USD: Cable test MNI tech resistance
Mar-22 09:19
- Further lows for the USD against the EUR and GBP, also pushing lower versus the SEK, SGD.
- AUD and the NZD are also eyeing their intraday highs.
- Cable test the 20th March high, and next resistance is now at 1.2296 76.4% retracement of the Jan 23 - Mar 8 bear leg.
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AUD: AUDNZD now up 0.61%
Feb-20 09:13
- AUDNZD continues to extend gains, trading at its highest level since late October.
- Next immediate resistance is at 1.1101, the 61.8% retrace of the October/December fall.
- A clear break through the latter, would open to 1.1175.
- Turnovers and Volumes across assets are low at the start of the week, and FX desks, will look towards RNBZ rate decision on Wednesday, when a 50bps hike to 4.75% will be expected.
- The Kiwi will likely stay volatile until the decision.
RIKSBANK: Minutes: Jansson: Monpol proposals "well-balanced"
Feb-20 09:10
- "I therefore think that the proposal for monetary policy in the draft report is well-balanced."
- "The new measures should in any case reduce the risk of the krona continuing to depreciate systematically and in trend terms, as has been the case over the past couple of years. If this were to continue, it would take longer to bring inflation back to target and require significantly larger policy-rate hikes."
- "If the strategy to try to influence the krona succeeds, the effects on price developments could occur relatively quickly, so that inflation may perhaps already be affected during 2023 and we thereby come closer to the previous assessment for inflation excluding energy prices from November."
- "At our last monetary policy meeting, I discussed the possibility that the largest policy-rate increases could be behind us and focus is therefore moving from the change in the rate to its level. Raising the policy rate in the way proposed in the draft Monetary Policy Report will now delay this shift in focus somewhat. But it can nevertheless be noted that since September of last year, we have raised the rate in successively smaller steps and that, as the policy rate increases, we are by necessity coming ever close to this change in focus. Of course, the earlier we can get there, the better"
EU: Foreign Policy Rep.-No Guarantee On New Russia Sanctions Package Today
Feb-20 09:10
Speaking ahead of the Foreign Affairs Council meeting in Brussels, EU High Representative for Foreign Affairs and Security Policy Josep Borrell states that, "I cannot assure [you] that we will have a final decision today on the 10th sanctions package against Russia."
- Borrell: "Delivering ammunition to Ukraine is the most pressing issue." Over the weekend, Commission President Ursula von der Leyen said the EU could seek to use procurement powers to boost production, in a similar manner to during the COVID-19 pandemic.
- Borrell: "We are going to take a new important package of sanctions against Iran."
- Politico reporting that the 10th package of sanctions is likely to be agreed by Friday 24 February, the one-year anniversary of the launching of the invasion.
- The 10th package is seen as likely to focus on the restriction of the export of critical technologies used in the production of electronics, jet engines, specialised vehicles etc., as well as the imposition of sanctions on Iranian entities seen as providing Russia with drones and drone equipment.
