EUR/USD 1.08339
-0.119%
Gold 2914.80
0.180%
Oil 66.770
-0.031%
USD/JPY 147.670
-0.189%
GBP/USD 1.29112
-0.101%
GBP/JPY 190.660
-0.291%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japanese Prime Minister Shigeru Ishiba: The Bank of Japan is implementing various measures to stabilize prices.March 10, Berenberg analysts said that Europes military budget will grow at least in the high single digits by 2035, and at the same time, regional governments will promote the ordering of European defense equipment instead of American equipment, which will boost European defense stocks. They pointed out that the UKs commitment to increase its defense spending to 2.5% of GDP by 2027 is higher than they expected, which will especially benefit QinetiQ and Babcock International, which derive more than half of their revenue from the UK Ministry of Defense. The agencys first choice is German arms manufacturer Rheinmetall.On March 10, Heng Koon How, head of market strategy at UOB Global Economics and Market Research, said in a report that physical gold short squeeze is expected to push gold above $3,000 per ounce. "Uncertainty over trade tariffs has led to a sudden return of a large number of gold bars to the New York Mercantile Exchange and the United States, triggering a global gold short squeeze. In addition, the main positive drivers for gold remain unchanged, such as growing concerns about slowing economic growth." UOB recently raised its gold price forecast for the second quarter from $2,800 to $2,900 per ounce, the third quarter forecast from $2,900 to $3,000, and the fourth quarter forecast from $3,000 to $3,100.Germanys industrial output in January was -1.6% year-on-year after adjusting for working days, compared with -3.10% in the previous month.Germanys seasonally adjusted trade balance in January was 16 billion euros, compared with expectations of 20.6 billion euros and the previous value of 20.7 billion euros.

As Australia's finance minister forecasts economic troubles, the AUD/USD pair declines toward 0.69

Daniel Rogers

Jun 27, 2022 14:48

 截屏2022-06-27 上午10.24.35.png

 

Since Friday's temporary reversal of a two-week slide in the AUD/USD pair, the pair has retraced to 0.6910. Despite reversing the previous day's gains during Monday's Asian session, the AUD/USD pair reflects Australia's and the world economy's economic concerns.

 

According to AAP Australian General News, Australian Finance Minister (FinMin) Katy Gallagher misspoke over the weekend when she stated that Australia is facing economic problems. According to Reuters, the remarks follow warnings that the global economy faces stagflation, a combination of sluggish growth and high inflation.

 

Over the weekend, Australia's Treasurer Jim Chalmers expressed concern over rising inflation, although expecting a rate of 7% and agreeing with a central bank projection.

 

Philip Lowe, governor of the Reserve Bank of Australia, remarked on Friday, according to Reuters, that he does not foresee a recession in Australia, but that there is a restricted path back to low inflation.

 

Notably, Reuters noted that the Bank for International Settlements (BIS) has recommended for "rapid and forceful" interest rate hikes to avoid the inflationary increase from becoming much more severe.

 

The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, erred over the weekend when she declared, "Further negative shocks will likely make the US economic situation'more challenging'." Notable is the IMF's downward adjustment of the US GDP forecasts for 2022 from 3.7 percent to 2.9 percent.

 

US New Home Sales for May, by 10.7 percent compared to April's revised numbers of -12.0 percent, together with the record low print of the University of Michigan's Consumer Sentiment Index for June, to 50.0 from 50.2 early estimates, impacted severely on the US dollar.

 

S&P 500 Futures fail to track Wall Street's gains, slipping 0.30 percent intraday at the latest, as 10-year US Treasury rates increase 1.5 basis points (bps) to about 3.13 percent following their first weekly decline in four weeks.

 

US Durable Goods Orders for May, expected to be 0.1 percent compared to 0.5 percent before, and Pending Home Sales, expected to be -2.0 percent compared to -3.9 percent previously, will be essential for daily direction moving ahead. Nonetheless, Wednesday's meeting with central bankers from the United States, the United Kingdom, and Europe at the ECB Forum on Central Banking will be a crucial event to track for observable market developments.

Technical Evaluation

Although a rising trend line from May 12 caps the downside around 0.6885, the AUD/USD pair's decline from its 10-day moving average of 0.6945 maintains bearish sentiment intact.

Suggestion