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November 24th - A new opinion poll released by German media on the 23rd shows that German public satisfaction with the government has fallen to a new low, with only 22% of respondents expressing satisfaction with the coalition government led by Chancellor Merz. The poll was commissioned by the German newspaper Bild am Sonntag and conducted by the Institute for New Social Problems from November 20th to 21st. Of the 1,004 respondents, 22% were satisfied with the coalition government, a two-percentage-point decrease from the previous poll on November 7th; 67% were dissatisfied; and 11% did not provide an opinion. 25% of respondents approved of Merzs performance as Chancellor, a two-percentage-point decrease from the previous poll; 64% were dissatisfied; and 11% did not provide a clear opinion.Hong Kong stocks rallied, with the Hang Seng Tech Index rising 2% and the Hang Seng Index gaining 1.4%.On November 24th, Kiwoom Securities analyst Pak Yu-ak stated in a research report that Samsung Electronics fourth-quarter results are expected to exceed market expectations due to higher-than-expected DRAM chip prices. As the worlds largest memory chip manufacturer, Samsungs fourth-quarter operating profit is projected to reach 17.6 trillion won, a 44% increase from the third quarter, exceeding market consensus. Pak Yu-ak noted that the fixed price of DRAM chips used in personal computers, mobile phones, and data servers is rising faster than anticipated. Kiwoom predicts that Samsungs operating profit will reach 100 trillion won by 2026, citing expected growth in the HBM4 market and rising prices for general-purpose DRAM chips.South Koreas Ministry of Economy: Driven by strong growth in the chip and automotive industries, South Korean exports are expected to continue their upward trend in November.New York silver futures fell 1.00% on the day, currently trading at $49.41 per ounce.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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