, up 378 tons from the previous trading day; 11. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 12. Nickel futures warehouse receipts: 82,166 tons, up 1,076 tons from the previous trading day; 13. Fuel oil futures warehouse receipts: 45,160 tons, down 2,000 tons from the previous trading day; 14. Butadiene rubber futures warehouse receipts: 30,880 tons, down 50 tons from the previous trading day; 15. Petroleum asphalt plant warehouse futures warehouse receipts: 31,220 tons, unchanged from the previous trading day; 16. Petroleum asphalt warehouse futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 17. Silver futures warehouse receipts: 993,726 kg, up 4,520 kg from the previous trading day; 18. Gold futures warehouse receipts: 111,669 kg, unchanged from the previous trading day; 19. International copper futures warehouse receipts: 12,378 tons, unchanged from the previous trading day; 20. Pulp warehouse futures warehouse receipts: 207,266 tons, unchanged from the previous trading day; 21. Pulp mill warehouse futures warehouse receipts: 20,000 tons, unchanged from the previous trading day; 22. Low-sulfur fuel oil warehouse futures warehouse receipts: 0 tons, unchanged from the previous trading day; 23. Natural rubber futures warehouse receipts: 146,120 tons, up 1,690 tons from the previous trading day.Google will update its gambling and gaming policy in Ireland on July 1 to comply with new regulatory requirements.The onshore yuan closed at 6.7817 against the US dollar at 16:30 on May 27, up 53 points from the previous trading day.On May 27th, local time, the Ukrainian State Electricity Company announced that, as of that morning, several regions in Ukraine experienced civilian power outages due to a new round of drone and artillery attacks by Russia. According to the company, new power outages were reported in Donetsk Oblast, Dnipropetrovsk Oblast, Zaporizhzhia Oblast, Sumy Oblast, and Kharkiv Oblast. Currently, workers are conducting comprehensive power restoration and repair operations in areas where safety conditions have been met.On May 27th, the European Central Bank (ECB) warned that financial markets face the risk of a sudden and sharp correction, and investors may be underestimating a range of threats, including a war with Iran. In its semi-annual Financial Stability Review, the ECB stated on Wednesday that despite recent market adjustments, asset prices remain "high" compared to historical levels. The report noted that downside risks at the geopolitical, fiscal, and macro-financial levels appear to be "underestimated" by the market. ECB Vice President Guindos stated, "This makes the market susceptible to sharp repricing. Once financial markets experience volatility, non-bank financial institutions could amplify this shock." The ECB emphasized that the Eurozone sovereign bond market is currently operating "orderly" with narrow spreads, but warned that the rising proportion of price-sensitive investors such as hedge funds, and fiscal sustainability issues in some countries, including the United States, could trigger or amplify sudden repricing of risky assets. These risks mean that controlling fiscal spending is becoming increasingly important. The ECB also warned of financial stability risks in the private lending market.

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

Daniel Rogers

Apr 20, 2023 13:51

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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.