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July 19th - According to NewsNation: US President Trump reiterated that Iran "cannot and should not have nuclear weapons." After Iran announced a suspension of its commitments under the interim agreement, Trump stated that he "doesnt care at all."Iranian Foreign Minister Araqchi and Iraqi Foreign Minister Fuad Hussein held a telephone conversation to discuss the situation in the Middle East and bilateral cooperation.U.S. Commerce Secretary Rutnick: The United States has reached a very good agreement on the Gordi Howe International Bridge (the U.S.-Canada transnational bridge). The United States will receive 50% of the net revenue up to 2041 and will have a say in setting tolls.According to the New York Times, U.S. officials said that Iranian attacks on U.S. military bases in Jordan damaged several U.S. helicopters and injured dozens of U.S. personnel.July 19th - According to the Wall Street Journal, the U.S. labor market remains robust according to most key indicators. However, nearly two million Americans have been unable to find work for at least six months. Data from the U.S. Department of Labor shows that in June, the number of long-term unemployed (unemployed for 27 consecutive weeks or more) accounted for 27.3% of the total unemployed, up 4 percentage points from a year ago. This proportion is close to its highest level since the end of 2021. Because the overall unemployment rate remains low, the size of the long-term unemployed population is not yet sufficient to cause a substantial shock to the economy. However, analysts say its ripple effects are accumulating. Preston Mooy, senior economist at Employ America, said, "We havent seen large-scale layoffs in the past few years, so the number of short-term unemployed has remained relatively stable. But at the same time, hiring activity has seen a fairly significant decline." Even if some long-term unemployed people find new jobs, the weak hiring environment means more people are constantly joining the long-term unemployed group, keeping this number consistently high.

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.


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