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July 4th - A Reuters survey showed that OPEC crude oil production rebounded sharply in June, increasing by approximately 3.3 million barrels per day to 19.43 million barrels per day, a significant rebound from the more than two-decade low reached in May, but still far below quota levels. This production increase was mainly driven by the resumption of supply from Gulf countries, with Kuwait seeing the largest increase, followed by Iran, Saudi Arabia, and Iraq. Nigeria and Libya also saw slight increases in production. The UAE withdrew from OPEC on May 1st and is no longer included in the statistics. The report noted that the previous war with Iran and the de facto blockade of the Strait of Hormuz had caused supply disruptions, but the subsequent lifting of restrictions on ships at Iranian ports by the United States helped to restore some production. Although OPEC+ had planned to increase production in June, it could not be fully implemented due to the war. Overall, global crude oil supply is recovering, but has not yet returned to normal levels.Iranian Parliament Speaker Ghalibaf: The United States must "accept the established realities in the trade arena."Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.On July 4th, Labour politician Andy Burnham stated that if he succeeds Starmer as Prime Minister, he will not dissolve Parliament early and call a new general election. Instead, he will continue to implement Labours campaign promises from the 2024 general election, including maintaining the triple lock on pensions. He also outlined several policy positions: advocating for stronger regulation in the public service sector, even considering nationalization in some industries; supporting further improvements in UK-EU relations; willing to negotiate with countries including Afghanistan to repatriate rejected asylum seekers; supporting electoral reform; ensuring adequate funding for defense investment programs; and explicitly stating continued firm support for Ukraine. If the party nomination proceeds smoothly and without competition, he could become Labour leader in mid-July and subsequently become Prime Minister.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.

Despite the US Dollar's decline, EUR/USD bulls surge

Daniel Rogers

Dec 06, 2022 15:05

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The US Dollar's decline has caused the EUR/USD to reach the apex of the bull cycle, which started at the end of September. The Euro has climbed from 1.0489 to 1.0507 thus far on Tuesday, up 0.12%.

 

However, since the start of the week, the US Dollar has been the main driver, and today's bid reflects little of what happened to risk appetite on Monday. Due to the unexpected expansion in the US services sector in November, many predict that the Federal Reserve will increase interest rates by a larger amount than previously predicted.

 

Following a recovery from the 104.11 bearish cycle lows in November, the DXY index, which measures the US Dollar against the US dollar, has retreated to the 105 area. As a result, the Euro declined at the start of the US session for the week as a result of a flight to safety following a decline in market optimism regarding a potential easing of COVID restrictions in China.

 

Investors' appetite for risk has increased as a result of several Chinese localities easing their COVID restrictions in what appears to be a shift toward gradual reopening as the nation approaches its fourth year of the pandemic. However, despite the partial relaxation, there are still many restrictions in place, and in some parts of the nation, new lockdowns and travel restrictions are still being enforced.


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