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According to RIA Novosti: A senior Russian diplomat said that Russian and US representatives plan to hold another round of meetings in a third country in the next two weeks.On February 22, French central bank governor and ECB board member Francois Villeroy said in an interview published on Saturday that the European Central Bank may reduce its deposit rate to 2% by this summer. He said, "From where we are today, we may reach 2% by this summer." Villeroy also reiterated that industry consolidation among European banks may make them more competitive at the global level. On January 30 this year, the European Central Bank cut its deposit rate by 25 basis points to 2.75%. As concerns about sluggish economic growth replaced concerns about continued inflation, policymakers hinted at further interest rate cuts in March.On February 22, according to the automotive news website Electrek, Alef Aeronautics, a company invested by Musk, recently successfully demonstrated the take-off capability of its electric flying car in front of the public. Jim Dujovny, CEO of Alef, said that this successful take-off is not only a recognition of the companys ten years of efforts, but also a declaration to the world of the feasibility of a new mode of transportation. He emphasized that Alef is committed to creating a new era of transportation. At present, Alefs electric flying car has received 3,300 pre-orders, and the estimated price is about US$300,000.According to RIA Novosti: Russian Deputy Foreign Minister Ryabkov said that Russia has not yet received an agreement from the new ambassador to Washington.A Honda Motor executive dismissed a potential partnership with Foxconn, citing the limited benefits it would bring.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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