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Federal Reserve Board Governor Barr will speak on artificial intelligence and the job market in ten minutes.On May 9, the Zug Cantonal Court of Switzerland said in a statement that on May 9, 2025, the Zug Cantonal Court of Switzerland approved the settlement agreement signed by Nord Stream 2 AG, the operator of the Nord Stream 2 natural gas pipeline, and its creditors on April 30, 2025. The statement said they could appeal the decision on the settlement agreement. Since the decision of May 9, 2025 has not yet come into effect, the state court did not provide any additional information on the suspension of the restructuring of the debt of Nord Stream 2 AG. The Nord Stream 2 offshore natural gas pipeline can transport 55 billion cubic meters of natural gas per year, but the German authorities previously stopped the certification process for the natural gas pipeline, and the United States included the Nord Stream 2 project company on the sanctions list. One of the pipelines was damaged in a strong explosion in 2022. In early 2025, the Danish Energy Agency approved the Swiss subsidiary of Gazprom, Nord Stream 2 AG, to maintain the natural gas pipeline.On May 9, Hongmeng Intelligent Driving released its April Intelligent Driving Assistance Report. The report shows that Hongmeng Intelligent Drivings total mileage in April exceeded 264 million kilometers, the user activity rate reached 88.62%, the average intelligent driving assistance mileage per user reached 561.65 kilometers, and a total of 16.254 million times of intelligent assisted parking were used.Bank of England Governor Andrew Bailey said on May 9 that the trade deal reached between the United States and the United Kingdom on Thursday was a good thing, but tariffs on most British exports to the United States are still higher than they were before last month. "In a world where actual tax rates will be higher than before all this started, this is good news," he said during a question-and-answer session at an economic conference in Reykjavik. Bailey also reiterated that the British economy is highly affected by the global economy and depends largely on the agreements reached by other countries with the United States. Baileys remarks were similar to his remarks at a press conference yesterday, when a deal seemed to be about to be reached but the details had not yet been announced.European Commission President Ursula von der Leyen: Before the summer, we expect a major boost to the capital markets.

AUD/USD has maintained a multi-day bottom under 0.6700 as Q2 GDP is mixed and focus switches to Fedspeak

Daniel Rogers

Sep 07, 2022 16:47

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In the wake of contradictory Aussie data and a risk-averse atmosphere during Wednesday's Asian session, the AUD/USD strengthened its bearish bias towards the 0.6700 level and dropped to its lowest level since July 14. Risk barometer pair ignores Australia's efforts to tame inflation-driven economic woes ahead of next month's annual budget presentation.

 

Australian GDP for Q2 slowed to 0.9% from 1.0% expected and 0.8% in the previous quarter. Compared to the market consensus of 3.5% and prior readings of 3.3%, the year-over-year numbers imply a growth rate of 3.6%. The AiG Performance of Services Index for Australia topped 53.3 in August, up from 51.7 earlier in the day.

 

The government of Australia plans to cut the cost of pharmaceuticals and provide assistance to seniors in light of rising inflation. In anticipation of next month's federal budget, Prime Minister Anthony Albanese announced that legislation would be introduced to reduce the maximum co-payment on Australia's pharmaceutical benefits scheme from A$42.50 ($20) per prescription to A$30 ($20). It was also reported that pensioners will receive financial incentives from the government to help them sell their larger homes and move into smaller ones, thus lowering the strain on their retirement savings.

 

However, mounting fears of economic slowdown due to the energy crisis and China's covid troubles, combined with stronger US data and hawkish Fed bets, have supported the US dollar. Despite this, the US Dollar Index (DXY) is currently trading near its 20-year highs, with intraday advances of 0.22 percent near 110.50. CME's FedWatch Tool recently predicted a 50 bps rate hike in September, up from 57 bps the day before.

 

The 10-year US Treasury rate soared to its highest level since mid-June as Wall Street ended in the red, mirroring the general mood. Commodity prices, including oil and gold, continued under pressure, suggesting risk aversion and adding pressure to the AUD/USD exchange rate, which contributed to a decline in S&P 500 Futures of 0.50%.

 

Before the Fed's statement, the AUD/USD will be affected by China's August trade numbers. Reserve Bank of Australia (RBA) Governor Philip Lowe and Federal Reserve Chair Jerome Powell will both speak on Thursday, and their remarks will be widely studied for signs of policy shifts.

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