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On May 28th, Tencents Hunyuan announced the official launch of Hy-Memory. According to reports, this is a memory plugin specifically designed for long-term collaborative agents like Openclaw, truly becoming the agents "second brain."On May 28th, Federal Reserve Chairman Mohamed Mussaleem stated that policymakers cannot expect a potential productivity boom driven by artificial intelligence to alleviate persistently high inflation. Mussaleem noted, "I think it would be risky to rely on improved future productivity growth prospects to solve our current inflation problem." The conflict with Iran has reignited upward pressure on prices and prompted more policymakers to warn that further interest rate hikes may be necessary if inflation remains high. Mussaleem warned that, after adjusting for inflation, the Feds benchmark interest rate is currently below the so-called "neutral level"—a level that neither inhibits nor stimulates the economy. He also pointed out that the labor market remains stable, inflation is "significantly above" the Feds 2% target, and long-term inflation expectations are "gradually rising."The U.S. EIA natural gas storage figures for the week ending May 22 will be released in ten minutes.US Treasury bonds continued to rise; the 10-year yield fell 5 basis points to 4.43%.On May 28th, according to two US officials speaking to Axios, US and Iranian negotiators have reached an agreement on a 60-day memorandum of understanding aimed at extending the ceasefire and initiating negotiations on Irans nuclear program; however, Trump has not yet given final approval, requesting a few days to consider it. Signing the memorandum of understanding would be the most significant diplomatic breakthrough since the outbreak of the war, but further intensive negotiations are still needed to reach a final agreement addressing Trumps nuclear demands. US officials stated that the 60-day memorandum of understanding will stipulate that navigation in the Strait of Hormuz will be "unrestricted." One US official said this means no tolls will be charged, and no harassment will be carried out; Iran must clear all mines from the strait within 30 days. Another US official stated that the US maritime blockade will also be lifted, but this process will proceed in proportion to the progress of the resumption of commercial shipping. Officials indicated that the memorandum of understanding will include a commitment from Iran not to develop nuclear weapons. The memorandum will also stipulate that the primary negotiating topic during the 60-day window will be how to handle Irans highly enriched uranium and how to respond to Irans uranium enrichment activities. As part of the negotiations, the United States pledged to discuss lifting sanctions and unfreezing Iranian funds. The memorandum of understanding will also include discussions on establishing a mechanism to help Iran begin receiving material and humanitarian aid.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.