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July 19th - A study released on the 18th by the Italian Confederation of Business, Tourism and Services Businesses indicates that with increasingly frequent extreme weather events, prolonged heatwaves could cause Italy economic losses of €6 billion to €12 billion (approximately RMB 46.5 billion to 93 billion) annually. The report points out that if Italy experiences 30 to 60 days of extreme heat each year, businesses will face multiple pressures, including rising energy costs, decreased labor productivity, forced increases in adaptive investments, and reduced turnover. High temperatures will also alter consumer and tourism habits, further impacting the commerce and tourism sectors.On July 19th, local time, on the evening of July 18th, Iranian Supreme Leader Mojtaba Khamenei stated that the United States repeated violations of the Islamabad Memorandum of Understanding (Iran-US Memorandum of Understanding) once again proved that the signature of the US president was "worthless and invalid." In a statement, Khamenei emphasized that the US actions exposed "bullying, power politics, and barbarity" as integral parts of American behavior and style. He stated that the US "has once again revealed its true and undisguised face. This dark experience filled with evil and treachery has once again become irrefutable evidence of the USs hypocrisy, unreasonableness, breach of trust, and despicable nature. Iran and the resistance have left the US with unforgettable lessons."The UK Maritime Trade Operations Office has received a report of an incident involving a merchant vessel and military forces approximately 100 nautical miles east of Duqm, Oman. The report indicates that the tanker was affected by ongoing military activity in the area.July 19 - The Kuwaiti Fire Department reported that several Kuwaiti firefighters were injured in multiple fires sparked by Iranian attacks. Firefighters brought under control of two fires that broke out this afternoon local time, triggered by the Iranian attacks. In one of the affected areas, several firefighters and an oil industry worker were injured. The area was attacked again during the firefighting operation. Firefighters also extinguished three other fires caused by shrapnel falling into residential areas; these fires did not result in any injuries.Advisor to the Ukrainian Interior Minister: The attacks in Ukraine have reduced Russias oil refining capacity.

AUD/NZD falls 60 pips as RBNZ meets market expectations for a 50 bps rate hike

Alina Haynes

Feb 22, 2023 15:18

As the Reserve Bank of New Zealand (RBNZ) issued its much awaited interest rate decision early Wednesday morning in Europe, the AUD/NZD pair dropped almost 60 pips to 1.0980. In doing so, the cross-currency pair disregards geopolitical concerns regarding China and North Korea, as well as concerns of a less aggressive RBNZ response in the wake of natural disasters in New Zealand.

 

In spite of this, the RBNZ announced its eleventh rate hike as officials attempt to control inflation fears, increasing the benchmark rate by 0.50 percentage points to 4.75 percent, for a total increase of 1.50 percentage points. In the quarterly Rate Announcement that followed the RBNZ's decision, it was said, "There are early signs of pricing pressures abating." The same should apply to the AUD/NZD currency pair bearish.

 

Other from this, the most notable market sentiment detractors were the remarks of US Secretary of State Antony Blinken and Russian President Vladimir Putin. Notwithstanding this, US Secretary of State Blinken indicated that the United States fears China may provide military help to Russia. Similarities exist between the market issues of the U.S.-Taiwan trade agreement. Russia terminated its nuclear arms agreement with the United States and pledged to maintain its military presence in Ukraine.

 

Meanwhile on Tuesday, Russian President Vladimir Putin addressed both houses of parliament in his state of the nation address to the Russian Federal Assembly. During the speech, Russian President Putin emphasized the geopolitical turmoil surrounding Ukraine by stating, "Our mission is to drive our economy to new horizons." Similarly, US Deputy Treasury Secretary Wally Adeyemo indicated on Tuesday, "The United States and its partners will apply additional sanctions this week to continue isolating Russia over the conflict in Ukraine."

 

US 10-year and 2-year Treasury note rates fluctuate near the three-month highs achieved the day before, while S&P 500 Futures record moderate gains despite Wall Street's negative closing price.

 

After monitoring the first reaction to the RBNZ's announcement, AUD/NZD pair traders should focus on risk triggers, particularly those pertaining to China and Russia, to determine the pair's direction. If geopolitical concerns continue to threaten market optimism, the price may continue to decrease.



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