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On October 20th, local time, US President Trump told reporters at the White House on the afternoon of October 19th that he believed someone other than Ukrainian President Zelensky should represent Ukraine in negotiations to seek an end to the war with Russia. Trump said, "Maybe its time for Zelensky to find someone else to negotiate." Previously, on October 10th, he had called for Ukraine to change its president. Trump stated that the US has provided much to Ukraine but has received nothing in return. He added that the US continues to share intelligence with Ukraine and indicated that he would consider allowing Ukrainians to remain in the US under "temporary protected status" until the war ends.The U.S. Mission in Saudi Arabia issued a security alert, reminding Saudi citizens to be aware of the risks of airport attacks and flight disruptions.On October 20th, U.S. Energy Secretary Wright stated that the Trump administration is pushing for the conversion of some sanctioned oil tankers into compliant vessels through the approval process. Investors plan to acquire idle tankers and refurbish them for transporting unsanctioned crude oil. Wright emphasized that this move is not to lift sanctions on tankers transporting crude oil from Russia, Iran, or other countries, but rather to convert these vessels into legally operating vessels and ensure they no longer transport sanctioned crude oil. He estimated that there are approximately 1,600 sanctioned "shadow fleets" globally, and the plan could ultimately add dozens or even hundreds of tankers to the legal fleet.Three sources familiar with the matter said that Trumps son-in-law Jared Kushner and U.S. special envoy Joshua Witkov plan to travel to Norway this week for talks on Ukraine. Two sources said that Ukrainian President Volodymyr Zelensky is expected to attend the talks.Ukrainian President Zelensky: The US decision is "difficult to explain".

As a result of the Fed's hawkish stance, the AUD/USD has fallen below 0.6600, shifting market focus to PMI data

Alina Haynes

Sep 22, 2022 14:57

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The Australian dollar was trading below the 0.6600 US dollar support level during the Tokyo trading session. As a result of the Federal Reserve's interest rate decision, the asset is tumbling like a pack of cards (Fed). The two-day downtrend has resumed, and the asset is now trading below the round-number support of 0.6600. The asset is expected to have support close to the 0.65 level.

 

Investors believed the Federal Reserve will raise interest rates by 75 basis points (bps) for a third time in a row. Volatile hawkish counsel has had an effect on risk-sensitive and commodity-linked currencies. The Fed has put off job growth, economic prospects, the housing market, and demand for durable goods in order to maintain price stability, which is its core goal.

 

The target for maturity rates is 4.6%, which is significantly higher than the previous peak of 3.6%. Because of this, the distribution of loans will be slowed and the market liquidity will decrease. Lenders may also see an increase in their delinquency fees as a result. Since fewer loans are being made available, some companies may delay expansion plans.

 

The financial markets in Australia will be closed on Thursday for National Mourning Day. Accordingly, the performance of the US dollar index will continue to be scrutinized closely (DXY). The S&P Australian PMI data is expected to be issued on Friday, and investors will continue to keep a close eye on it. It is expected that the Manufacturing PMI would rise from 53.8 to 54.0. While we expect the Services PMI to drop from its current 50 to a much more modest 47.7.


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