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According to the official measurement of the China Earthquake Networks Center, a magnitude 3.4 earthquake occurred at 22:53 on May 16 in Wuqia County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.47 degrees north latitude, 74.86 degrees east longitude), with a focal depth of 12 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 6.1 occurred near the Leeward Islands (17.56°N, 61.08°W) at 22:50 on May 16. The final result is subject to the official rapid report.On May 16th, according to an official notice, the Indian government has implemented new restrictions on silver imports, changing several categories of silver products from a free import policy to a restricted import policy. Under the revised regulations, the import of silver bars, unwrought silver, and semi-finished silver (including silver powder) now requires government approval. Certain categories of silver imports are also subject to regulations from the Reserve Bank of India. These changes are introduced through revisions to the import policy catalog under the Harmonized System of Trade (HS) of India. This move comes as the Indian government intensifies its efforts to tighten regulations on precious metal imports and control rising import bills. Previously, the Indian central government had increased import duties on gold and silver from 6% to 15%. Simultaneously, the Directorate General of Foreign Trade (DGFT) has tightened regulations regarding the duty-free import of gold by jewelry and gemstone exporters under the "pre-authorization" scheme.On May 16, according to a report by the Islamic Republic of Iran Broadcasting (IRNA), a fire broke out at an oil factory in the northwestern Iranian city of Maragay at around 10:00 AM. The Iranian Red Crescent website reported that IRNA official Mohammad Hossein Kabadi stated that the organizations rescue personnel immediately rushed to the scene after receiving the fire report to conduct search and rescue operations. As of now, the fire has injured at least 10 people, and the rescue operation is still ongoing.Teslas US website shows that the price of the Model Y Performance All-Wheel Drive version in the US has been increased from $57,490 to $57,990.

As the US labor market strengthens and China CPI is anticipated, AUD / USD Appears Vulnerable Near 0.6600

Alina Haynes

Mar 09, 2023 13:59

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The AUD / USD pair is displaying a back-and-forth pattern during the Asian session below the round-level resistance of 0.6600. The Australian asset appears vulnerable at the same time that the risk-aversion theme has been strengthened by intensifying fears of a U.S. recession and expectations of higher rates from the Federal Reserve (Fed).

 

S&P500 futures are displaying nominal losses following a fragile recovery move. It seems that the dead cat recovery move by the 500-US stocks basket is tapering away. The US Dollar Index (DXY) has turned sideways above 105.20 after a modest correction; however, the upside appears favored amid positive U.S. Employment data.

 

The robust addition of new jobs to the US labor market in February as a result of rising demand has validated Fed policymakers' concerns about persistent inflation. The United States Automatic Data Processing (ADP) reported an increase of 242K positions in February, exceeding both the expected increase of 200K and the previous release of 119K. As a result, Fed Chair Jerome Powell stated, "The Fed is prepared to announce more rates to reduce inflation."

 

The US Nonfarm Payrolls (NFP) data, which will be released on Friday, will provide investors with greater insight into the state of the US labor market. In addition, the dissemination of the Unemployment Rate and Average Hourly Wages will be crucial.

 

The Australian Dollar has been under intensified pressure following the Reserve Bank of Australia's (RBA) fifth consecutive 25 basis point (bps) rate hike and RBA Governor Philip Lowe's consideration of a policy-tightening suspension in response to a one-time blip in the monthly Consumer Price Index (CPI).

 

Investors are currently focused on China's Consumer Price Index (CPI) (February) data. It is anticipated that China's annual CPI will decrease to 1.9% from the previous release of 2.1%. The monthly CPI in China has been reduced to 0.2% from 0.8% previously. If inflation declines, the Chinese government and the People's Bank of China (PBOC) may be forced to infuse more liquidity into the economy.


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