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July 12th - On Saturday evening local time, despite Trumps refusal to sign it, the landmark bipartisan housing bill automatically went into effect, prompting celebrations from several members of the House and Senate. The Path to a Better Home Act aims to expand housing supply, increase homeownership rates, alleviate the housing shortage crisis in the United States, and improve housing affordability through measures such as relaxing regulations on residential construction and restricting Wall Street firms from acquiring ordinary homes.The China Earthquake Networks Center officially measured a 3.8-magnitude earthquake in Arong Banner, Hulunbuir City, Inner Mongolia, at 05:09 on July 12, with a focal depth of 10 kilometers.According to an Elabe poll for BFM, Marine Le Pen, the far-right National Rally candidate, is expected to receive 34% to 35.5% of the vote if the first round of voting is held this Sunday.The National Press Club of America has called on the U.S. Department of Justice to immediately withdraw the subpoena for the New York Times reporter.On July 12th, Meta announced that earlier this week, users could generate images in Meta AI by mentioning public Instagram accounts they wanted to reference. This feature, which allowed referencing public content by default, drew criticism from organizations such as the Screen Actors Guild, who argued it could infringe on portrait rights and pose criminal risks. Meta stated that its initial intention was to provide a practical creative tool and allow users to control whether their public content was allowed to be referenced in this way, but after receiving user feedback that the feature failed to achieve its intended effect, it has been removed.

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

 截屏2022-11-28 上午10.39.08.png

 

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.