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The Peoples Bank of China (PBOC) announced today that it conducted 7 billion yuan of 7-day reverse repurchase operations, with a bid amount of 7 billion yuan and a winning bid amount of 7 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.South Korean President Lee Jae-myung: We must expedite the administrative processes related to the chip industry cluster.According to South Korean media, South Korean prosecutors say oil refining companies are suspected of conspiring to raise prices despite ample oil reserves.July 6 - According to the Ministry of Emergency Management, the State Council Safety Production Committee Office, together with the Central Political and Legal Affairs Commission, the Supreme Peoples Court, the Supreme Peoples Procuratorate, the Ministry of Public Security, and the Ministry of Justice, recently issued a notice to deploy all regions and relevant departments to earnestly implement the spirit of General Secretary Xi Jinpings important instructions and directives on work safety, strictly implement the spirit of the National Work Safety Video Conference, and, in conjunction with the three-year action plan for fundamental improvement in work safety and the investigation and rectification of major accident hazards, focus on key industries and fields such as mining, chemical industry, fire protection, and industrial and commercial enterprises to carry out in-depth work on "combating illegal activities and rectifying violations" in work safety.July 6th - Members of the New Zealand Institute of Economic Researchs (NZIER) Shadow Monetary Policy Committee held nearly equal views, reflecting uncertainty about the Reserve Bank of New Zealands (RBNZ) policy outlook ahead of its July meeting. The NZIER Shadow Monetary Policy Committee narrowly supported keeping the RBNZs Official Cash Rate (OCR) unchanged at 2.25% in July, but called it a move roughly equivalent to a 25 basis point rate hike. Those supporting raising the OCR to a neutral level as soon as possible cited rising inflation as the primary reason. Weak demand and high unemployment were considered key reasons for carefully weighing tightening policies. Members differed on the impact of oil prices, with some believing the inflationary impact was temporary and waning, while others warned that price pressures could persist for a longer period. Some members indicated that the next significant policy assessment would be around the time of the second-quarter CPI data release. The committee unanimously agreed that the OCR should rise to 3% to 3.25% over the next year. Several committee members stated that monetary policy needs to gradually return to a neutral level, while also pointing out that weak demand and high unemployment mean the Fed should carefully manage the pace of tightening.

Technical Analysis

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