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On January 20th, Hong Kong stocks fluctuated, with the Hang Seng Index closing down 0.29% at 26487.51 points. The Hang Seng Tech Index closed down 1.16% at 5683.44 points. The total turnover of the Hang Seng Index market was HK$237.766 billion. On the sector front, department store stocks declined, AIGC (AI, Generic, and Consumer Electronics) stocks and Apple concept stocks fell, and pharmaceutical stocks were weak; gold stocks strengthened, new consumption concept stocks rebounded, and airline stocks continued their upward trend. In terms of individual stocks, Shanghai Auntie (02589.HK) rose 9.87%, Pop Mart (09992.HK) rose over 9%, GigaDevice (03986.HK) and Zijin Mining International (02259.HK) rose 5.5%, and China Southern Airlines (01055.HK), China Life Insurance (02628.HK), Mao Geping (01318.HK), and Nayuki (02150.HK) rose over 4%; New World Development (00017.HK) fell 10.6%, Zhipu (02513.HK) fell 7.4%, Country Garden (02007.HK) fell over 6%, WuXi AppTec (02359.HK) fell 4.1%, and BYD (01211.HK) fell 3.67%.On Tuesday, January 20, the Hang Seng Index closed down 76.39 points, or 0.29%, at 26,487.51; the Hang Seng Tech Index closed down 66.54 points, or 1.16%, at 5,683.44; the H-share Index closed down 39.69 points, or 0.43%, at 9,094.76; and the Red Chip Index closed up 46.21 points, or 1.12%, at 4,188.73.Hong Kong stocks closed down 0.29% and down 1.16%. New consumption concept stocks bucked the trend and rose, with Pop Mart (09992.HK) up 9%, Shanghai Auntie (02589.HK) up nearly 10%, and Mao Geping (01318.HK) and Nayuki (02150.HK) up more than 4%.Renault shares rose 1.5% after the release of auto sales data.The Norwegian Petroleum Authority reported that Norways preliminary oil production in December was 1.962 million barrels per day, and its preliminary natural gas production in December was 11.4 billion cubic meters.

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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