The euro has recently seen a decline from its previous highs, facing strong resistance at the 1.12000 level. After two unsuccessful attempts to break through this resistance, the price has corrected to 1.1100 and seems to be range-bound between 1.1200-1.1090. A potential downward correction could occur if the price breaks and holds below 1.1090, leading
China’s recent decision to open an anti-subsidy probe into imported dairy products from the European Union has added fuel to the ongoing tensions between the two economic giants. This move comes on the heels of Brussels releasing a revised draft decision related to tariffs on China-made electric vehicles, further complicating trade relations between China and
The NZD/USD pair is showing strength around the 0.6280 level in the early Asian session, marking a 0.57% increase for the day. This upward movement can be attributed to New Zealand’s Business confidence reaching the highest level in a decade, according to the recent ANZ Business Outlook survey. The surge in business confidence has provided
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
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