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June 14th - This morning, the Songjiawan Downward Tunnel and the Pujia Gou Upward Tunnel, two key connecting tunnels located at Lezhi Station in Ziyang, Sichuan Province, were successfully completed, marking a crucial breakthrough in the hub connection project between the Chengdu-Chongqing Central Line High-Speed Railway and the Chengdu-Dazhou-Wanzhou High-Speed Railway. Lezhi Station is a newly built station and the only hub station connecting both high-speed railways simultaneously. The two connecting tunnels link the main lines towards Chengdu and Chongqing respectively, providing convenient conditions for trains to cross lines and turn around for traffic congestion relief.June 14th - According to US sources on the 13th, a US military fighter jet crashed on a mountain in Washington state, triggering a wildfire. The pilot ejected safely. It is understood that the F/A-18 Super Hornet fighter jet, belonging to the US Marine Corps, was conducting "routine training" before the crash.On June 14, it was reported that on June 13, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Mongolian Foreign Minister Battsetseg in Ulaanbaatar. Wang Yi emphasized that China is willing to work with Mongolia, under the strategic guidance of the two heads of state, to continue efforts towards building a community with a shared future of peaceful coexistence, mutual assistance, and win-win cooperation. Chinas foreign policy has always maintained continuity and stability, and China is willing to continue to be a trustworthy and reliable partner for Mongolia, providing sustainable support for Mongolias development and revitalization. Chinas 15th Five-Year Plan provides a comprehensive plan for high-quality development over the next five years and also offers the world a list of opportunities. The Chinese and Mongolian economies are highly complementary, and strengthening the alignment of development strategies is conducive to expanding cooperation areas, tapping cooperation potential, and promoting the economic and social development of both countries. China is willing to work with Mongolia to jointly build the Belt and Road Initiative with high quality, expand economic and trade cooperation, promote the improvement and increase of cooperation in various fields, and achieve more tangible results.June 14th - According to the China State Railway Group, from January to May this year, the national railway system transported a total of 1.67 billion tons of freight, with daily loading volume reaching a record high. Data released by the China State Railway Group shows that in the first five months, the national railway system transported a total of 1.67 billion tons of freight, a year-on-year increase of 1.8%; the average daily loading volume was 186,300 wagons, a year-on-year increase of 2.8%, with 202,400 wagons loaded on May 2nd, setting a new record for daily loading volume.According to Fox News: A senior U.S. government official said he believes an excellent and strong agreement has been reached.

NZD/USD drops to 0.6440 due to New Zealand's weakness Pre-Fed warning probes bears: HYEFU, RBNZ

Alina Haynes

Dec 14, 2022 11:36

NZD:USD.png 

 

In order to justify a new intraday low of 0.6440 on Wednesday morning, the New Zealand dollar (NZD/USD) points to New Zealand's (NZ) poor Half Year Economic and Fiscal Update (HYEFU). The Reserve Bank of New Zealand's (RBNZ) statements and the cautious atmosphere leading up to the important Federal Open Market Committee (FOMC) monetary policy meeting, however, have put a damper on recent pair selling.

 

According to Reuters, the New Zealand Treasury expects the Gross Domestic Product (GDP) to increase at a negative rate for three quarters of the current fiscal year 2023. (CY23). Additionally, according to the report, New Zealand will have a budget deficit of NZ$3.63 billion ($2.34 billion) for the fiscal year that ends on June 30, 2023, which is lower than the NZ$6.63 billion deficit forecast in the country's budget released in May.

 

The RBNZ crossed wires through Reuters after the negative announcements, saying that "Even with the predicted decline in the period ahead, it is envisaged that the level of employment will remain strong." The central bank of New Zealand also stated that both the current and expected rates of inflation must be kept under control.

 

However, it should be noted that recent worries coming from China, mostly because of internal and external pessimism on the Covid situation, seem to favor the NZD/USD to hold its gains from the previous day. The latest spike in daily Covid cases has led International Monetary Fund (IMF) Managing Director Kristalina Georgieva to predict worse economic development for China. Additionally, Bloomberg stated that the COVID-19 outbreak caused the Chinese leadership to cancel the discussion on economic policy. In 2023, the Asian Development Bank (ADB) revised down its estimate of China's GDP growth from 4.5% in September to 4.3%.

 

After the US Consumer Price Index (CPI) for November dropped to 7.1% from 7.3% and 7.8% earlier, the US Dollar Index (DXY) decreased on Wednesday. Additionally, the Core CPI, also known as the CPI excluding food and energy, fell to 6.0% YoY during the designated month, below both market forecasts of 6.1% and previous readings of 6.3%. "Traders of futures tied to the Federal Reserve's policy rate upped their bets that the U.S. central bank will delay its interest-rate increase pace further in the first quarter of 2019," according to Reuters, after the release of the data.

 

In light of this, Wall Street ended the day up, but the S&P 500 Futures lack a clear trend. Additionally, US Treasury bond rates haven't changed in three days despite dropping to their lowest level in a week.

 

Future NZD/USD price movement may be constrained by pre-Fed concerns, although bears may sustain optimism at the multi-day high if they expect a surprise hawkish Fed action.

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