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On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked, "The White House claims that during the meeting between the Chinese and US leaders, China agreed to reopen the Strait of Hormuz. Can China confirm this?" Guo Jiakun stated that the recent ceasefire between the US and Iran, exploring solutions through negotiations, has been welcomed by regional countries and the international community. China has always maintained that dialogue and negotiation are the right path, and that a military solution is not the way forward. Now that the door to dialogue has been opened, it should not be closed again. The momentum of easing tensions should be stabilized, the general direction of a political solution should be upheld, and a solution that takes into account the concerns of all parties should be reached through dialogue and consultation on issues such as the Iranian nuclear issue. The strait should be reopened as soon as possible to respond to the calls of the international community and jointly maintain the stability and smooth flow of global supply chains. A comprehensive and lasting ceasefire should be reached as soon as possible to promote the early restoration of peace and stability in the Middle East and the Gulf region, laying the foundation for building a sustainable regional security architecture.Russian Foreign Minister Lavrov: Russia hopes to end the war with Iran and achieve a sustainable solution.Russian Foreign Minister Sergey Lavrov: Western intervention, whether through military force or regime change, will increase the complexity of the situation in the Middle East and North Africa.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from The New York Times asked whether China and the United States had reached any agreements on agriculture. Guo Jiakun stated that during the visit, both sides reached important consensus on maintaining stable economic and trade relations, expanding pragmatic cooperation in various fields, and properly resolving their differences. China is willing to work with the United States to implement the important consensus reached by the two heads of state, based on the principles of equality, respect, and mutual benefit, to continuously expand the list of cooperation and achieve mutual benefit and win-win results.On May 15, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter from Japans Asahi TV asked, "Did the Chinese and US leaders discuss cooperation on artificial intelligence? What were the outcomes? How will China cooperate with the US on artificial intelligence?" Guo Jiakun stated that China has always advocated that all parties jointly promote the open, inclusive, universally beneficial, and benevolent development of artificial intelligence.

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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