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On August 11th, it was reported that since August, several small and medium-sized banks in Hubei, Guangdong, and other regions have successively raised deposit interest rates. Entering August, many city commercial banks, rural commercial banks, and village banks announced increases in their listed deposit rates or rates on special deposit products. Overall, the increases ranged from 10 to 33 basis points (BP). Against the backdrop of declining macro-market interest rates and the banking industrys continued efforts to reduce liability costs, the fact that most small and medium-sized banks have lowered deposit rates has drawn market attention. Industry insiders believe this move has a clear characteristic of attracting deposits in a short period, lacks universality, and is not directly related to the recent collective resumption of five-year large-denomination certificates of deposit by some large state-owned banks.On August 11th, it was reported that DeepSeek Harness has established an official WeChat account, "DeepSeek Harness Team," with the account registered under the name of Beijing DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. Public information shows that the latter is wholly owned by Hangzhou DeepSeek Artificial Intelligence Basic Technology Research Co., Ltd. In late June, Cui Tianyi, head of the DeepSeek Harness team, posted on social media that as a newly established department, the DeepSeek Harness team has ambitious goals and a heavy workload, and is currently facing a severe shortage of personnel. He stated, "Im interviewing people every day and posting recruitment ads on various platforms."Al Arabiya TV reported that Houthi rebels attacked a merchant ship with a ballistic missile in the Bab el-Mandeb Strait today, killing three foreigners.On August 11, Moldovan Deputy Prime Minister and Minister of Infrastructure and Regional Development Vladimir Boleya visited Ukraines Odessa region on August 10 to discuss optimizing railway connectivity and increasing the scale of transit transport with Ukrainian officials. According to British media reports, facing disruptions to Black Sea shipping, Ukraine is considering using the Moldova railway to export grain. On August 10, reports indicated that Ukraine hopes to transport grain to the Romanian port of Constanta via railways within Moldova. The two sides are currently negotiating the timing, volume, and freight costs of the grain shipments. Reports suggest that Ukraine is attempting to negotiate a 50% discount on standard freight rates; Moldova, on the other hand, is demanding guarantees from Ukraine regarding the volume of grain transit transport.Iranian Foreign Minister Araqchi: In the recent war, Iran has proven itself to the world, demonstrating its image as a powerful and invincible force.

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

Alina Haynes

Jun 08, 2022 11:59

 截屏2022-06-08 下午12.00.41.png

 

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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