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On March 13, local time, according to Pakistani military sources, the Pakistani military successfully carried out airstrikes in Afghanistan, targeting four terrorist hideouts between the night of March 12 and the early morning of March 13. These included military facilities linked to Afghan forces and armed groups affiliated with the Pakistani Taliban. Targets also included fuel storage facilities at Kandahar Airport and nearby logistical infrastructure. On the same day, the Afghan Ministry of Defense announced that the Afghan Air Force attacked a strategic military center and facilities in the Kohat district of Khyber Pakhtunkhwa province, Pakistan, causing significant casualties and property damage. This was reportedly a response to Pakistans attacks on Afghanistan the previous night.Israeli security officials: Iran still has 150 missile launch platforms, and we will continue to strike them.On Friday, March 13, the Hang Seng Index closed down 251.16 points, or 0.98%, at 25,465.6; the Hang Seng Tech Index closed down 49.56 points, or 0.99%, at 4,978.08; the H-share Index closed down 28.07 points, or 0.32%, at 8,671.48; and the Red Chip Index closed down 19.57 points, or 0.45%, at 4,329.75.Hong Kong stocks closed with the Hang Seng Index down 0.98% and the Hang Seng Tech Index down 0.99%; precious metals and pharmaceutical sectors were weak throughout the day.On March 13th, Citigroup released a research report stating that during the fourth-quarter earnings briefing and follow-up activities, Li Auto (02015.HK) management disclosed a sales target of over 20% growth for 2026, with a full-year vehicle gross margin of 15%. The bank lowered its 2026 and 2027 net profit forecasts to reflect the downward revision of gross margin forecasts and the upward revision of operating expense assumptions. It maintained a neutral rating and a target price of HK$72.7.

Despite a stable DXY and a hawkish RBNZ stance, NZD/USD bulls tinker around 0.5700

Daniel Rogers

Oct 19, 2022 15:48

截屏2022-10-19 上午11.20.52.png 

 

On Wednesday morning, NZD/USD bulls struggle to keep control during the three-day uptrend, making minor gains above 0.5700. The market's sluggish performance in light of the dormant US Dollar Index (DXY) and the risk-on stance is reflected in this. However, buyers remain upbeat due to the hawkish view for the Reserve Bank of New Zealand's (RBNZ) upcoming action.

 

Following the announcement of New Zealand's (NZ) Q3 Consumer Price Index, several banks increased their favorable forecasts for the RBNZ's upcoming action (CPI).

 

However, against the market's expectation of 1.6% and the prior data of 1.6%, New Zealand's Q3 CPI jumped to 2.2%. The data also showed that the YoY CPI increased to 7.2% from 7.2% earlier and 6.6% as was predicted. The Australia and New Zealand Banking Group (ANZ) said, based on the information: "The RBNZ will need to take action as core inflation continues to remain entrenched and shows no signs of turning the corner. We expect the OCR to rise by 75 basis points to 5% in November and February."

 

The risk-on attitude is also helping the NZD/ascent elsewhere. In keeping with Wall Street's second straight day of gains, USD's S&P 500 Futures rise 0.80% intraday, while the US Dollar Index (DXY) holds steady near 112.00 and US 10-year Treasury yields fluctuate around the 4.00% level.

 

News reports about the battle of Russian forces in Ukraine and UK Chancellor Jeremy Hunt's ability to fend off the impacts of the recession appear to be the main drivers of the recent market optimism.

 

It should be noted that despite risk-on attitude and sluggish Treasury rates, the DXY does not increase in response to improved industrial production and aggressive Fed statements. Neel Kashkari, president of the Minneapolis Federal Reserve Bank, recently said: "Until I see persuasive evidence that core inflation has at least peaked, I am not willing to pause rate hikes."

 

Future Fed speakers will join housing-related secondary US data to thrill NZD/USD speculators. However, barring any risk-averse surprises or unexpected RBNZ pronouncements, the Kiwi-Dollar pair is likely to continue strengthening.

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