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Iranian President Pezhichyan: All measures must be aimed at maintaining national unity. Through unity, we will overcome any crisis.June 18, Capital.com analyst Daniela Hathorn said in a report that the latest inflation data in the UK is unlikely to affect the Bank of England to resume cutting interest rates. The annual rate of CPI in the UK slowed down moderately to 3.4% in May from 3.5% in April. Although not catastrophic, these data did not impress those who hoped for a stronger trend of inflation decline. The market generally expects the Bank of England to keep the interest rate unchanged at 4.25% in Thursdays interest rate decision.June 18th, John Velis, macro strategist for the Americas at Bank of New York Mellon, said that no interest rate changes are expected at the upcoming Federal Reserve meeting, but the new Summary of Economic Projections may affect the market. The dot plot will indicate that the rate cut in 2025 will be lower than previously expected. Given that the market expects nearly two rate cuts this year, a more hawkish dot plot may disrupt the market. The Federal Reserve has become increasingly cautious about cutting interest rates in 2025, noting that inflation remains the top priority for most members who have shared their ideas. Given the continued uncertainty in policy, the Federal Reserve is unlikely to soften its interest rate views. After June, there are only four Federal Reserve meetings left this year, and it seems increasingly unlikely that there will be time for aggressive easing during the year.Hong Kongs Hang Seng Index closed at 23,710.69 points on June 18 (Wednesday), down 269.61 points, or 1.12%. Hong Kongs Hang Seng Tech Index closed at 5,214.41 points on June 18 (Wednesday), down 77.44 points, or 1.46%. The CSI 300 Index closed at 8,594.19 points on June 18 (Wednesday), down 100.48 points, or 1.16%. The H-share Index closed at 4,091.13 points on June 18 (Wednesday), down 36.17 points, or 0.88%.June 18, ING Bank commodity strategists said that the biggest concern in the oil market is the closure of the Strait of Hormuz, which will affect the flow of oil in the Persian Gulf. Nearly one-third of the worlds seaborne oil trade passes through this choke point. Severe disruptions in oil circulation are enough to push oil prices up to $120 a barrel. They predict that in this case, OPECs spare capacity will not help ease market tensions, as most of the spare capacity is located in the Persian Gulf. In this case, governments may have to use their strategic oil reserves, although this is only a temporary solution.

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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