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On September 6th, it was reported that on September 5th, the Haikou Municipal Housing and Urban-Rural Development Bureau issued a "Notice on Several Measures to Promote the Stable and Healthy Development of the Real Estate Market." The notice clarifies that individuals who have settled in Hainan will enjoy the same housing purchase rights as Hainan residents from the date of their settlement. Active-duty military personnel (including officers, non-commissioned officers, and conscripts) serving in Hainan will also enjoy the same housing purchase rights as Hainan residents. Employees of companies registered in Hainan who actually work and live in Hainan can purchase one unit of commercial housing in Haikou. Families with two or more children can purchase one additional unit beyond the current policy limit. The notice also encourages "trade-in" to meet the demand for improved housing. Anyone listing their own or a family members housing in Hainan for sale can exchange it for one unit of commercial housing in Haikou.September 6th - According to Shijiazhuang Release, Hebei Provinces first EU Next Generation (NG) certification was recently awarded to Shenze Economic Development Zone, marking a milestone breakthrough for the zone in its opening-up and green, low-carbon development. NG certification effectively addresses trade barriers imposed by the EUs Carbon Border Adjustment Mechanism (CBAM). All eligible market entities within the Shenze Economic Development Zone can now align with international rules such as the EU Radio Equipment Directive and the Corporate Sustainability Reporting Directive, enhancing the voice and core competitiveness of resident enterprises in the international market and facilitating Shenzes deep participation in the global green and low-carbon industrial chain.September 6th - According to a CNBC report, data released by the U.S. Bureau of Labor Statistics on Friday showed that of the 162,000 jobs added that month, women accounted for 158,000, or 98%. Men accounted for the remaining 4,000 net job gains, meaning they contributed almost 40 times less to overall job growth. The nonprofit Economic Security Project first pointed out this anomaly in Fridays data. Laura Ullrich, director of economic research at Indeed Recruiting Lab, said that with the release of Fridays nonfarm payroll report, the gap between women and men in employment has climbed to unprecedented levels. "We are in the midst of a transformation," Ullrich said. "This change is happening right before our eyes."September 6th - According to the Ministry of Water Resources, this morning (September 6th), the Ministry held a rolling consultation meeting to analyze and assess the national rainfall and flood situation and to arrange and deploy key defense work. As of 11:00 AM on September 6th, 10 rivers in Zhejiang, Jiangxi, Heilongjiang, and other areas remained above warning levels, with the largest exceeding the warning level by 1.04 meters. The peak of the first flood of the Ganjiang River in Jiangxi has passed the Zhangshu section, and it is expected that the entire main stream of the Ganjiang River will recede below the warning level within the next 24 hours.September 6th - Earlier today, the Iranian Revolutionary Guard Corps (IRGC) announced the release of previously undisclosed surveillance footage and videos of actions against vessels violating regulations. The IRGC stated that its navy took decisive action and implemented effective control in the Strait of Hormuz; any suspicious activity will be targeted. The IRGC asserted that the United States is the greatest threat to the security and maritime trade of countries in the region; any claims of US support and escort are pure lies.

Above 0.68, AUD/USD justifies cautious optimism due to the RBA rate hike and US ISM PMI

Alina Haynes

Sep 06, 2022 15:32

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AUD/USD flourishes on the bull's radar as it retests the intraday low around 0.6820, near 0.6815 at press time, during Tuesday's Asian session with a modestly positive market outlook. The recent appreciation of the Australian dollar could be attributed to hawkish expectations for the Reserve Bank of Australia's (RBA) anticipated fourth rate hike.

 

Whether it's the United Kingdom's energy bill freeze or the People's Bank of China's (PBOC) reduction in the Reserve Requirement Ratio (RRR), not to mention stimulus from Germany/Europe, officials are all engaged in the fight against the recession, which boosted sentiment. The market's reaction to the recent pullback in hawkish Fed bets, notably after Friday's mixed US employment report, is also likely to have benefited AUD/USD purchasers. Reserve Bank of Australia (RBA) rate hike preparations and full markets looked to have taken precedence in recent months.

 

US 10-year Treasury rates increased three basis points to 3.22%, while S&P 500 Futures advanced 0.30 percentage points to 3,933 at the latest.

 

Alternately, the impending Eurozone recession, the probability of higher rate hikes by the US Federal Reserve (Fed) despite recent mixed data, and Sino-American conflicts are weighing on the prices. Notably, the RBA rate hike appears to be well priced in; hence, AUD/USD traders appear to be anticipating a bearish move.

 

Russia's suspension of energy supplies to Europe worsened the situation for the old continent when it joined the other Group of Seven (G7) nations in establishing an oil price cap. Diminished hopes for a US-Iran oil deal and the output decrease by the Organization of the Petroleum Exporting Countries and its allies, especially Russia, added further to the European energy crisis.

 

In addition, the US-China disagreement over the trade agreement and Taiwan deteriorated on Monday when the Biden administration announced its intention to keep the tariffs imposed by the Trump administration for the foreseeable future. Previously, the elimination of these levies suggested that relations would likely improve. In addition, the United States' willingness to sell arms to Taiwan and Taipei's policy of giving visa-free entry to nationals of some friendly countries, including the United States, prompted Beijing to express negative sentiments about US-Taiwan relations and exacerbated tensions.

 

In the future, the RBA's 0.50 percentage point rate boost would not be sufficient to satisfy AUD/USD bulls unless the rate statement appears hawkish. Notwithstanding, a smaller-than-anticipated rate hike or dovish comments from the Australian central bank could prolong the pair's downward trajectory. After that, the ISM Services PMI for August, which is predicted to be 55.5 compared to 56.7 earlier, will be closely observed for further momentum.


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