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On October 17th, Ukrainian President Volodymyr Zelenskyy stated on Saturday that Ukraine is unable to use its interception system to counter Russian drone attacks due to speed limitations imposed by Starlink. He added that Kyiv is discussing the issue with US officials. Zelenskyy stated that Ukrainian officials have been informed that the limitations are related to technical issues. He noted that Ukraine has tested Starlink within the EU without encountering similar problems, and that the Starlink system operates faster there.Irans Revolutionary Guard said another oil tanker struck a mine in waters near Hormuz Island on Saturday.Hungarian Prime Minister Maujólfakov said that allowing corn shipments to be transported to Western Europe via sealed freight wagons would help Ukraine.On October 17, Ukrainian President Volodymyr Zelenskyy stated on Saturday that the leaders of Ukraine, the United States, and Russia might meet during the G20 summit in the United States, or possibly in a Middle Eastern country. Zelenskyy said, "The meeting could take place during the G20 summit in the United States. However, neither Russia nor the United States has confirmed it yet. The meeting could also be held in a European country." The G20 summit is scheduled for December.On October 17, Ukrainian President Volodymyr Zelenskyy stated that Ukraine has obtained evidence through comparative tests conducted in EU countries showing that the speed limit on Starlink satellite communication terminals only applies within Ukraine. Zelenskyy pointed out that currently, the speed limit for Starlink terminals in Ukraine is 161 kilometers per hour; exceeding this speed results in a complete loss of connection, causing drones relying on the system to go out of control. To determine whether this is a technical malfunction or an intentional limitation, Ukraine sent several vehicles equipped with terminals to EU countries for testing—on roads where high-speed driving is permitted, the terminals remained operational even when the vehicles exceeded 180 kilometers per hour. Zelenskyy stated that Ukraine has preserved the test records and possesses the corresponding evidence. He believes that the limitation is not a general technical problem, but rather a planned action. He also questioned whether this move is intended to weaken Ukraines defense capabilities, making it difficult to effectively protect frontline soldiers and civilians.

As the Fed Minutes weigh on the U.S. Dollar, AUD/USD bulls seek acceptance over 0.6700

Daniel Rogers

Nov 24, 2022 14:55

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Despite quiet around 0.6730-40 during Thursday's Asian session, the AUD/USD remained on buyers' radar. Possible causes include the massive selling of the US currency and the cautious optimism of the market.

 

The US Dollar Index (DXY) dropped the most in two weeks the day before the release of the minutes from the most recent meeting of the Federal Open Market Committee (FOMC), which revealed that policymakers addressed the need to delay rate hikes. According to the Federal Reserve Minutes, reports about the Federal Reserve's (Fed) "sufficiently restrictive" interest rate level also weighed on the dollar.

 

Significant bearish drivers for the AUD/USD pair in November were the worse US PMIs and the high Jobless Claims data. The US S&P Global Manufacturing PMI for November declined to 47.6 from 50.0 expected and 50.4 previously, while the Services PMI decreased to 46.1 from 47.9 anticipated and 47.4 previously. The S&P Global Composite PMI fell to 46.3 in November from 47.7 expected and 48.8 prior readings.

 

Despite this, the United States Weekly Jobless Claims jumped by the most since June, at 240K compared to 225K expected and 220K prior, boosting sentiment and weakening the US Dollar.

 

Alternately, robust prints of the US Durable Goods Orders, up 1.0% in October compared to 0.4% indicated estimates and a downwardly revised 0.3% previously, combined China's covid difficulties and negative prints of Australia's S&P Global PMI for November to challenge the AUD/USD bulls. The market's attention on the Fed Minutes and the likelihood of a Coronavirus recovery appears to have bolstered Aussie pair buyers.

 

Despite these wagers, Wall Street closed in positive territory, while US Treasury yields decreased and devalued the US Dollar.

 

A lack of noteworthy data/events and a US holiday may allow the AUD/USD pair to retain a portion of its recent gains. China's COVID-19 concerns and the Reserve Bank of Australia's dovish inclination may be on the same line (RBA). Bulls are poised to keep dominance despite diminishing prospects for quick Fed rate hikes.

 

A convincing upward breach of the 100-day simple moving average and a one-week-old declining trend line near 0.6695 and 0.6590, respectively, has buyers of the AUD/USD pair eyeing the monthly high above 0.6800.

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