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On March 22, Elon Musk held a press conference to announce Project Terafab, a grand plan aimed at eventually manufacturing its own chips for robotics, artificial intelligence, and space data centers. The project will be based in Austin and jointly operated by Tesla and SpaceX. Musk stated that he will first build an "advanced technology wafer fab" in Austin, equipped with the full suite of equipment needed to manufacture and test various types of chips. Musk said that although the semiconductor industry is increasing production, its pace of development is still not meeting his anticipated chip demand. "This pace is far below our expectations," Musk said. "Either we build a terawatt-scale factory, or we dont have any chips available, and we need these chips, so were building a terawatt-scale factory." Musks project aims to support 1 terawatt of computing power annually in the future.According to Al Jazeera: The Israeli military reports a new round of missile attacks by Iran.On March 22, Apple CEO Tim Cook, in an interview with the media in Beijing, said that the development of Chinas robotics industry is impressive. Speaking about the opportunities in China during the 15th Five-Year Plan period, he expressed great anticipation for artificial intelligence (AI) and eagerly awaited the next developments in the field.March 22nd - A new round of refined oil price adjustments will take place in China at midnight on March 23rd. According to Longzhong Information, the expected increase is around 2000 yuan/ton. For a 70-liter fuel tank, filling up a car will cost approximately 106 yuan more. For a 50-liter tank, the increase is expected to be around 75 yuan more. This will mark the fifth consecutive price increase this year, potentially the largest increase this year. However, the final adjustment amount will depend on the official data released by the National Development and Reform Commission that evening.On March 22, Hong Kong Financial Secretary Paul Chan Mo-po stated that during his recent visit to Beijing, he met with several central government ministries and financial regulatory agencies. They engaged in in-depth discussions on the macroeconomic situation, the current state and development of the financial market, and how Hong Kong can better play its role in the new phase of the nations 15th Five-Year Plan. Chan and his delegation deeply appreciated the concern, understanding, and support shown by the various ministries and agencies for Hong Kongs situation. They also realized the need for a more accurate understanding of the nations development direction, key areas, and strategies in order for Hong Kong to accelerate its integration into and serve the overall national development strategy, and to maximize its own advantages.

NZD/USD Recovers To Near 0.6250 As The USD Index Retreats In Response To The Fed's Dovish Guidance

Daniel Rogers

Mar 23, 2023 14:56

 NZD:USD.png

 

The NZD/USD pair has extended its recovery to near 0.6250 during the Asian session. After declining to near 102.00, the US Dollar Index (DXY) displayed a brief retracement, and the New Zealand dollar rose sharply from 0.6220. It is anticipated that the USD Index will maintain its downward momentum as the Federal Reserve (Fed) approaches its terminal rate.

 

It was widely anticipated that the Fed would increase interest rates by 25 basis points (bp), resulting in rates between 4.75 and 5.00 percent. Jerome Powell, the chairman of the Federal Reserve, fought harder to maintain his hawkish stance, contending that rate cuts in 2023 are out of the question because restrictive monetary policy is required to reduce inflation to 2%. Fed Chairman Jerome Powell's statement that "additional policy tightening may be warranted" indicated that the Fed is nearing the end of its rate-hiking campaign.

 

After Fed Chairman Powell allayed fears of a bleak economic outlook due to reduced demand and the scope of economic activities, U.S. stocks experienced an enormous sell-off on Wednesday. According to Fed Chair Powell, the US banking system is'sound and resilient,' but credit conditions for households and businesses cannot be ruled out.

 

The New Zealand Dollar is struggling to maintain its footing in Asia-Pacific as the market anticipates a reduced growth rate in the kiwi zone due to recent inundation.

 

According to Reuters, Reserve Bank of New Zealand (RBNZ) Chief Economist Paul Conway stated on Thursday that interest rates were clearly contracting and causing a welcome decline in economic demand, but it was not yet clear that inflation expectations were under control.


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