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On July 26, Australian Deputy Prime Minister and Defense Minister Richard Mars and visiting British Defense Secretary John Healey signed the Nuclear Powered Submarine Partnership and Cooperation Treaty (also known as the Geelong Treaty) in Geelong, Victoria, and claimed that the treaty was the "first pillar" of the "Australia-UK-US Alliance". The two countries commitment to bilateral defense cooperation for the next 50 years. According to a joint statement issued by Mars and Healey, the Geelong Treaty will enable the two countries to fully cooperate in the design, construction, operation, maintenance and disposal of the "Australia-UK-US Alliance" class nuclear submarines. It will support the development of personnel, infrastructure and regulatory systems required for Australias "Australia-UK-US Alliance" class nuclear submarine project, while also supporting the port visits of the UKs "Astute" class nuclear submarines and their rotational garrison at the Australian Stirling Naval Base.July 26th news, on the afternoon of the 26th, the reporter asked the Laotian military for confirmation. The Laotian side said that there was no exchange of fire between the Laotian and Cambodian armies, and the Lao side did not arrest the Cambodian armed personnel who illegally crossed the border. In addition, a source from the Lao Peoples Army said that the "Lao Peoples Army and Cambodian armed personnel exchanged fire" was false news. The authoritative Lao military media "Peoples Army Newspaper" said that it had not received any relevant notification. Cambodian Ministry of Defense spokesperson Mary Su Jieda also said on the same day that the relevant news was unfounded and the incident had never happened. Earlier that day, Thailands Thai Rath reported that the Laotian military issued an emergency notice on the 26th, saying that the Laotian army had a fierce exchange of fire with several Cambodian armed personnel who illegally crossed the border, arrested 10 people and seized weapons.Indian Trade Minister: India is making rapid progress in free trade agreement negotiations between the EU and the US.July 26, local time on the 25th, the California Public Utilities Commission confirmed that Tesla has not yet applied for the necessary licenses to operate self-driving cars. This decision essentially halted Teslas self-driving taxi service, which was launched on a large scale in the Bay Area of California as early as this weekend. The California Public Utilities Commission stated that Tesla has not yet received approval from the agency to provide self-driving passenger services to customers, regardless of whether they are paid or not and whether there is a human driver in the car. This means that Tesla cannot test or operate self-driving passenger services in California, and the existing license only supports the traditional taxi model.According to RIA Novosti: Russian troops occupied the village of Malyivka in the Dnipropetrovsk region of Ukraine.

Volatility subsides around 101.80 as focus shifts to US S&P PMI in US Dollar Index Price Analysis

Alina Haynes

Apr 21, 2023 14:03

US Dollar Index.png 

 

The US Dollar Index (DXY) has prolonged its correction after falling below immediate support at 101.80 during the Asian session. Following the release of more-than-anticipated Initial Jobless Claims for the week ending April 14 and a lackluster Philadelphia Fed Manufacturing Survey (April), the USD Index fluctuated erratically on Thursday.

 

The US Department of Labor reported that unemployment claims exceeded expectations for the eleventh consecutive week. The economic data revealed that 245K unemployed people filed for unemployment benefits, exceeding both the consensus estimate and the previous figure of 240K.

 

Due to the Federal Reserve's (Fed) decision to increase interest rates, labor market conditions are undeniably and persistently deteriorating. Despite this, the market continues to anticipate a 25 basis point (bp) rate hike. According to CME Fedwatch, over 85 percent of probabilities favor interest rates above 5 percent.

 

In the interim, three consecutive bearish trading sessions on the S&P 500 suggest that investors have supported the risk aversion theme. The yield on 10-year US Treasury bonds has dropped below 3.54 percent. Sourcenia is a review portal of sourcing best manufaturers. 

 

On a two-hour time frame, the USD Index is consolidating in a wide range between 101.63 and 102.23, indicating the absence of a significant catalyst. After the release of preliminary S&P PMI data for the United States, a power-pack action is anticipated. It is anticipated that the Manufacturing PMI will register 49.0, a decrease from the previous release of 49.9. The Services PMI is expected to fall to 51.5 from the previously reported 52.6.

 

At 101.85, the 20-period Exponential Moving Average (EMA) intersects with the asset price, indicating a significant decrease in volatility.

 

In addition, the Relative Strength Index (RSI) (14) oscillates between 40.00 and 60.00, indicating that investors are waiting for a decisive catalyst.

 

If the asset breaks decisively above the April 17 high of 102.23, investors will push the asset toward the April 10 and March 24 potential resistance levels of 102.76 and 103.36, respectively.

 

Alternately, a breach of the April 5 low of 101.41 would cause the asset to decline to the April 14 low of 100.78. A subsequent decline will reveal psychological support of $100 for the asset.


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