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According to the Financial Times: Bankers for Anthropic and OpenAI pushed for top credit ratings after their initial public offerings.On September 8th, according to sources, the Guangdong Provincial Department of Housing and Urban-Rural Development convened a symposium with real estate companies to understand the impact of the new policies on various projects, the policy support the companies hoped to receive, and their opinions and suggestions on the implementation details in various regions. It is understood that the symposium held by the Guangdong Provincial Department of Housing and Urban-Rural Development will investigate the number, area, number of units, and distribution of projects for which real estate companies have acquired land but have not yet obtained construction planning permits, have obtained construction planning permits but have not yet obtained pre-sale permits, and have obtained pre-sale permits but are still on sale. The symposium will also assess the impact of the new real estate development model policies on these three types of projects, including but not limited to the impact on development, sales, delivery, funding, and debt; the plans and measures of real estate companies to implement the new real estate development model policies; the policy support they hope to receive; and their opinions and suggestions on the implementation details in various regions.September 8th - Analyst Robert Howard stated that the US August CPI data could determine whether the Federal Reserve will favor raising or maintaining interest rates at next weeks decision, and will also impact the dollars performance. According to the median forecast in a Reuters poll, the overall CPI is expected to rise 0.4% month-on-month and 3.4% year-on-year; core CPI is expected to rise 0.2% month-on-month and 2.4% year-on-year. If the data is higher than expected, hawkish voices will rise, calling for a rate hike by the Fed in September, potentially boosting the dollar. Conversely, if the data is weak, doves will advocate for maintaining interest rates unchanged for the sixth consecutive time, which could be detrimental to the dollar. The market currently sees a 57% probability of a Fed rate hike this month, after strong non-farm payroll data last Friday led to a shift in expectations towards a hawkish stance. This shift occurred 24 hours after Fed Governor Waller made dovish comments, which had previously pressured the dollar; seven days earlier, Fed Chairman Warshs hawkish guidance at Jackson Hole had boosted the dollar.September 8 - The Saudi-led coalition in Yemen stated today (September 8) that Houthi rebels attacked civilian and economic facilities in Abha, Khamis Mushait, Najran, and Jizan in southwestern Saudi Arabia, injuring 73 people. The coalition stated that it will respond firmly to the Houthi attacks.Reserve Bank of Australia Assistant Governor Hunt: The committee is concerned about inflation and has a low tolerance for it.

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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