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August 24th - At 11:50 AM on August 24th, after comprehensive assessment and emergency consultation, the China Meteorological Administration upgraded its emergency response to major meteorological disasters (typhoons and rainstorms) from Level IV to Level III (typhoons, rainstorms, and severe convective weather). The National Meteorological Center forecasts that, affected by the typhoon and the southwest monsoon, from August 24th to 26th, Fujian, Guangdong, Guangxi, and Hainan will experience heavy rainfall, with strong winds in the Beibu Gulf, Taiwan Strait, East China Sea, and coastal areas. Furthermore, on the 24th, Liaoning and Jilin provinces will experience localized heavy rainfall, and from the 25th, eastern Northwest China, North China, and Northeast China will experience significant rainfall from west to east, accompanied by severe convective weather. The National Meteorological Center continued to issue a blue typhoon warning, a yellow rainstorm warning, and a blue severe convective weather warning at 10:00 AM on the 24th.On August 24th, Thailands Finance Minister stated on Monday that the government will discuss proposed tax measures with the Gold Association this week. Finance Minister Ekniti Nittinprapas said that Thailand will consider taxing gold transactions and imports, adding that this move aims to curb illicit capital flows and is not intended to impose a high gold tax.August 24th - According to the Financial Times, sources familiar with the matter revealed that Saudi Arabia has begun discussions with London insurance brokers regarding a state-backed war and political risk insurance scheme that could provide insurance coverage for ships in the region, as the conflict threatens Saudi trade. The Saudi Ministry of Finance is studying a plan that would allow ships and maritime cargo assets to obtain insurance at a lower cost through a so-called "insurance pool." This pool could provide up to 700 million Saudi riyals ($186 million) in commercial coverage for each insured event. Insurance and reinsurance companies would provide the first layer of insurance coverage, while each insured entity could receive hundreds of millions of dollars in additional coverage through backup support provided by the state-owned Saudi Export-Import Bank. In one version of the proposal under discussion, Saudi Reinsurance and Riyadh Reinsurance would lead a group of participating reinsurance companies, which could potentially include international companies.On August 24th, it was reported that on August 20th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) convened a meeting to promote the 6G future industry among central enterprises. The meeting emphasized that promoting the development of the 6G future industry is an inevitable requirement for central enterprises to implement national strategic plans and fulfill their strategic missions. Central enterprises should proactively align with national, local, and industry plans to accelerate the achievement of industrial development goals. They must address technological shortcomings, strengthen fundamental theoretical innovation, promote breakthroughs in key technologies and components, and build a secure and stable 6G industrial and supply chains. They must solidify the industrial foundation by strengthening innovation platform construction, cultivating market entities, and developing a talent pool to solidify the foundation for high-quality 6G development. They must accelerate international cooperation, build a diversified cooperation system, and comprehensively enhance their international influence. They must incubate application scenarios and actively promote the integration of 6G technology with the real economy, comprehensively build a first-mover advantage in the application ecosystem, and accelerate the realization of a 6G commercial closed loop. Prior to the meeting, attendees visited an exhibition showcasing the achievements of central enterprises in the 6G future industry. At the meeting, a task for the co-creation of 6G future industry scenarios among central enterprises was released.Thailands Ministry of Finance: No intention to impose a high gold tax.

Dollar Index: Bears Continue to Dominate Below 102.00

Alina Haynes

May 30, 2022 17:02

 截屏2022-05-30 下午4.54.16.png

 

The greenback, as measured by the US Dollar Index (DXY), continues on the defensive after Monday's recovery from lows in the 102.40-35 range.

Multi-Week Lows for the US Dollar Index

The index loses ground for the third consecutive session at the start of the week, remaining below the 102.000 level and despite a widespread preference for riskier assets among investors.

 

On Monday, no US market activity should leave the price action at the mercy of global risk appetite trends, as market participants continue to evaluate the various moves the Federal Reserve could take to normalize monetary conditions, primarily through interest rate hikes.

 

Monday's US schedule is barren, with just C. Waller (permanent voter, hawk) scheduled to speak during the NA session.

What to Search for Regarding USD

The dollar retreated to multi-week lows at the conclusion of last week due primarily to investors' tilt toward riskier assets.

 

Also weighing on the dollar was the view that inflation may have peaked in April, which supports the notion that the Fed may not need to be as active in hiking Fed Funds rates as market players anticipate.

 

In the meantime, the Fed's divergence from the majority of its G10 peers, geopolitical turbulence, rising US rates, and a potential "hard landing" of the US economy are all factors that will continue to favor a stronger dollar in the coming months.

 

House Price Index, CB Consumer Confidence (Tuesday); MBA Mortgage Applications, Final Manufacturing PMI, ISM Manufacturing, Construction Spending, Fed Beige Book (Wednesday); ADP Employment Change, Initial Claims, Factory Orders (Thursday); Nonfarm Payrolls, Unemployment Rate, Final Services PMI, ISM Non-Manufacturing (Friday); and Nonfarm Payrolls, Unemployment Rate, Final Services PMI, ISM Non-Manufacturing (Friday).

 

Back burner issues: Powell's "softish" landing... what does that mean? Increasing geopolitical tensions with Russia and China. The Fed's more aggressive path for interest rates this year and in 2023. US-China trade dispute. Future of the Build Back Better plan by Biden.

US Dollar Index Relevant Levels

Now, the index is falling 0.08 percent at 101.55 and the next support level is at 101.38 (30-day low for the month of May), followed by 101.11 (55-day simple moving average) and 99.81. (weekly low April 21). In contrast, a breach of 105.00 (13 May 2022 high) would pave the way to 105.63 (11 December 2002 high) and then 106.00. (round level).

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