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On April 19, Russian Deputy Foreign Minister Alexander Grushko stated that Moscow has repeatedly called on Ankara to urge Turkey to compel Kyiv to provide assurances that it will refrain from attacking the infrastructure of the TurkStream and Blue Stream gas pipelines.On April 19th, multiple sources disclosed that Esmail Qaani, commander of the Quds Force of Irans Islamic Revolutionary Guard Corps, visited Baghdad, the Iraqi capital, that day. This is Qaanis first overseas trip since Iran and the United States announced a temporary ceasefire earlier this month. Iraqi officials and sources said that Qaanis visit will involve discussions with various Iraqi parties on how to de-escalate the regional conflict and its impact on Iraq. Qaani will meet with Iraqi political leaders and leaders of armed factions to try to coordinate positions among pro-Iranian factions in Iraq and ensure that the security situation in Iraq and the entire region does not deteriorate further during this "sensitive period." Sources indicated that Qaanis visit may also involve efforts to resolve the political deadlock in Iraq caused by the nomination of a new prime minister.Hong Kong Financial Secretary Paul Chan Mo-po announced today (April 19) that the Office for Attracting Key Enterprises will announce a new batch (the sixth batch) of key enterprises tomorrow. The list includes several companies with market capitalizations exceeding HK$100 billion, covering cutting-edge fields such as life sciences and healthcare, low-altitude economy, artificial intelligence, new energy materials, cross-border financial infrastructure, and fintech. Chan noted that the Office has previously successfully attracted over 100 key enterprises, focusing on life sciences and healthcare, artificial intelligence and data science, fintech, advanced manufacturing and new energy technologies, and cultural and creative industries. These enterprises originate from various regions including Mainland China and Europe and the United States, fully demonstrating Hong Kongs superior business and innovation environment, as well as its attractiveness as a platform connecting Mainland China and the international community.On April 19th, under the unified coordination of the State Administration for Market Regulation, market supervision and public security departments of Shanxi and Sichuan provinces jointly cracked a major criminal network involved in the production and sale of trademark infringement and counterfeit liquor. The operation uncovered seven locations in Lüliang and Taiyuan cities, Shanxi Province, for the production, concealment, packaging, trademark printing, and mailing of illegal products, as well as one online live-streaming sales point. Nearly 20,000 cases of suspected counterfeit liquor, over 700,000 counterfeit packaging materials, 14 pieces of counterfeit manufacturing equipment, and 41 large storage tanks were seized. As of now, the amount involved has been determined to be 260 million yuan. The public security organs have summoned 22 people, taken coercive measures against 11, and transferred 2 for prosecution.On April 19th, my countrys first large-scale application project of hydrogen-blended natural gas, covering 100,000 households, was officially launched in Weifang, Shandong Province. The project utilizes Weifangs existing urban natural gas pipeline infrastructure to achieve stable hydrogen-blended natural gas transmission and distribution. The project covers 100,000 urban households in Weifangs central urban area, comprehensively encompassing various residential gas usage scenarios, including daily life and commercial catering. Residents can use hydrogen-blended natural gas normally without replacing their existing gas appliances. Experts stated that by implementing the "Hydrogen to Every Household" technology demonstration project, the "last mile" of hydrogen energy application in the urban gas sector has been bridged, achieving large-scale, continuous, long-term hydrogen-blended operation for the first time nationwide. The application of hydrogen-blended natural gas has significant demonstration benefits in energy security, green electricity consumption, and energy conservation and emission reduction. Preliminary calculations indicate that if hydrogen is blended at a 10% ratio in national urban gas consumption, it can replace approximately 15 billion cubic meters of natural gas annually, correspondingly reducing carbon dioxide emissions by approximately 30 million tons.

AUD/USD falls approaching 0.7200 despite the former RBA governor's aggressive forecasts

Alina Haynes

Jun 08, 2022 11:59

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Bears and buyers continue to fight for position around 0.7220-25 as sentiment is mixed and investors remain cautious ahead of the week's big data/events. In doing so, the Australian duo struggles to defend the hawkish remarks of former Reserve Bank of Australia (RBA) Governor Ian Macfarlane.

 

Ex-RBA Governor Macfarlane warned early Wednesday morning about chronically rising inflation and the need to drastically increase interest rates. The former policymaker also stated, "There is sufficient scarcity in Australia and the United States to maintain a high inflation rate."

 

In contrast, China's Vice Commerce Minister Wang Shouwen joined China's Vice Finance Minister Zou Jiayi in reiterating concerns about a global economic downturn and a decline in demand. Recent consensus among policymakers held that the rise of global demand is slowing.

 

It's worth noting that a rebound in US Treasury rates and apprehension ahead of Thursday's European Central Bank (ECB) meeting, as well as Friday's US Consumer Price Index (CPI) for May, tend to stifle the AUD/USD pair's movements.

 

In spite of this, 10-year US Treasury note rates jump two basis points (bps) to 2.99 percent the day after breaking a six-day downward trend. A record decline in the US trade deficit and optimism on the US budget appear to have prompted a recall of US Treasury bond sellers. The US trade deficit for April decreased 19.1 percent from the previous day to USD87.1 billion.

 

Other market optimists were defended by US Treasury Secretary Janet Yellen and optimism for a quicker economic rebound in China. Tuesday, US Treasury Secretary Yellen spoke before the Senate Finance Committee about the Fiscal Year 2023 Budget while stating that the US economy faced problems from "unsustainable levels of inflation" and supply chain disruptions. The official said, "An adequate budget is necessary to support the Fed's efforts to control inflation without damaging the labor market."

 

It should be noted that World Bank (WB) President David Malpass's warning that faster-than-anticipated tightening might force certain nations into a debt crisis akin to that of the 1980s appears to have impacted on the quotation as of late. The risk-negative news from Ukraine may follow a similar trajectory. Politico reported that Ukraine has not yet achieved a deal with Russia or Turkey to enable the safe passage of its grain ships in the Black Sea, casting doubt on a U.N. initiative to build a crucial food corridor.

Technical Evaluation

A two-week-old support line protects AUD/USD buyers at 0.7205. However, the 200-day moving average and the recent top, located around 0.7255 and 0.7285, may challenge the Aussie pair's upside before the bulls regain control.


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