The White House announced that U.S. President Joe Biden and Chinese President Xi Jinping are scheduled to speak over the phone in the near future. This move comes as U.S. national security adviser Jake Sullivan visits Beijing to meet with Wang Yi, China’s top diplomat. In addition to the presidential phone call, both sides have
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Xpeng, the Chinese electric car company, made waves in the automotive industry with the launch of its new mass-market Mona brand. The Mona M03 electric coupe hit the market with prices starting as low as $16,812, significantly undercutting Tesla’s Model 3. The response was overwhelming, with over 10,000 orders for the Mona M03 received within
The recent focus on the U.S. dollar against a basket of peers and the anticipation of a widely expected U.S. interest rate cut next month has created ripples in the foreign exchange market. Investors are closely watching for any hints regarding the size of the upcoming rate cut and its implications on various currencies. Market
The Indian Rupee (INR) faced downward pressure in the early Asian session, influenced by the weakening of Asian currencies and increased USD demand from importers. This trend is further exacerbated by the anxiously awaited speeches by Fed officials Christopher Waller and Raphael Bostic, which have the potential to provide fresh impetus to the market. Additionally,
In recent trading sessions, the NZD/USD pair has experienced a significant rally, breaking through key resistance levels at 0.6050 and 0.6120. This bullish momentum has been supported by a major trend line forming with a key level of support at 0.6120, as indicated on the 4-hour chart. The pair has also managed to surpass important
The recent data on the Australian labor market shows that the unemployment rate is currently at its highest since November 2021. The rise in unemployment is attributed to an increase in the labor supply, which may not be as concerning as a rise in unemployment due to job losses. According to AMP’s Head of Investment
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Volkswagen’s $700 million investment in Xpeng to jointly develop two electric cars for the Chinese market in 2026 is a strategic move for both companies. By spending time at Xpeng’s offices, Volkswagen staff are gaining valuable insights into the startup’s technology, particularly its driver-assist technology. This collaboration is crucial for Volkswagen’s presence in China, where
Deutsche Bank economists recently stated that a rate cut by the Federal Reserve in September is highly likely, although the exact size of the reduction is still uncertain and dependent on data. They believe that the upcoming rate cut will be primarily influenced by labor market data. The bank’s current forecast is for a 25
GBPUSD has recently broken above the previous peak on 7.14.2023 high at 1.3143, indicating a higher high bullish sequence from the 9.26.2022 low. This breakout clearly identifies the right side and direction of the pair, which is higher. The rally from the 4.22.2024 low is currently ongoing, forming a 5 waves impulse Elliott Wave structure.
As the Indian Rupee weakens in Tuesday’s early Asian session, several global economic events are contributing to this trend. Month-end USD demand and higher crude oil prices are two significant factors that weigh on the INR. Traders are also keeping a close eye on the US August CB’s Consumer Confidence report ahead of key events
In recent reports, it has been noted that China’s new property sales are remaining weak, indicating a potential downturn in the economy. This is further exacerbated by the decline in steel demand and production. These two factors are critical indicators of economic health, as the property market and steel industry are significant drivers of growth