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On June 14, local time, the Security Service of Ukraine (SBU) announced that its Alpha Special Operations Center, acting on orders from Ukrainian President Volodymyr Zelensky, used drones to strike a state oil reserve depot in Rybinsk, Yaroslavl Oblast, Russia. The Ukrainian side stated that the oil depot, located over 700 kilometers from the Ukrainian border, belongs to Russias state reserve system and stores various types of fuel and lubricants, serving as a fuel supply provider for northeastern Russia and a strategic fuel reserve for the military. After the drone struck, the oil depot caught fire, with at least three large fire points appearing within its more than 60 tank areas. The SBU also stated that oil supply, refining, and fuel logistics infrastructure within Russia are legitimate targets for Ukrainian strikes, as these facilities provide operational resources for the Russian military and support Russian military operations against Ukraine. Russia has not yet responded to this.Ukrainian President Zelensky: Russia launches hundreds of attacks daily on Ukrainian cities and communities, targeting our civilian infrastructure. In the past week alone, Russia has launched 1,920 attack drones, 1,790 guided air-to-ground bombs, and 17 missiles of various types.The State Flood Control and Drought Relief Headquarters maintains a Level IV emergency response for flood control in Zhejiang, Fujian, Jiangxi and other areas.Ukrainian President Zelensky: Air traffic restrictions have been imposed at six Russian airports, and 28 regions in Russia have been under air raid alert since last night.Ukrainian President Zelensky: The Ukrainian army has achieved its objectives in the Tula region of Russia—particularly the Azot plant, whose operation is crucial to explosives production capacity.

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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