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Futures News, May 22: With multiple parties continuing to push for US-Iran peace talks, international oil prices have fallen, cost support is weak, end-users are cautious about stockpiling, and downstream operating rates are low. The PX market is expected to remain weak today.Futures News, May 22: Overnight oil prices fell sharply, which negatively impacted the fuel oil market, causing traders to focus on maintaining prices. Market participants lacked confidence in the future, making cautious purchases in small orders, resulting in weak buying activity. It is expected that todays negotiation focus will be lowered accordingly.Yusuf Mehdi, a senior executive at Microsoft (MSFT.O), will leave the company after the next fiscal year.On May 22nd, according to foreign media reports, Chicago Board of Trade (CBOT) corn futures closed lower on Thursday, with the benchmark contract down 0.8%, mainly reflecting a decline in international crude oil futures. Favorable rainfall is expected in the Midwest. However, strong export sales provided some support to the market. Reports about Middle East negotiations led to an early rise in crude oil prices, but they subsequently fell back after news broke that Pakistan had brokered a new peace agreement. According to the latest 72-hour cumulative precipitation map from the National Oceanic and Atmospheric Administration (NOAA), widespread rainfall is expected from Friday to Monday, from the Southern Plains to the Eastern Corn Belt, with estimated rainfall of 1 to 2 inches or more. The latest 8- to 14-day weather forecast shows seasonally rainy weather in the Great Plains and the Western Corn Belt from May 28th to June 3rd, with temperatures likely to be above normal in much of the central United States. Due to a public holiday, the US market will be closed on May 25th (next Monday). Speculative funds are adjusting their positions ahead of the long weekend to mitigate the uncertainties brought about by geopolitical and weather changes during the holiday period.On May 22nd, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed lower on Thursday, with the benchmark contract down 1.1%, mainly reflecting the continued decline in international crude oil futures. Reports indicated that the US and Iran had reached a peace agreement through Pakistani mediation, leading to a drop in international crude oil futures. However, this news has not yet been confirmed. The US Department of Agricultures weekly export sales report showed that for the week ending May 14, 2026, net sales of US soybean oil for the 2025/26 marketing year were 1,000 tons, significantly lower than the previous week and down 22% from the four-week average. The US Environmental Protection Agency (EPA) stated that the number of US bio-based diesel identification numbers (D4RINs) reached 690 million in April, a 5.9% increase month-over-month, indicating that biodiesel and renewable diesel production is still in an expansion phase.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

 NZD:USD.png

 

During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.


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