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On April 16, the Russian Ministry of Defense released a daily combat report stating that, in response to the Ukrainian militarys terrorist attacks on civilian facilities within Russia, the Russian military launched a large-scale strike in the past 24 hours using land-based, air-based, and sea-based long-range high-precision weapons and attack drones against Ukrainian defense industrial complex facilities used for the production of cruise missiles and medium- and long-range drones, as well as fuel and energy complex facilities serving the Ukrainian military. In addition, the Russian military also struck a total of 154 areas, including container terminals, armored vehicle storage yards, ground robotic system testing grounds, and temporary deployment points of Ukrainian armed forces and foreign mercenaries. Russian air defense systems shot down 5 guided-missile bombs and 270 fixed-wing drones. The Ukrainian military suffered approximately 1,055 casualties across various operational fronts.A spokesperson for the European Commission said that easing any sanctions on Russia would not help.On April 16th, the newly established National Automotive Standardization Technical Committee was in Beijing. A relevant official from the Ministry of Industry and Information Technology stated that during the 15th Five-Year Plan period, my country will accelerate the development of key core standards for the automotive industry, fully leveraging the guiding role of standards. Furthermore, during the 15th Five-Year Plan period, the guiding role of automotive standards will also contribute to improving product quality. This includes accelerating the formulation and revision of standards for automotive extreme environment adaptability, power battery cycle life, new energy vehicle energy consumption limits, and electromagnetic environment adaptability. Moreover, standards will guide the innovative application of key technologies. This includes accelerating the construction of standard systems in cutting-edge fields such as solid-state batteries and automotive artificial intelligence, and promoting the formulation and revision of standards for megawatt-level charging, intelligent chassis, and large-angle automotive seats.On April 16th, the Nikkei reported on April 15th that Tesla revealed on the 14th that it is considering producing humanoid robots at its Shanghai Gigafactory. The Shanghai factory has been producing electric vehicles since 2019 and will begin producing large-scale energy storage batteries in 2025. This plan to further expand manufacturing to humanoid robots aims to maintain its growth momentum in the Chinese market. Wang Hao, Vice President of Tesla and President of Tesla China, stated on the 14th that with the arrival of the robotics era, the Shanghai Gigafactory, like other Tesla factories, will shoulder an extremely important role as a production base, making significant contributions in areas such as robotics. The report stated that Tesla has not yet released details regarding the specific timing and scale of production. However, according to reports from some Chinese securities companies, its goal is to achieve an annual production capacity of 100,000 units by the end of 2026.The governor of the Polish central bank stated that the likelihood of further interest rate cuts has decreased due to the risk of an energy shock. The probability of holding rates steady or raising them is greater than cutting them.

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.