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May 26 - A 6.9-magnitude earthquake struck the Antofagasta Region in northern Chile on May 25, according to the National Seismological Center of the University of Chile. No casualties or damage have been reported so far. The earthquake occurred at 5:52 p.m. local time on May 25 (5:52 a.m. Beijing time on May 26), with its epicenter located 20 kilometers northeast of Calama, Antofagasta Region, at a depth of 114 kilometers. The Chilean Navys Hydrographic and Oceanographic Service tsunami warning department stated that the earthquake would not trigger a tsunami. Chile is located in the Pacific Ring of Fire, a region prone to earthquakes.On May 26th, it was reported that Meituan and SF Express have opened over 1,400 low-altitude air routes, achieving routine operation of drone logistics and gradually becoming profitable. Meanwhile, large-payload, long-range cargo drones independently developed by central state-owned enterprises, such as the Changying-8 and HH-200, have completed their maiden flights, and a preliminary "trunk-branch-terminal" low-altitude logistics network led by drones is emerging. When will large-scale commercialization of low-altitude logistics be realized? At the recent 2026 World Drone Conference, attendees believed that as the fastest-developing scenario in the low-altitude economy, low-altitude logistics is transitioning from routine operation to commercial profitability, and is expected to experience explosive growth in the next two to three years.U.S. stock index futures rose, with Nasdaq futures up 1.3%, S&P 500 futures up 0.9%, and Dow Jones futures up 0.87%.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 6.5 occurred near northern Chile (23.13 degrees south latitude, 69.52 degrees west longitude) at 05:52 on May 26. The final result is subject to the official rapid report.The European-Mediterranean Seismological Centre reports that a 6.1-magnitude earthquake struck Antofagasta, Chile, at a depth of 111 kilometers.

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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