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On January 12th, ING Bank currency analyst Francesco Pesole stated in a report that the Swiss franc has become the most popular safe-haven currency among major currencies amid concerns about the Federal Reserves independence. Pesole pointed out that the Swiss franc became the best-performing G10 currency on Monday after news broke that Fed Chairman Powell was facing a criminal investigation over the Feds headquarters renovation project. Powell stated that this was merely an excuse for President Trump to force the Fed to cut interest rates. Pesole also indicated that the euro and Swedish krona could potentially benefit from these concerns about the Feds independence.On January 12, Zhipu (02513.HK) issued an announcement stating that, following recent reports that the Group has established a strategic partnership with a travel platform, and after making reasonable inquiries regarding the Company in the relevant circumstances, the Company confirms that the partnership is conducted in the ordinary and usual course of the Groups business. The Company is not aware of any information that needs to be disclosed to avoid a false market in the Companys securities, or any inside information that needs to be disclosed under Rule 13.09(2) of the Listing Rules and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).Federal Housing Finance Agency Director Pulte: Fannie Mae and Freddie Mac are valued between $500 billion and $1 trillion.Federal Housing Finance Agency Director Pulte: Fannie Mae and Freddie Macs initial public offerings are still under discussion.Federal Housing Finance Agency Director Pulte: I will meet with homebuilders this week.

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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