EUR/USD 1.16209
-0.410%
Gold 4545.67
-2.292%
Oil 100.978
3.282%
USD/JPY 158.766
0.243%
GBP/USD 1.33180
-0.615%
GBP/JPY 211.449
-0.370%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The South Korean presidential office said on Sunday that South Korean President Lee Jae-myung will hold a summit with Japanese Prime Minister Sanae Takaichi next Tuesday.On May 17th, Hongqiao Holdings stated at its earnings conference on May 15th that, according to publicly available industry data, aluminum rod inventory has been continuously decreasing since mid-March 2026. This year, due to factors such as the later Spring Festival, the delayed off-season, and the impact of high aluminum prices on downstream restocking, the destocking pace of aluminum ingots has been relatively slow. However, recently, there have been signs of a marginal decline in electrolytic aluminum social inventory. The destocking trend still needs to be continuously observed in conjunction with subsequent downstream production, spot transactions, and delivery status. The relatively high level of aluminum ingot social inventory this year is mainly likely related to the following factors: First, the recovery of demand after the Spring Festival was somewhat delayed, leading to relatively cautious downstream delivery and restocking; second, the relatively high aluminum prices have had a certain impact on downstream procurement, resulting in a temporary accumulation of inventory in the upstream and distribution links; third, the inventory performance of different product forms varies, with the destocking pace of aluminum rods, aluminum ingots, and processed materials not being entirely consistent. Overall, with the continued release of downstream demand, there are signs of marginal improvement in aluminum ingot social inventory, but the specific timing and extent of destocking still depend on market supply and demand, price levels, and delivery schedules.May 17th - According to foreign media reports, US President Trump and Health Secretary Robert F. Kennedy successfully defeated Senator Bill Cassidy in the Louisiana Republican primary, demonstrating that Trumps control over the Republican Party remains solid despite unpopular wars and soaring gasoline prices. Decision Desk HQ predicts Cassidy will finish third in Saturdays three-way race. The candidates include Representative Julia Lightfoot, who has the support of Trump and PACs associated with Kennedy, and Louisiana Treasurer John Fleming. Lightfoot and Fleming are expected to advance to the runoff next month. Whoever wins the runoff will almost certainly secure victory in the November general election, as Louisiana is a deep red state with a significant Republican advantage. Trump has consistently accused Cassidy of "disloyalty," both because of his impeachment vote in 2021 and his opposition to some of Trumps policy agendas, particularly Kennedys vaccine and other health policies. In the current primary season, Trump is working to crack down on party members with whom he has disagreements.According to NBC News, Republicans Lighthizer and Fleming are expected to advance to the second round of the Louisiana U.S. Senate primary.On May 17, Xi Jinping, General Secretary of the CPC Central Committee, President of the Peoples Republic of China, and Chairman of the Central Military Commission, issued important instructions on promoting the high-quality development of philosophy and social sciences. He pointed out that since the 18th CPC National Congress, the philosophy and social sciences front has earnestly implemented the decisions and plans of the CPC Central Committee, adhered to the principle of "combining theory with practice," and solidly promoted knowledge innovation, theoretical innovation, and methodological innovation, producing a number of valuable research results that have effectively served the overall work of the Party and the country. Xi Jinping emphasized that on the new journey, we must be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold and strengthen the Partys overall leadership, deepen the systematic research and interpretation of the Partys innovative theories, accelerate the construction of an independent knowledge system for Chinese philosophy and social sciences, better answer the questions posed by China, the world, the people, and the times, strive to create a new situation of high-quality development in philosophy and social sciences, and contribute more wisdom and strength to Chinas modernization.

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.


Suggestion