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On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to improve urban infrastructure. This includes accelerating the construction of the Fuzhou and Xiamen subway projects; optimizing the hierarchical structure of the urban road network, removing bottlenecks and congestion, and optimizing the urban freight network; strengthening the construction of parking and charging facilities; continuously enhancing the deep coverage of 5G, 5G-A, and gigabit optical networks; coordinating the construction of computing infrastructure and IoT sensing facilities; and encouraging qualified cities to pilot data infrastructure construction. The document also promotes the upgrading and digital transformation of traditional infrastructure and the construction of underground integrated pipe corridors according to local conditions. Furthermore, it accelerates the construction of a modern water network to enhance flood disaster prevention, water resource allocation, and urban and rural water supply security capabilities. Finally, it promotes the high-quality development of the urban power distribution network.On February 8th, the Fujian Provincial Committee of the Communist Party of China and the Fujian Provincial Peoples Government issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to enhance urban development momentum through city-specific policies. The document calls for promoting the expansion and upgrading of urban industrial parks, adhering to intelligent, green, and integrated development. It emphasizes consolidating and enhancing the pillar industry of manufacturing, and cultivating strategic emerging industry clusters such as optoelectronic information, integrated circuits, and new energy. It also calls for planning and constructing future industries, developing new productive forces according to local conditions. Furthermore, it promotes intelligent construction, cultivates a modern construction industry chain, and accelerates the transformation and upgrading of the construction industry. The document also encourages the active development of first-of-its-kind, silver-haired, low-altitude, cultural tourism, and marine economies, fostering new consumption scenarios and new business models. It supports Xiamen in carrying out pilot work for the construction of an internationalized consumption environment and accelerates the creation of distinctive cultural blocks, nighttime cultural and tourism consumption clusters, tourism and leisure blocks, and intangible cultural heritage characteristic blocks.February 8th - Voting began at 7:00 AM local time on February 8th for the Japanese House of Representatives election. Voting will conclude at 8:00 PM, except in some areas. The vote counting will then begin. This election involves contesting 465 seats in the House of Representatives, including 289 single-election seats and 176 proportional representation seats. The House of Representatives has a legally mandated four-year term, but under pressure from incumbent Prime Minister Sanae Takaichi, it was dissolved early on January 23rd, just one year and three months after the last election.Musk: Once solar power generation, robotics manufacturing, chip manufacturing, and AI form a closed loop, traditional currencies will become an obstacle. What really matters will be (power generation) capacity and output, not the US dollar.February 7th - US President Trump tweeted: "We need more competition to fight our enemies—the national television networks that spread fake news. Facilitating a good deal like Nexstar-Tegna will help combat fake news because it will bring more, higher-level, and more sophisticated competition. Those who oppose it dont fully understand the benefits for them, but they will in the future. Get this deal done!"

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.