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On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, said that in the next step, the Ministry of Industry and Information Technology will focus on creating an upgraded version of 5G+Industrial Internet, strengthen factor guarantees, accelerate the introduction of implementation opinions on promoting the high-quality development of industrial internet, coordinate the construction of network identification, platform data security and other projects, and strive to improve the development of the five major systems of policy, infrastructure, technology, application and ecosystem.On April 21, Al Jazeera reported that former U.S. Deputy Assistant Secretary for Arabian Peninsula Affairs Daniel Benaim stated in an interview: "The stepping stone to this war, the opportunity when the U.S. could have declared victory directly, may have appeared long ago, but we didnt seize it. We are now embroiled in an extremely complex military engagement and an extremely complex diplomatic game with Iran. Every objective set by the U.S. when launching the war against Iran has fallen far short of expectations. We talked about containing Irans nuclear program authoritatively for a long time. Certainly, some of these objectives could have been achieved without resorting to war."On April 21, Tao Qing, spokesperson for the Ministry of Industry and Information Technology and Director of the Bureau of Operation Monitoring and Coordination, stated that the next step will be to implement the decisions and plans of the CPC Central Committee and the State Council, focusing on three key tasks: First, top-level design. Accelerate the formulation of the "15th Five-Year Plan" for intelligent connected new energy vehicles, and study and issue guiding opinions on accelerating the innovative development of intelligent equipment. Second, stable operation. Implement the new round of work plans for stabilizing growth in industries such as machinery, automobiles, and power equipment, continuously promote equipment upgrades and vehicle trade-ins, and regulate industrial competition order with a persistent and meticulous approach. Third, focused efforts on key breakthroughs. Continue to implement the high-quality development action plan for key industrial chains in the equipment manufacturing industry, and strengthen the research and development of landmark products and the promotion and application of research results.On April 21, the National Bureau of Statistics released unemployment data by age group for March 2026. In March, the national urban surveyed unemployment rate was 5.4%. The unemployment rate for the urban workforce aged 16-24 (excluding students) was 16.9%, the unemployment rate for the urban workforce aged 25-29 (excluding students) was 7.7%, and the unemployment rate for the urban workforce aged 30-59 (excluding students) was 4.3%.On April 21, the State Council Information Office held a press conference to introduce the development of industry and information technology in the first quarter of 2026. Xie Cun, spokesperson of the Ministry of Industry and Information Technology and Director of the Information and Communications Development Department, stated that the Ministry of Industry and Information Technology will further strengthen the construction of information and communications infrastructure, consolidate and enhance the competitive advantages and leading position of the information and communications industry, and continuously solidify the digital foundation for high-quality economic and social development. The Ministry will focus on three key areas: First, leveraging its advantages, promoting deep coverage of 5G gigabit optical networks, continuously advancing the "signal upgrade" special action, and constantly improving network coverage and supply capacity; second, promoting upgrades, accelerating the large-scale commercial use of 5G, promoting the evolution of dual-gigabit networks to dual-10-gigabit networks, and accelerating the development of mobile IoT and the intelligent interconnection of everything; and third, strengthening collaboration, systematically deploying research and development of cutting-edge technologies such as 6G next-generation Internet, and promoting collaborative innovation between the information and communications industry and vertical industries.

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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