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May 7th - According to the China State Railway Group Co., Ltd., during the May Day holiday transportation period from April 29th to May 6th, the national railway system transported a total of 159 million passengers, an increase of 5.2% year-on-year. Among them, 24.844 million passengers were transported on May 1st, setting a new record for single-day passenger volume. The national railway system also transported a total of 93.5 million tons of freight, an increase of 4.5% year-on-year. On May 2nd, 202,400 wagons were loaded, setting a new record for single-day freight loading on the national railway system.On May 7th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting on May 6th. The meeting emphasized the need to adhere to a problem-oriented approach, accurately grasp the direction and focus of basic research in central enterprises, and strengthen basic research systematically and systematically based on national needs. It stressed guiding central enterprises to focus on applied basic research, leveraging their industrial and demand-driven advantages to promote the integration of the entire "science-technology-engineering-industry" chain. The meeting also emphasized strengthening overall planning, using the origin of original technologies as a starting point, and continuously exerting efforts in solving fundamental scientific problems, deploying strategic frontier technologies, and strengthening the supply of common technologies. Furthermore, the meeting stressed the importance of effectively cultivating high-level talent, increasing R&D investment, and building high-level platforms for basic research in central enterprises to drive the overall improvement of their basic research capabilities. The meeting called for pooling resources from all parties to promote stronger basic research in central enterprises with greater力度 and more concrete measures, strengthening collaboration with relevant departments, promoting the implementation of policies for investors, further deepening the reform of state-owned assets and enterprises, encouraging enterprises to be bold in innovation, and further stimulating the intrinsic motivation of researchers to engage in basic research, so as to make due contributions to achieving high-level scientific and technological self-reliance and building a strong science and technology nation.The yield on Japans two-year government bonds fell 1.0 basis point to 1.370%.May 7th Futures News: Economies.com analysts latest view: Brent crude oil futures have continued to decline in recent intraday trading. While the market had previously escaped oversold conditions, the Relative Strength Index (RSI) has begun to show a negative crossover signal. This opens up room for further declines in the short term, especially given that prices have remained below the 50-day moving average (EMA50) and previously broke below the short-term uptrend line; downward pressure remains.May 7th Futures News: Economies.com analysts latest view: WTI crude oil futures prices edged lower in the latest intraday trading session. The oversold condition of the Relative Strength Index (RSI) has eased, but the market still has room for further declines in the short term. Selling pressure remains dominant after prices broke below an important short-term uptrend line. Crude oil prices continue to trade below the 50-day moving average, which now acts as dynamic resistance, limiting any potential rebound. Unless oil prices regain their footing above key technical levels and resume upward momentum, these factors will reinforce the current bearish outlook.

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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