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On October 5th, sources familiar with the matter revealed that OPEC+ will meet on Sunday and plan to further increase oil production starting in November. Saudi Arabia is pushing for a larger increase to regain market share, while Russia is suggesting a more modest hike. Two sources said no final decision has been made yet, with one predicting the increase will remain at 137,000 barrels per day (bpd), while the other believes a 274,000 bpd increase is more likely. Previous production cuts peaked in March at 5.85 million bpd. The cuts consist of three components: a voluntary 2.2 million bpd reduction, a combined 1.65 million bpd reduction by the eight member countries, and an additional 2 million bpd reduction by the group as a whole. The eight producers plan to fully lift the 2.2 million bpd portion of their production cuts by the end of September. By October, they had begun lifting the second 1.65 million bpd cut, initially increasing production by 137,000 bpd.On October 5, Vietnamese Finance Minister Nguyen Van Thang stated that Vietnams economy likely expanded by 8.22% year-on-year in the third quarter, driven by a 10% increase in manufacturing. Growth for the January-September period is projected to be 7.84%. Consumer prices are estimated to have risen by 3.38% in September. Vietnams mining sector has recovered, growing by 9.8% in the third quarter, while the services sector expanded by 8.54%. Despite the US imposition of a 20% tariff on export-reliant Vietnam, the Vietnamese government has set a target for economic growth of 8.3% to 8.5% for 2025.Sources say OPEC+ is ready to further increase oil production.Ukrainian President Zelensky: Ukraine was once again attacked by Russias coalition forces tonight, using more than 50 missiles and about 500 drones.Qatar set its November offshore crude oil price at a premium of $2.00 per barrel over the Oman/Dubai average; and its onshore crude oil price at a premium of $2.05 per barrel over the Oman/Dubai average.

The AUD/NZD Exchange Rate Retests Its Monthly Low Below 1.0850 As Aussie Inflation and GDP Decline

Alina Haynes

Mar 01, 2023 11:53

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The AUD/NZD pair has been heavily offered by market players after the Australian Consumer Price Index (CPI) data for the prior month experienced a sharp drop. Additional rate increases are anticipated even though RBA Governor Philip Lowe already increased the Official Cash Rate (OCR) to 3.25 percent in an effort to curb sticky inflation. This is because it would be imprudent to proclaim success in the struggle against rising price pressures.

 

Other than the Aussie inflation statistics, the Q4 Gross Domestic Product (GDP) estimates came in below expectations. The Australian Bureau of Statistics published a decrease in GDP (Q4) data from the consensus estimate of 0.8% and the Q3 number of 0.6% to 0.5%. When annualized, the Economy has met forecasts at 2.7%.

 

The New Zealand Dollar and the Australian Dollar will continue to trade despite the release of the Caixin Manufacturing PMI data. IHS Markit is expected to show an increase in economic data to 50.2 from 49.2 in the prior release.

 

While the consensus forecast called for a 1.5% rise, this week's New Zealand Retail Sales (Q4) figures showed a 0.6% decline. Future inflation in New Zealand is likely to be moderated by a decline in household demand because businesses will be compelled to give products and services at reduced rates to maintain present demand levels.


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