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According to Hong Kong Stock Exchange filings, Sinopec spent HK$40.3 million to buy 9 million H shares on November 27.Today, the US markets were closed for Thanksgiving, leading to a shortage of liquidity and amplifying volatility in currency trading. The dollar is retreating from a six-month high reached a week ago and is on track for its biggest weekly drop since July. "The market will soon be considering its main trading strategies for 2026, and I strongly believe that going long on the dollar wont be one of them," said Brent Donnelly, president of Spectra Markets. He added that if Hassett, the White House economic advisor who advocates for interest rate cuts, is appointed as the next Federal Reserve chairman, it should be detrimental to the dollar.According to RIA Novosti, the Russian Ministry of Defense stated that Russian troops have captured Vasikivka in eastern Ukraine.On November 27, Yonhap News Agency reported that South Koreas domestically developed launch vehicle, the "Segway," successfully launched for the fourth time in the early hours of November 27. The rocket carried the next-generation medium-lift satellite, Mk3, into its designated orbit, achieving the intended launch objective. Currently, all systems of Mk3 are operating normally. Of the remaining 12 satellites, 5 have established communication with ground stations, while the remaining 7 will undergo communication testing with ground stations.On November 27th, according to Tianyancha, Zhimaxing (Wenzhou) New Energy Vehicle Sales Co., Ltd. was established with a registered capital of 200 million RMB. Its business scope includes the sale of new energy vehicles, sales of new energy vehicle electrical accessories, sales of new energy vehicle battery swapping facilities, and automobile sales. Shareholder information shows that the company is wholly owned by WM Motor Manufacturing (Wenzhou) Co., Ltd.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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