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On June 18, Russian Deputy Prime Minister Novak told reporters that Russia and some other OPEC+ countries may increase crude oil production if necessary, adding that this issue may be considered within the framework of OPEC+ and evaluated with reference to the data of analytical agencies. He said: "I think many countries can increase (production). Regarding specific figures, we have reached an agreement that analytical agencies and departments will participate in objective assessments of each country separately. In general, Russia and many other countries have the ability to increase production." Novak added that the assessment of the potential growth of OPEC+ oil production can be carried out in the short and medium term.On June 18, Harbin Welding Huatong announced that Changzhou Hengtong Investment Development Co., Ltd., a shareholder holding more than 5% of the shares, plans to reduce its holdings of the companys shares by no more than 5.4544 million shares through centralized bidding and block trading, which is no more than 3% of the companys total share capital.Ukrainian Deputy Prime Minister: Discussed with US Treasury Secretary Besant the possibility of supporting defense projects under a joint investment fund.South Africa and the United States are set to resume trade talks next week.June 18, MUFG analyst Derek Halpenny said in a report that Federal Reserve Chairman Powell may signal future rate cuts at Wednesdays meeting, but any decline in the dollar may be limited against the backdrop of the conflict between Israel and Iran. He said that given the weaker-than-expected job market and inflation data, the overall tone of Powells speech may be interpreted as "dovish," suggesting a rate cut. This may lead to a slight increase in expectations for rate cuts after September. However, the willingness to sell the dollar may temporarily weaken until the prospects for the conflict between Israel and Iran become clearer.

As Fed Chair Powell endorses higher rate hikes, EUR / USD falls toward 1.0530

Daniel Rogers

Mar 08, 2023 14:00

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During the Asian session, the EUR / USD pair broke below the consolidation around 1.0550 to the downside. It appears that the major currency pair has resumed its decline, and further losses are anticipated due to pessimistic market sentiment. The currency pair is expected to find support near 1.0530.

 

Futures on the S&P 500 have lost their dead cat bounce as the motif of risk aversion gains strength. The US Dollar Index (DXY) has already reached a three-month high above 105.60, and gains are anticipated due to a general improvement in the appeal of safe-haven assets. The yield on the 10-year Treasury note has surpassed 3.97 percent. Powell, the chairman of the Federal Reserve, believes that increasing interest rates is "appropriate and suitable" for controlling the nation's rising inflation. He has asserted that the current monetary policy is inadequately restrictive to bring inflation down to the desired levels.

 

The extraordinary increase in payrolls reported in January has prompted contemplation of a higher termination rate than previously anticipated. Prior to this, Fed Governor Christopher Waller stated that February's economic data was a one-time anomaly and that price pressures would resume their downward trend beginning the following month. Consequently, investors will gain greater insight following the release of the US Automatic Data Processing (ADP) Employment Change (Feb) data, which is anticipated to be higher at 200K compared to the previous release of 106K.

 

On the Eurozone front, investors are concentrating on German January Retail Sales data. Compared to the previously reported contraction of 5.3%, it is anticipated that the monthly data will indicate an expansion of 2.0%. As a consequence, inflationary pressures may intensify as a rebound in retail demand may boost the German Consumer Price Index (CPI).

 

Klaas Knot, a policymaker at the European Central Bank (ECB), stated on Tuesday that the ECB is likely to continue raising interest rates for "quite some time" following March. According to him, the current rate of interest rate hikes could continue through May if underlying inflation does not decrease significantly.


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