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On April 3, Kimberly Clausing, a former Biden administration official and nonresident senior fellow at the Peterson Institute for International Economics, called Trumps tariff announcement on Wednesday "very stubborn and much worse than I expected." "I expected things to be bad, but I didnt expect this level of self-harm. Its shocking that anyone thought this was a good idea. Id be shocked if we can get through this without a recession and Trump doesnt have to reverse his policies."On April 3, some economists worry that if Trump does not quickly cancel the latest round of tariffs, it may push the US economy into a recession. "If the US government implements these higher tariffs without major exemptions, it will be difficult for the economy to digest this. A recession seems more likely." said Mark Zandi, chief economist at Moodys Analytics. Zandi said, "In many ways, the tariffs announced by Trump are even worse than the worst case scenario he envisioned. If they stick to it, I will buckle up and prepare for the impact." Zandi added that on a static basis, tariffs account for nearly 2% of GDP (not considering the impact of tariffs on the economy and taxes), which makes this round of tariffs the largest tax increase since the tax increase used to finance the war during World War II.German Automobile Industry Association VDA: The EU must now speed up and make up its mind on the issue of free trade agreement.On April 3, the Reserve Bank of Australias latest report for the banking industry warned that continued uncertainty in US trade policy "could have a chilling effect on business investment and household spending decisions, and pose a significant headwind to the outlook for global economic activity and inflation." The Reserve Bank of Australia said there was also considerable uncertainty about the impact of possible changes in fiscal, regulatory and other government policies on global growth and inflation.The Hang Seng Index in Hong Kong opened on April 3 (Thursday) down 564.32 points, or 2.43%, to 22,638.21 points; the Hang Seng Technology Index opened on April 3 (Thursday) down 168.53 points, or 3.11%, to 5,257.91 points; the CSI 300 Index opened on April 3 (Thursday) down 219.05 points, or 2.57%, to 8,312.46 points; the H-share Index opened on April 3 (Thursday) down 61.24 points, or 1.59%, to 3,800.76 points.

NZD/USD retests three-month lows below 0.6150 as US consumer spending bolsters hawkish Fed wagers

Daniel Rogers

Feb 27, 2023 14:39

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During the Asian trading session, the NZD/USD retested its three-month trough below 0.6148. The kiwi asset has been dumped by market participants amid weak New Zealand Retail Sales data and increasing stakes for the Federal Reserve's policy tightening to continue (Fed).

 

The term "ecosystem" refers to a group of people who work in the construction industry. S&P500 futures have shown some recovery on Monday morning after reporting significant losses last week, reflecting a caution in the overall theme of risk aversion. The likelihood that the Federal Reserve will announce additional rate hikes to combat persistent inflation has increased, which has had a detrimental effect on U.S. stocks.

 

The demand for U.S. government bonds has decreased due to the Federal Reserve's increased support for additional policy restrictions. The 10-year US Treasury yield has risen above 3.94% as a result of a decline in bond demand.

 

Despite the dovish People's Bank of China (PBOC) report, the New Zealand Dollar has struggled to gain ground. The report predicts a revival in the Chinese economy in 2023 as a result of a relaxation in epidemic prevention and an increase in consumption. The PBoC's vision extends beyond the expansion of domestic demand to include economic growth and price stability over the extended term.

 

Notably, New Zealand is one of China's primary trading partners, and an expansionary monetary policy from the People's Bank of China will strengthen the New Zealand Dollar.