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On May 20, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "China has just announced Serbian President Aleksandar Vučićs visit to China. Could China provide details of the arrangements for this visit? What is Chinas view on the current state of China-Serbia relations? What are Chinas expectations for this visit?" Guo Jiakun stated that Serbia is the first European country to jointly build a community with a shared future for a new era with China and is an important partner of China in Southeast Europe. President Vučić maintains close communication with President Xi Jinping, and this is President Vučićs first state visit to China. During the visit, President Xi Jinping and Premier Li Qiang will meet with President Vučić separately to exchange views on bilateral relations and international and regional issues of common concern. China is willing to work with Serbia, taking President Vučićs visit as an opportunity, to solidify the ironclad friendship, expand mutually beneficial cooperation, enrich people-to-people exchanges, strengthen multilateral coordination, and promote the building of a China-Serbia community with a shared future for a new era to achieve more practical results and benefit the people of both countries.On the 20th, precious metal-related commodity funds such as Southern Shanghai Gold ETF, E Fund Gold ETF, Bosera Gold ETF, and Guotai Junan Silver Futures (LOF) all fell by more than 1%. In other sectors, Huaxia Feed Soybean Meal Futures ETF fell by nearly 1%, CCB Energy and Chemical Futures ETF fell by 0.24%, Guolian An SSE Commodity ETF rose by 0.14%, and Dacheng Nonferrous Metals Futures ETF rose by 0.47%.Central Bank Indonesia raised its benchmark interest rate by 50 basis points to 5.25% (market expectations were for a 25 basis point increase).The Kremlin: There is currently no clear timetable for the "Power of Siberia 2" natural gas project.The governor of Central Bank Indonesia stated that the central bank will therefore strengthen its monetary policy mix to ensure that inflation remains within the target range until 2027.

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.


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