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August 18th - It was learned today from the National Data Administration that my country is promoting pilot projects for international cooperation in the data field. The first batch of pilot projects will be carried out in 10 locations, including Shanghai, Hainan, Fuzhou, Xiamen, and Quanzhou in Fujian, Changsha in Hunan, Guangzhou, Shenzhen, Hengqin Guangdong-Macao In-Depth Cooperation Zone in Guangdong, and Nanning in Guangxi. The pilot projects will cover six aspects, including data infrastructure, data standards and protocols, and cross-border service ecosystem.The yield on Japans 2-year government bonds fell, dropping 2 basis points to 1.67%.The yield on Japans 5-year government bonds continued its decline, falling 2 basis points to 2.14%.August 18 - According to the Iranian news agency IRNA, Iranian Foreign Minister Araqchi stated: "At the beginning of this war, Trump threatened to force Iran to surrender unconditionally, but Iran did not surrender. When they realized that this delusion could not be achieved, they tried to push for regime change, but failed; then they tried to divide Iran, but failed; they tried to arm various groups in different regions and western provinces, and they also admitted to providing weapons, but that also failed."August 18 – According to the Iranian news agency IRNA, Iranian Foreign Minister Araqchi stated: “As you can see, the enemy pleaded for negotiations shortly after the start of the war. We refused a ceasefire and insisted on fighting until they finally accepted a ceasefire and negotiations on Iranian terms. This history will be recorded in detail. They put forward a multi-term proposal, and we put forward another; they revised it again, and we adjusted accordingly. Finally, they agreed to negotiate on Irans proposal. Only then did Iran accept the ceasefire. Several ambassadors to Iran from different countries have repeatedly told me that almost all the terms of the memorandum of understanding were in Irans favor, with only a small portion in favor of the other side. You also saw that less than two weeks later, they began to violate the memorandum of understanding because all of its contents were in Irans interest. The biggest opponent and obstructor of the implementation of this memorandum has been, and still is, the Zionist regime. I repeat here again – many foreign ministers have told me: Iran has won both the war and diplomacy.”

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.