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On June 28, the Republican-controlled Senate of the United States released a new version of a $4.2 trillion tax and spending plan, and the voting process is about to start as the July 4 deadline set by Trump approaches. The new draft reflects the compromise of various factions within the Republican Party. Previously, there were differences within the party on the extent of cuts to social security programs such as Medicaid and the speed of phasing out the renewable energy tax credit policy during the Biden administration. The draft includes a temporary agreement reached with House Republicans to increase the state and local tax (SALT) deduction limit from $10,000 to $40,000 for five years, after which it will be restored to the original standard. Republicans plan to start the voting process for the tax reform bill as early as noon local time on Saturday, and the final vote may be scheduled in the early hours of Sunday. Party leaders plan to recall House members early next week in order to complete the legislative process before the Independence Day deadline set by Trump.U.S. Senate Budget Committee: Senate Republicans plan to end electric vehicle tax credits by the end of September.Market news: The US Senate released the text of Trumps tax bill.On June 28, US President Trump posted on social media, "Which despicable person in the fake news media said, President Trump wants to give Iran $30 billion to build a non-military nuclear facility. Never heard of this ridiculous idea. This is just another scam created by the fake news to belittle me. These people are sick!!"June 28th news: There have been frequent earthquakes in the Tokara Islands and its surrounding waters in Kagoshima Prefecture in southwestern Japan since the 21st. As of the afternoon of the 27th local time, more than 490 small-scale earthquakes have been monitored, with the highest magnitude being 5.1. The earthquake activity peaked on the 23rd and weakened after the 26th. The earthquake has not caused any casualties or property losses so far. Relevant Japanese government departments said that earthquakes may occur again and the public should be prepared, and denied the online rumor that "it will cause a larger earthquake."

NZD/USD Nears 0.6220 Amid a Weak U.S. Dollar, With New Zealand Inflation in Sight

Daniel Rogers

Apr 19, 2023 15:54

 NZD:USD.png

 

After defending the round-level support at 0.6200, the NZD/USD pair exhibited a lackluster performance during the Asian session. As the US Dollar Index (DXY) performs unfavorably, the Kiwi asset approaches the 0.6220 level of resistance.

 

S&P500 futures have extended their losses because investors are concerned about the future performance of stocks, indicating a cautious performance. US commercial institutions have displayed a mixed performance thus far. In the aftermath of March's turmoil and restrictive credit conditions, investors were initially apprehensive about the quarterly performance of banking stocks.

 

Following a substantial retracement, the US Dollar Index (DXY) continues to trade above 101.78. In spite of hawkish remarks from Federal Reserve (Fed) policymakers, the USD Index failed to exhibit a power-packed movement. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data.

 

In the second half of 2023, the probability of a recession decreases, according to Fed policymakers, as robust labor demand drives global consumption.

 

Thursday's quarterly inflation data is anticipated to affect the New Zealand Dollar. The New Zealand Consumer Price Index (CPI) accelerated to 2.0% from 1.4% in the first quarter of CY2023, according to the consensus. New Zealand's annual inflation rate has increased to 7.5% from 7.2%. As a result of the Reserve Bank of New Zealand's (RBNZ) decision to raise interest rates, households in the New Zealand economy are expected to bear a suffocating burden as a result of the country's rising inflation.

 

In addition, this suggests that RBNZ Governor Adrian Orr will continue to raise interest rates to combat inflation.