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On November 16, it was reported that Li Baian, former member of the Party Committee and Vice President of China Merchants Group Limited, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.On November 16th, according to the Finnish newspaper Helsingin Sanomat, European Central Bank (ECB) Governing Council member Rehn stated that the risk of slowing inflation should not be ignored. Low energy prices, a stronger euro, and declining wage and service sector inflation all suggest that overall inflation may be excessively below the ECBs 2% target. When asked if the ECB might cut interest rates again in December, Rehn said, "This risk cannot be underestimated." However, he also cautioned against the potential for rising inflation. Rehn stated that despite the Trump administrations tariff policies disrupting global trade, the Eurozone economy has shown resilience. Rehn also warned that the stock market "clearly faces the risk of a correction," emphasizing the importance of bank capital buffers. Driven by the US artificial intelligence boom, current stock prices appear high relative to the performance of the real economy and corporate profits. This requires caution.On November 16th, it was reported that the United States and Trinidad and Tobago are about to conduct military exercises in waters near the coast of Venezuelas Sucre state. On November 15th, Venezuelan President Maduro strongly condemned the exercises, calling the action "irresponsible" and a "threat" to peace in the Caribbean. Maduro stated that such actions are intended to put pressure on Venezuela, but Venezuela "will not be threatened by anyone." Recently, Trinidad and Tobagos Attorney General John Jeremy stated that the 22nd Marine Expeditionary Unit will be "intensifying exercises" in the country "in the coming days."1. Hungarian Prime Minister: Europe is on the brink of war. 2. Ukraine claims 1,200 Ukrainian prisoners will be released; Russia has not yet responded. 3. Russian Ministry of Defense: Russian troops have taken control of the Yablokovo settlement in Zaporizhia. 4. Ukrainian President Zelenskyy has ordered a comprehensive reform of state-owned energy companies. 5. According to RIA Novosti: The situation remains stable after an external power line to the Zaporizhia nuclear power plant was shut down. 6. Southern Ukrainian Defense Forces: Ukrainian troops have conducted a tactical withdrawal from the town of Novovasilivsk in the Zaporizhia region. 7. General Staff of the Armed Forces of Ukraine: A Russian oil refinery in Ryazan Oblast was attacked by Ukrainian forces; the refinery produces 840,000 tons of aviation fuel and other military fuels annually. 8. Russian Ministry of Defense: 247 Ukrainian drones were shot down in the past 24 hours. A Ukrainian military airport and energy facility related to the defense industry were attacked. 9. General Staff of the Armed Forces of Ukraine: Ukrainian forces struck the Sky-U radar station in Crimea, a military train in the Tokmok region of Zaporizhzhia, and a Russian troop assembly point in Volchansk, Kharkiv region.On November 16, the Kremlin announced that Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu held a phone conversation on November 15, during which they had in-depth exchanges on the situation in the Middle East, including developments in the Gaza Strip, Irans nuclear program, and the situation in Syria.

A decrease in the AUD/USD rate toward 0.7100 is caused by weak Chinese data

Alina Haynes

Aug 15, 2022 14:53

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AUD/USD decreases near 0.7100, down 0.08% intraday to 0.7120 at press time, as Monday's Asian session's data dump from China proves to be poorer than expected and adds to the cautious market mood. Investors may be uneasy as a result of the minutes from the most recent monetary policy meeting of the Federal Reserve and the Reserve Bank of Australia (RBA) (Fed).

 

Retail sales in China plummeted to 2.7% from 5.0% expected and 3.1% previously, while industrial production (IP) fell to 3.8% from 3.9% previously and 4.0% expected by the market.

 

In an effort to deter bears, the People's Bank of China (PBOC) earlier in the day lowered the one-year medium-term lending facility (MLF) rates by 10 basis points (bps). The market's confidence was further increased by Japan's GDP growth numbers that were better than anticipated. However, the mood towards Sino-American relations is put into question by the growing number of US MPs visiting Taiwan concurrently with US House Speaker Nancy Pelosi's tour to Taiwan.

 

The market's concerns about inflation were eased by weaker readings of the Consumer Price Index (CPI) and the Producer Price Index (PPI) outside of the US. However, in order to manage inflation, Thomas Barkin, president of the Richmond Federal Reserve (Fed) Bank, declared on Friday that he plans to raise interest rates even more. "I'd love to see a period of persistent inflation control, and until that occurs, I believe we will have to boost rates into restrictive zone," Barkin reportedly said to CNBC, according to Reuters. The Fed hawks who continued to support higher interest rates included Presidents Mary Day of the Federal Reserve Bank of San Francisco, Neel Kashkari of the Federal Reserve Bank of Minneapolis, and Charles Evans of the Federal Reserve Bank of Chicago.

 

AUD/USD traders should concentrate on the August NY Empire State Manufacturing Index, which is predicted to be 8.5 versus the previous reading of 1.1, after observing the early market response to China's monthly data dump. The downside is elusive ahead of Tuesday's RBA Minutes, Wednesday's Australia Wage Price Index for the second quarter, and Thursday's Australian jobs report, despite the fact that lower US PMI data could put pressure on the AUD/USD bulls. Aside from the RBA Minutes, news about China and US ties will excite traders of the Aussie pair.

 

A sluggish RSI at the top suggests that AUD/USD bulls are losing steam as the 200-day simple moving average limits immediate AUD/USD gains around 0.7120. As of the time of publication, the price must continue above the last resistance level from late April, or 0.6990, for the bearish movements to materialize.

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