EUR/USD 1.16260

USD/JPY 159.848

GBP/USD 1.34398

GBP/JPY 214.837

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June 4th - According to a Wall Street Journal survey, the Reserve Bank of India (RBI) is likely to maintain its policy repo rate at 5.25% on Friday. Nine of the 11 economists surveyed hold this view, while two others expect the RBI to raise the repo rate by 25 basis points to 5.50%. ANZ economist Diraj Niem stated that a rate hike might be reasonable given the continued downward pressure on the rupee and the possibility that rising inflation could exceed the RBIs 6% tolerance limit later this year and remain high. However, analysts at Citigroup Research stated that the RBI has previously indicated a willingness to wait for the second round of inflationary effects before taking action, and that using interest rates to defend the currency will be a last resort. Bank of America economists stated that while the case for a rate hike is accumulating, they believe there is currently no room for a significant rate increase to stabilize the rupee.French prosecutors say the Russian captain of the oil tanker with ties to Moscow has been released.US semiconductor stocks continued to decline in pre-market trading, with Broadcom (AVGO.O) falling more than 13%, Micron Technology (MU.O) down 6%, and AMD (AMD.O) and Intel (INTC.O) down 4%.According to media reports, South Koreas LG Group will purchase 10,000 GPUs from Nvidia (NVDA.O).On June 4th, China Overseas Grand Ocean Group (00081.HK) announced on the Hong Kong Stock Exchange that in May 2026, the China Overseas Grand Ocean Group series of companies achieved contracted sales of RMB3,812,000,000 and contracted sales area of 323,700 square meters, representing year-on-year increases of 26.6% and 25.0%, respectively. From January to May 2026, cumulative contracted sales reached RMB15,244,000,000 and contracted sales area reached 1,299,600 square meters, representing year-on-year increases of 21.3% and 20.3%, respectively. As of the end of May 2026, the cumulative subscription amount but not yet contracted was RMB678,000,000 and the subscription area but not yet contracted was 54,900 square meters.

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.