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White House spokesperson: The agreement reached with Iran is in the interest of the American people. Iran will never possess nuclear weapons.June 23 – It has recently been learned that relevant departments have formulated a special policy to support the export of digital culture, covering online literature, online dramas, online games, animation, and digital music. The policy is currently open for public comment. In recent years, digital cultural products such as online literature, online dramas, and online games have created a "China whirlwind" globally, becoming a new engine for cultural consumption and cultural exports. The "content + platform + model" model is accelerating its overseas expansion. From January to April this year, my countrys service trade exports grew by 15%, with personal cultural and entertainment services growing by a remarkable 39.5%. Driven by policy support and industrial development, the international competitiveness of "Chinese services" continues to improve.Japanese Chief Cabinet Secretary Minoru Kihara was aware of the meeting between Finance Minister Satsuki Katayama and U.S. Treasury Secretary Bessenter; however, he declined to comment further.June 23 (KCNA) – The 2nd Enlarged Plenary Session of the 9th Central Committee of the Workers Party of Korea was held from June 20 to 22. At the meeting, Kim Jong Un, General Secretary of the Workers Party of Korea, pointed out that the actions of the US and South Korea this year have seriously deteriorated the situation on the Korean Peninsula, and North Korea will further strengthen its defense capabilities. Kim Jong Un said that since the beginning of this year, the US and South Korea have increasingly promoted activities such as increasing troop deployments in the region, even advancing South Koreas nuclear submarine program, and holding another "Nuclear Consultation Group meeting," all of which have seriously worsened the situation on the Korean Peninsula. Kim Jong Un emphasized the need to accelerate the construction of a 10,000-ton strategic missile cruiser and to focus on the research and production of conventional weapons that are of great significance to enhancing the combat capabilities of the North Korean military. He also pointed out the need to complete the ongoing fortification project on the southern border with high quality and to build a new naval fleet base to strengthen defense capabilities.Japanese Chief Cabinet Secretary Minoru Kihara: No comment on exchange rates.

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.