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On September 6th, according to a Morgan Stanley research report, Microsoft (MSFT.O) announced a broad restructuring of its external reporting structure, effective in fiscal year 2027. The three historical operating segments—Productivity & Business Processes, Intelligent Cloud, and More Personal Computing—will be merged into two new segments: "Agents and Infra" and "Devices and Consumer," aiming to align with increasingly integrated cloud + AI internal management practices. The bank believes this adjustment is primarily an accounting reclassification and does not change the underlying economics. Changes in the definitions of Azure and Microsoft 365 are mechanical adjustments, and the bank maintains its assessment that Azure will accelerate in the first half of 2027 compared to the second half of 2026, and that Microsoft 365 commercial cloud growth will accelerate in fiscal year 2027. Furthermore, Morgan Stanley reiterated its "Overweight" rating on Microsoft with a target price of $600.On September 6, the Islamic Republic News Agency (IRNA) reported that the public relations department of the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that the IRGC Air Force launched multiple ballistic missiles, striking a US aircraft carrier and a destroyer. The targeted US warships were involved in the naval blockade of Iran and interfered with Iranian vessels. The statement said that both US warships were forced to withdraw from the conflict zone after suffering damage.The China Earthquake Networks Center officially reported that a magnitude 3.7 earthquake occurred at 10:29 on September 6 in Wuqia County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.00 degrees north latitude, 75.75 degrees east longitude), with a focal depth of 20 kilometers.September 6th - The recent US military strikes against Iran, which Iran retaliated against, have led to a rise in international oil prices. On September 4th, local time, Virgin Atlantic founder Richard Branson stated in an interview in the UK that the conflict with Iran is completely unnecessary, as it will only push up oil prices, increase costs for airlines and consumers, and contribute to inflation.On September 6th, TankerTrackers reported on Saturday that Iraqs oil exports in August fell by 36% compared to pre-war levels, making it one of the Middle Eastern oil-producing countries with the largest decline in exports. The comparison is based on export levels in January and February before the conflict. Iran saw the largest drop, with crude oil exports plummeting by 100%. Qatar and Saudi Arabia followed closely, both experiencing a 48% decline in exports. Kuwaits crude oil exports also fell by 36% in August, matching Iraqs decline, placing these two countries tied for third place among those tracked by TankerTrackers. The UAE saw the smallest decline, with crude oil exports falling by only 0.02% compared to pre-war levels.

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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