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On August 22, local time, US President Trump stated at Joint Base Andrews, Maryland, on August 21 that he believed Iran was not yet ready to reach a "suitable agreement," and that Washington was observing "developments" in the conflict. "We have complete control over the entire region around the Strait of Hormuz, including its interior and land areas. So they really want a deal, but in my opinion, theyre not ready to reach a suitable deal," Trump added. When asked if the US had limited military options against Iran, Trump stated, "That just means were watching how things develop." Trump claimed that a shift towards "economic warfare" against Iran did not mean that US military options were limited.August 22nd - According to CNBC, Anthropic is expected to list negative public sentiment regarding artificial intelligence and data centers as a risk factor in its IPO prospectus, to be released in the coming weeks. Sources familiar with the matter revealed that Anthropic recently held pre-IPO "market scouting" meetings with bankers and investors, who focused on competitive pressures, the impact of its open-source model on profit margins, and the potential risks posed by a slowdown in data center construction. Anthropic, currently valued at nearly $1 trillion in the private market, is preparing for a major IPO. However, with rising public concerns in the US about AI replacing jobs and data center expansion, this backlash is becoming a new challenge for the companys listing. The company has previously achieved an annualized revenue run rate exceeding $65 billion.August 22 – According to sources cited by the Canadian Broadcasting Corporation (CBC), despite the final stages of US-Canada trade negotiations, US Commerce Secretary Rutnick is dissatisfied with the current draft agreement and is pushing for revisions. Sources say Rutnick opposes reducing Canadian auto tariffs from 25% to 15%, arguing that this could undermine the USs goal of boosting domestic manufacturing. His stance differs from the optimistic signals previously released by Trump and Canadian Prime Minister Carney. Currently, both sides are striving to reach a final agreement before the new tariffs take effect. The draft agreement reportedly includes reducing tariffs on Canadian steel and aluminum, adjusting dairy quotas, and Canada removing some restrictions on US alcoholic beverages. Canadian Trade Minister LeBlanc stated that the two sides are "very close" to reaching an agreement.Market news: Anthropic listed the public backlash against the AI industry as a risk factor in its IPO filing.Sources say U.S. Commerce Secretary Lutnick believes the U.S. can still negotiate a more favorable deal and opposes lowering Section 232 tariffs.

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.

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