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Dubai International Airport (DISA) reported on August 26 that passenger traffic fell by nearly a third in the first half of the year due to disruptions caused by the war in Iran, but expects demand to recover in the second half. DISA stated that passenger traffic reached 13 million in the second quarter, bringing the total for the first half of the year to 31.5 million. Despite a rebound in traffic in May and June, first-half traffic was still 31% lower than the record level set in the same period last year. The war in Iran has led to a global readjustment of air routes, repeatedly disrupting DISA. In May, the airport announced it had postponed its target of 100 million annual passengers by one year due to the significant drop in passenger traffic. Major Middle Eastern airlines Emirates, Qatar Airways, and Etihad Airways have all reduced operations and adjusted their international route networks to accommodate increased travel demand during the war. Several European airlines have also suspended flights to multiple destinations in the region and avoided the airspace of several Gulf states.August 26th - According to the Guangdong Branch of the General Administration of Customs, in the first seven months of this year, the import and export volume of comprehensive bonded zones (including cross-border industrial zones and bonded areas) in Guangdong Province reached 1.05 trillion yuan, a year-on-year increase of 32.3%, setting a new record for the same period in history and surpassing the trillion-yuan mark two months earlier than last year. While Guangdongs foreign trade has exceeded one trillion yuan for two consecutive months, the provinces comprehensive bonded zones continue to play a driving role, contributing 23.3% to Guangdongs foreign trade growth in the first seven months of this year.Slovakian power company said that Unit 3 of the Mohawkwice nuclear power plant has been reconnected to the grid after a shutdown for fuel replacement.On August 26th, Citigroup predicted that South Korean companies will issue a record amount of money in global bond and stock markets in 2026. Companies are raising growth funds through international investors, most notably SK Hynixs $26.5 billion US IPO. Jangho Park, CEO of Citigroup Global Markets Korea, said on Wednesday that South Korea has a growing number of "world-class companies and emerging industry leaders who are increasingly leveraging capital markets with competitive financing terms to raise funds for their growth goals." Citigroups optimistic outlook comes as South Koreas two largest chipmakers are becoming major beneficiaries of global artificial intelligence infrastructure development. South Korea is seeking to encourage companies, including Samsung Electronics and SK Hynix, to invest at least 1350 trillion won ($975 billion) in chip and data center construction, although many projects are still in the early planning stages.Hyundai CEO: Hybrid vehicles are the biggest opportunity in the US market.

AUDUSD soars above 0.6660 prior to PBOC monetary policy announcement

Daniel Rogers

Nov 21, 2022 11:48

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The AUDUSD pair has climbed after finding support near 0.6660 during the early Asian session. Earlier, the asset saw declines as investors panicked over the People's Bank of China's interest rate decision (PBOC).

 

Lacking potential catalysts for significant action, the market's risk appetite remains muted. As investors anticipate the release of US Durable Goods Orders data, the dollar index (DXY) is encountering brief resistance near 107.00.

 

Raphael Bostic, president of the Atlanta Federal Reserve (Fed), anticipates that the 75 basis point (bps) rate hike regime will terminate in the near future, which might have a negative influence on the returns on US government bonds.

 

A Fed policymaker told Reuters on Saturday that he is prepared to "walk away" from three-quarter-point rate hikes at the December meeting of the Fed. To battle inflation, he claimed that the Fed's target policy rate will not climb by more than one percentage point. After then, the Fed would need to pause and "let the economic dynamics to play out," as it may take between 12 and 24 months for the impact of rate hikes to be "fully appreciated."

 

Monday's monetary policy announcement by the PBOC will be widely monitored. As economic forecasts have decreased due to the development of the Covid-19 virus, the Chinese central bank may adopt an expansionary stance. Moreover, sluggish real estate demand would require the injection of new cash into the economy. Notably, Australia is China's largest trading partner, and a decision by the PBOC to lower interest rates would benefit Australian bulls.

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