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Futures News, August 14th: Change Rate: According to JLC Network Technologys calculations, as of the tenth working day on August 14th, the average price of benchmark crude oil was $82.64/barrel, with a change rate of -6.15%. Domestic retail prices of gasoline and diesel were reduced by 230 and 220 yuan/ton respectively. 1. Shandong Local Refineries: Market purchases increased yesterday, but local refineries have not yet achieved a balance between production and sales of gasoline and diesel. Coupled with the halt in the rise and subsequent fall of international crude oil prices, this created downward pressure, and it is expected that the price of refined oil products from Shandong local refineries will be under pressure and fall by 50-100 yuan/ton today. 2. East China: On Friday, crude oil prices stopped rising and fell back, and the window for price reductions opened. There was little support from news. It is expected that the prices of gasoline and diesel from major oil companies in East China will be under pressure today, with weak end-user demand. Industry players are waiting for the price reductions to be implemented, resulting in sluggish buying and selling. 3. South China: On Friday, crude oil closing prices fell, and the window for retail price reductions opened. With the negative impact of news, it is expected that the price of gasoline and diesel from major oil companies in South China will maintain a stable to slightly downward trend today. The market is observing and waiting for further developments, and new orders are decreasing. 4. North China: On Friday, crude oil prices fell and the window for retail price reductions opened. It is expected that gasoline and diesel prices in North China will face downward pressure. While the impact of the typhoon is gradually subsiding, the current weak demand is unlikely to improve. Traders are cautious about entering the market for immediate needs, resulting in a subdued trading atmosphere. 5. Central China: On Friday, crude oil prices stopped rising and fell back, and the window for retail price reductions opened. News points to a bearish outlook. It is expected that gasoline and diesel prices in Central China will be under pressure and consolidate today. Traders are observing the market to reduce inventory, and the market awaits the implementation of price adjustments.The main platinum contract fell by 2.00% during the day, currently trading at 423.50 yuan/gram.At the opening of the morning session, domestic futures contracts showed mixed performance. Coking coal, soybean meal, pulp, live hogs, glass, and soda ash rose by more than 1%. On the downside, palladium fell by nearly 4%, silver fell by more than 2%, and container shipping to Europe, gold, TSR20 rubber, low-sulfur fuel oil (LU), and PTA fell by more than 1%.On August 14, the White House announced that US President Trump had authorized the US Navy to build ships overseas and ordered the Navy to abandon electromagnetic catapult systems and revert to steam catapult technology when building new ships. A national security memorandum signed by Trump requires design changes to the fourth ship of the Ford-class aircraft carriers, abandoning the electromagnetic catapult system used on the first three ships. This design change is estimated to cost hundreds of millions of dollars.Australian Treasurer Chalmers: Ian will step down from the Reserve Bank of Australias Monetary Policy Committee, and Melinda Cirento has been appointed as a member of the committee for a five-year term, beginning on September 1 this year.

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

Daniel Rogers

Apr 20, 2023 13:51

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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.