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European stocks mostly rose on Monday, August 17th, after most major indices closed lower last week, with only the German DAX index hitting a record high. The Stoxx Europe 600 index rose 0.2%, led by technology and pharmaceutical stocks. SpaceX supplier STMicroelectronics rose 3%, while ASML and its smaller competitor ASM International rose 2.35% and 2.7% respectively. Dutch pharmaceutical company Argenx led the gains, rising approximately 7.7%, after reporting positive clinical trial results. The German DAX and the UK FTSE 100 indices rose 0.02% and 0.3% respectively, while the French CAC 40 index fell 0.1%.On August 17, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to a question about the Indonesian earthquake, Lin Jian stated that, to his knowledge, some Chinese citizens were injured in the earthquake. The Chinese Consulate General in Denpasar has activated its consular protection emergency mechanism to provide assistance to those injured in the earthquake.Iranian Foreign Ministry spokesman Bagaei: As everyone has seen, Iran now possesses the firm will to defend its sovereignty and dignity, thanks to the perseverance and resistance it has accumulated over the past decades.Iranian Foreign Ministry spokesman Bagaei: We maintain continuous contact with Qatar, which plays an important role in the current efforts to ease tensions.On August 17, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked: It has been reported that a 7.7-magnitude earthquake struck Indonesia on August 15, killing at least dozens of people. What is Chinas comment on this? Will China provide assistance to Indonesia? Lin Jian stated that China is concerned about the earthquake disaster in Indonesia. We express our deepest condolences to the victims and our sincere sympathies to their families and the injured. China is willing to provide active assistance according to Indonesias needs.

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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