EUR/USD 1.14749

USD/JPY 155.968

GBP/USD 1.33576

GBP/JPY 208.337

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Disney (DIS.N) said that pressure from the Trump administration’s previous criticism and regulatory actions against ABC has led it to ask the court to block the Federal Communications Commission (FCC) from reviewing its broadcast license ahead of schedule.Conflict Update: 1. According to Lebanons Al-Ahram newspaper: Saudi Arabia has requested Oman to mediate a two-week ceasefire with the Houthi rebels. 2. Saudi Civil Defense stated that the Houthi rebels launched a drone at Taif, Saudi Arabia. 3. Iranian Revolutionary Guard: At 10:12 AM on the 17th, an advanced air defense system intercepted and destroyed the 53rd US MQ-9 drone over Qeshm Island. 4. UK Maritime Trade Operations Office: A westbound oil tanker reported being pursued and attempted to intercept by a small boat 75 nautical miles east of Aden, Yemen. 5. Trump stated that the war with Iran is approaching a critical juncture, and he needs to decide whether to resume large-scale military operations to push for an end to the conflict. 6. US media: Iranian forces recently shot down at least two US MQ-1 series drones; the specific model involved is currently unclear. 7. Iranian Foreign Ministry: Any act of aggression against Islamic holy sites should be condemned. Meanwhile, the mere claim of intercepting a drone bound for Mecca is insufficient grounds for accusing any particular party, especially since the Houthis have explicitly denied this claim. Other developments: 1. The US approved the Iranian president and foreign ministers trip to New York for next weeks high-level UN General Assembly meeting. 2. Turkeys Ministry of Defense condemned the Houthi drone attack on Saudi Arabia. The Houthi threat to the Red Sea and the Bab el-Mandeb Strait harms global maritime trade. 3. Irans Foreign Ministry, in retaliation for a similar action by Sweden, demanded the departure of a Swedish diplomat. 4. Satellite imagery shows Saudi Arabia is constructing a bypass for a key east-west oil pipeline to bypass pumping stations damaged in previous attacks. 5. Israeli Prime Minister Netanyahu: We must carry this mission through to the end and overthrow the Iranian regime. The U.S. Federal Communications Commission approved foreign funding for the merger between Paramount and Warner Bros.September 18th - The Iran war has led to increased fuel costs, causing global container shipping prices to continue rising. Analysts say that freight rates on some major routes may again approach or surpass the historical highs reached during the pandemic. According to data from freight pricing platform Xeneta, the spot freight rate for a 40-foot container on a major ocean container route has risen to $10,948, more than four times the rate since the outbreak of the Iran war on February 28th, approaching the historical record of $11,900 set in January 2022. Marine low-sulfur fuel oil prices have currently risen to $901.5 per ton, compared to $543.5 on February 27th, but are still below the peak of $1,053 set on March 20th. As companies accelerate inventory replenishment ahead of the traditional peak season, shipping demand may further push up freight rates. Xeneta analysts stated that with the continued rise in fuel surcharges, freight rates on relevant container routes may exceed the peaks reached during the pandemic.According to the Financial Times, UK Chancellor of the Exchequer Johily will urge EU finance ministers on Friday to include the UK in the “Make in Europe” industrial policy to avoid repeating the failures of previous UK-EU defense cooperation.

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.