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June 28th - According to Saudi media outlet Alhadath: The Iraqi and Iranian foreign ministers held a press conference in Baghdad. The Iraqi Foreign Minister stated that the Iranian Foreign Ministers visit was of great significance. Iran is an important neighbor of Iraq. Iraq has played a crucial role in communication between the US and Iran. He discussed many issues with Araghzi, including bilateral relations and the US-Iran memorandum of understanding. He emphasized the importance of opening the Strait of Hormuz and lifting the maritime blockade. The war and the blockade of the Strait of Hormuz have negatively impacted our economic situation. The closure of the Strait of Hormuz has disrupted Iraqs oil supply. Iraq does not support escalating the war, nor does it support aggression against Iran. The continuation of the war will lead to regional destruction. The region must protect itself.June 28 (Xinhua) -- According to sources in Manama, Bahrain, the Bahraini Defense Forces Command issued a statement on the 28th saying that Bahrains air defense system successfully intercepted and destroyed missiles and drones originating from Iran. The statement said that Iran continues to take hostile actions, launching missile and drone attacks against Bahraini civilians. All operational units and forces of the Bahraini Defense Forces are on high alert and fully prepared for defense. The Bahraini Ministry of the Interior issued a statement that day saying that the Iranian attack damaged a residential building in Muharraq province, but caused no deaths. Relevant departments are taking necessary measures on the scene.On June 28, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted research in Sichuan Province from June 25 to 28. He Lifeng pointed out the need to strengthen research on key core technologies, accelerate the construction of a modern industrial system, and continuously enhance the driving force of economic development. He stressed the importance of further tapping the potential of foreign trade, fully leveraging the role of the China-Europe Railway Express and the Western Land-Sea New Corridor, better serving the construction of inland open highlands, and promoting high-quality development of foreign trade. He also emphasized the need to coordinate development and security, continuously monitor and effectively prevent and resolve risks in key areas, and effectively safeguard the local economic and financial ecosystem. He Lifeng demanded that relevant departments thoroughly analyze the common situations and practical problems reflected by local governments and enterprises, conduct in-depth analysis to address specific cases and address broader issues, promptly study and reserve relevant policies and measures, and strive to promote sustained and stable economic growth.June 28 – According to the Korea Times, the South Korean presidential office announced on Sunday that Samsung Electronics and SK Hynix will announce major investment plans at a meeting chaired by President Lee Jae-myung on Monday. The investments will be announced at a briefing held at the Blue House at 2 PM KST (1 PM Beijing time) on Monday, which will introduce the governments "three mega-projects" aimed at achieving balanced regional development. A spokesperson added that the plan is jointly promoted by the trade, technology, transportation, and energy sectors. Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won will attend the event and participate in discussions with other attendees. Industry observers predict that the two chipmakers will invest more than 1,000 trillion won (approximately US$650 billion) over the next 10 years, potentially including the development of a chip industry cluster in the southwestern Honam region. Lee Jae-myung called the investment a "historic achievement" and a policy move that could change the fate of South Korea on Saturday.Kuwaits imports in the first quarter amounted to 2.73 billion dinars, while its exports totaled 4.5 billion dinars.

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.