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Bank of Japan policy board member Junko Koeda: (When asked about the continuous interest rate hikes) We will assess the economic, price, and financial conditions at each meeting.On October 15th, Shenzhen released its implementation opinions on the "Notice on Improving the Sales System of Commercial Housing." For projects obtaining pre-sale permits after August 28, 2026, personal housing loans (including provident fund loans) can only be issued after completion and filing. Loan funds should be paid to a fund supervision account through entrusted payment. The city will increase support for development loans for projects selling existing homes and safe, comfortable, green, and smart "good housing" projects. Lending banks should reasonably determine the disbursement nodes and amounts based on the project construction progress, disbursing development loans in batches. Loan funds should be transferred to the accounts of the project companys counterparties through a fund account opened at the lead bank, and all funds should be used for project construction. For projects implementing existing home sales and pre-sales, reasonable financing needs will be met according to market principles, ensuring that development loan disbursements match the project construction cycle.On October 15th, Shenzhen released its implementation guidelines for the "Notice on Improving the Sales System for Commercial Housing." For existing residential building projects that have already obtained construction permits for the main structure, developers, after fully assessing the risks of performance and delivery, may sign a deposit contract with homebuyers. The deposit generally should not exceed 3% of the total purchase price. The deposit contract should stipulate the deposit amount, the selling price of the commercial housing, the delivery time, and the liability for failure to perform on time, protecting the legitimate rights and interests of both parties. If the developer breaches the contract and fails to deliver the property on time, the homebuyer has the right to terminate the deposit contract according to the contract, and the developer shall return the deposit and bear the liability for breach of contract.October 15th - According to US sources on the 14th, US military officials revealed that the US is deploying hundreds of troops to the region as its anti-drug operations expand in Latin America. The report stated that a 600-strong unit from New York State has begun deployment to a newly built jungle training facility in Panama and will conduct joint training with Colombian and Honduran forces. The report also stated that these soldiers plan to assist the US Army Western Hemisphere Command. Officials from Panama, Colombia, and Honduras have not yet responded to these reports. The US Department of Defense declined to comment on the personnel deployment plans.Bank of Japan policy board member Junko Koeda: The September rate hike reflects the resilience of the economy as indicated by additional data.

AUD/USD falls approaching 0.7200 despite the former RBA governor's aggressive forecasts

Alina Haynes

Jun 08, 2022 11:59

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Bears and buyers continue to fight for position around 0.7220-25 as sentiment is mixed and investors remain cautious ahead of the week's big data/events. In doing so, the Australian duo struggles to defend the hawkish remarks of former Reserve Bank of Australia (RBA) Governor Ian Macfarlane.

 

Ex-RBA Governor Macfarlane warned early Wednesday morning about chronically rising inflation and the need to drastically increase interest rates. The former policymaker also stated, "There is sufficient scarcity in Australia and the United States to maintain a high inflation rate."

 

In contrast, China's Vice Commerce Minister Wang Shouwen joined China's Vice Finance Minister Zou Jiayi in reiterating concerns about a global economic downturn and a decline in demand. Recent consensus among policymakers held that the rise of global demand is slowing.

 

It's worth noting that a rebound in US Treasury rates and apprehension ahead of Thursday's European Central Bank (ECB) meeting, as well as Friday's US Consumer Price Index (CPI) for May, tend to stifle the AUD/USD pair's movements.

 

In spite of this, 10-year US Treasury note rates jump two basis points (bps) to 2.99 percent the day after breaking a six-day downward trend. A record decline in the US trade deficit and optimism on the US budget appear to have prompted a recall of US Treasury bond sellers. The US trade deficit for April decreased 19.1 percent from the previous day to USD87.1 billion.

 

Other market optimists were defended by US Treasury Secretary Janet Yellen and optimism for a quicker economic rebound in China. Tuesday, US Treasury Secretary Yellen spoke before the Senate Finance Committee about the Fiscal Year 2023 Budget while stating that the US economy faced problems from "unsustainable levels of inflation" and supply chain disruptions. The official said, "An adequate budget is necessary to support the Fed's efforts to control inflation without damaging the labor market."

 

It should be noted that World Bank (WB) President David Malpass's warning that faster-than-anticipated tightening might force certain nations into a debt crisis akin to that of the 1980s appears to have impacted on the quotation as of late. The risk-negative news from Ukraine may follow a similar trajectory. Politico reported that Ukraine has not yet achieved a deal with Russia or Turkey to enable the safe passage of its grain ships in the Black Sea, casting doubt on a U.N. initiative to build a crucial food corridor.

Technical Evaluation

A two-week-old support line protects AUD/USD buyers at 0.7205. However, the 200-day moving average and the recent top, located around 0.7255 and 0.7285, may challenge the Aussie pair's upside before the bulls regain control.


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