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On August 30, Iraqi Prime Ministers Security Advisor Qassem Araji stated in a recent interview with Al Jazeera that Iraq maintains "good relations" with both Iran and the United States and seeks to act as a "bridge" for communication among all parties to reach an agreement that safeguards the interests of the entire region. He added that Iran has emphasized the necessity of eliminating extremist groups within Iraq.On August 30th, SK Hynix CEO Guo Luzheng stated that the company remains open to further investment in the US semiconductor industry, while predicting that the global memory chip shortage will continue until the end of 2030. "We are always open to more investment, but no decisions have been made yet," Guo Luzheng said. He stated that SK Hynix is searching globally for potential sites that can meet its R&D and testing needs, noting that electricity, water resources, and government incentives are key considerations. Guo Luzheng said, "We are open to any location that can provide sufficient infrastructure and resources." He also expressed hope that the company will bring "more good news" to the US artificial intelligence industry in the future.Iraqi Prime Ministers Security Advisor Qassem Araj: Iraq seeks to become a "bridge" between Iran and the United States.On August 30th, Ontario Premier Doug Ford unveiled a new plaque for Lake Ontario on Saturday afternoon. This came just days after US President Trump renamed one of North Americas Great Lakes "Lake America." Fords move comes amid escalating trade tensions between Canada and the United States. Ford reiterated that Ontario will "never back down" and will always defend its interests. Ford stated, "Trump can call it whatever he wants, but I can tell you, the rest of the world will always call it Lake Ontario." He added, "Ive received many calls from governors who say, Well always call it Lake Ontario, and obviously, Canada will always call it Lake Ontario. Thats the message we want to send to President Trump."Explosions were heard in Kyiv, the capital of Ukraine, on August 30. Air raid sirens had been sounded earlier in the city.

NZD/USD Increases close to 0.6240 as RBNZ Increases Ocr by 50 Basis Points to 4.75 Percent

Alina Haynes

Feb 22, 2023 15:23

NZD:USD.png 

 

Demand for the NZD/USD pair has surged dramatically as a result of the Reserve Bank of New Zealand's (RBNZ) hawkish attitude on interest rates. Reserve Bank of New Zealand Governor Adrian Orr has raised the Official Cash Rate (OCR) by 50 basis points (bps) to 4.75 percent. It was widely anticipated that a decision to increase interest rates by 50 basis points would be made. The RBNZ hiked interest rates by 75 basis points during its November monetary policy meeting, something investors should be aware of.

 

As the Reserve Bank of New Zealand (RBNZ) failed to significantly cut the Consumer Price Index (CPI) in the New Zealand economy, a significant rate increase was anticipated. Inflationary pressures in the New Zealand economy have not yet reached their pinnacle as a result of the RBNZ's continuous policy tightening, but the labor market has begun to manifest damage.

 

Even though New Zealand Prime Minister Chris Hipkins has committed a NZ$300 million ($187.08 million) disaster aid package, the recent release of helicopter money may boost inflationary pressures.

 

The statement of monetary policy will determine whether the RBNZ maintains its goal of an OCR peak of 5.5% by May.

 

Statistics January exports and imports data were released by New Zealand during the early Asian session. Compared to the previous report, exports declined to $5.47 billion from $6.72 billion, while imports grew. This indicates that domestic demand is extremely robust.

 

Indicative of their caution, investors have begun discounting Federal Reserve (Fed) interest rates to 5%. Yet, investors' appetite for risk is growing as risk-perceived assets gain momentum. The US Dollar Index (DXY) fails to surpass the important level of resistance at 103.90. In the future, the USD Index will be affected by the release of the Federal Open Market Committee's minutes (FOMC).

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