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On July 23, Meng Huating, Director-General of the Department of Foreign Investment Administration of the Ministry of Commerce, responded to questions regarding the progress of the establishment of the China-US Trade Council and Investment Council at a press conference held by the State Council Information Office. She stated that the trade teams of both sides are currently maintaining close communication on the specific arrangements for the Trade Councils structure, functions, and operating model, and are exploring the implementation of a reciprocal tariff reduction framework of $30 billion each. China is widely soliciting opinions from domestic enterprises, business associations, local governments, and US-invested enterprises and business associations on relevant tariff reduction arrangements. The US is also soliciting public comments on the Trade Council and the reciprocal tariff reduction arrangements. Both sides will maintain close communication, finalize specific product tariff reduction arrangements as soon as possible, and promote their implementation to further expand bilateral trade.On July 23, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to negative remarks made by a senior U.S. official regarding Chinas artificial intelligence, Lin Jian stated that China has consistently opposed the politicization and instrumentalization of science and technology trade issues. Such actions will only disrupt the global development of artificial intelligence and are not in the interest of any party.European Commission President Ursula von der Leyen: For the first time, we have targeted vessels that assist Russia’s shadow fleet with sanctions.European Commission President Ursula von der Leyen: We welcome the agreement reached on the 21st round of sanctions against Russia. Our sanctions continue to weaken Russias economic foundations as it builds a military momentum in Ukraine.On July 23, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A reporter asked: Yesterday, Foreign Minister Wang Yi attended the China-ASEAN Foreign Ministers Meeting in the Philippines and met with foreign ministers from multiple countries. Could you please provide some information? Given the current regional situation, how do you view the prospects for the development of China-ASEAN relations? Lin Jian stated that on July 22, Foreign Minister Wang Yi attended the China-ASEAN Foreign Ministers Meeting in Manila, with foreign ministers from ASEAN countries and the ASEAN Secretary-General in attendance. Wang Yi stated that under the joint strategic guidance of the leaders of both sides, China-ASEAN cooperation has yielded fruitful results. China and the eight ASEAN countries have reached an important consensus on jointly building a bilateral community with a shared future, and the construction of a community with a shared future in the surrounding region has deepened and become more practical. Foreign Minister Wang Yi stated that the South China Sea is the common home of countries in the region, and the South China Sea issue should not become an obstacle to China-ASEAN relations. China and ASEAN countries have the wisdom and ability to continue to properly handle the South China Sea issue, making peace, stability, cooperation, and friendship the mainstream narrative in the South China Sea, and firmly grasping the initiative in maintaining peace and stability in the South China Sea. China is willing to work with ASEAN countries to eliminate interfering factors and accelerate consultations on the "Code of Conduct in the South China Sea."

NZDUSD consolidates near 0.6100, closing below Friday's two-month peak

Alina Haynes

Nov 14, 2022 18:54

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The NZDUSD pair struggles to capitalize on last week's breakthrough momentum through the 100-day Simple Moving Average, bouncing between moderate gains and slight losses throughout Monday's early European session. The pair is currently trading slightly below the 0.6100 level, practically flat on the day, and remains close to Friday's two-month high.

 

A convergence of variables permits the US Dollar to stabilize at its lowest level since mid-August, acting as a headwind for the NZDUSD pair. In response to Christopher Waller's more hawkish remarks on Sunday, U.S. Treasury bond yields rise. It is expected that this, along with a softer tone on equity markets, will benefit the safe-haven dollar and exert some downward pressure on the risk-averse New Zealand dollar.

 

Waller indicated during a conversation in Sydney, Australia, that the markets had overreacted to October's weaker-than-expected consumer price inflation numbers. Waller stated that the Federal Reserve was not lessening its fight against inflation and that a string of moderate CPI readings would be required for the US central bank to soften its approach. This increases US Treasury bond yields and helps support USD demand, notwithstanding the lack of confidence in the intraday rise.

 

A greater possibility that the Federal Reserve will slow the pace of its policy tightening discourages USD bulls from placing risky trades. Moreover, optimism surrounding a likely rollback of COVID-19 measures in China supports the NZD/USD pair and restricts its downside. Therefore, the subdued intraday price movement can be characterized as a bullish consolidation phase, meaning that any significant pullback is likely to be purchased and remain confined.

 

The United States is not slated to provide any market-moving economic data on Monday, leaving the USD at the mercy of US bond yields. Traders will also consider Lael Brainard's anticipated Fed governor address. Together with the broader risk sentiment, this will be analyzed for short-term trading opportunities in the NZDUSD pair prior to the release of Chinese economic data on Tuesday.

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