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On December 9th, Jinhui Group (00137.HK) announced on the Hong Kong Stock Exchange that a buyer, in which the company holds approximately 55.69% equity, entered into a shipbuilding contract with the seller on December 9th, 2025. According to the terms of the contract, the seller agreed to build and sell the vessel at a contract price of US$33.45 million (approximately HK$261 million). The vessel will be delivered to the buyer on or before October 31st, 2028. The seller is Jiangmen Nanyang Shipbuilding Engineering Co., Ltd.On December 9th, Geely Automobile (00175.HK) announced on the Hong Kong Stock Exchange the latest progress regarding the selection of eligible Krypton holders. The selection process has been completed, and the results are as follows: a total of 777,228,611 consideration shares will be allotted and issued to eligible Krypton holders who have made a valid selection to receive the consideration shares. The number of consideration shares to be issued represents approximately 7.7% of the Companys total issued share capital as of the selection deadline (i.e., 5:00 p.m. (Eastern Time) on December 5, 2025); the Group will pay a total of approximately US$701 million in cash consideration to the remaining eligible Krypton holders who have selected or are deemed to have selected to receive the cash consideration. The Company will apply to the Listing Committee for approval for the listing and trading of the 777,228,611 consideration shares.Oil prices fell on December 9th, continuing the previous days decline, as traders focused on negotiations to end the Russia-Ukraine conflict, the looming global supply glut, and the direction of US interest rates. Soojin Kim of Mitsubishi UFJ Financial Group stated, "Traders remain cautious given the International Energy Agencys (IEA) forecast of a record oil glut next year, coupled with prices being confined to a narrow range of $4 since early November." Investors are currently awaiting the upcoming monthly reports from OPEC and the IEA for further clues on supply and demand trends.On December 9th, UK-based biotechnology company Relation Therapeutics announced a collaboration with Novartis to discover and advance novel targets for atopic diseases. Under the agreement, Relation will receive an initial grant of $55 million, including upfront payments, equity investment, and additional R&D funding. Furthermore, Relation is eligible to receive up to $1.7 billion in preclinical, development, regulatory, and commercial sales milestone payments, as well as tiered royalties based on net product sales.The onshore yuan closed at 7.0693 against the US dollar at 16:30 on December 9, up 20 points from the previous trading day.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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