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On June 20th, it was reported that Ukrainian President Volodymyr Zelenskyy stated on June 19th local time that negotiations between Ukraine and Russia might resume, with the specific format of the talks yet to be finalized. He emphasized that third-party partners must be involved in the negotiations. Zelenskyy also clarified Ukraines core demands, covering post-war security guarantees and EU accession, and stated that Ukraine would allow Russia to finalize the specific format of the negotiations. Currently, Russia has not responded to this.Ukrainian Foreign Minister: Polands decision to revoke Ukrainian President Zelenskys Order of Honor is a "strategic mistake".Polish President: Decides to revoke the Order of the White Eagle, the highest honor awarded to Ukrainian President Zelensky.According to Axios: US President Trump said that such a thing (about war with Iran) could trigger a global depression, and the agreement reached has averted that fate.On June 20th, Federal Reserve Vice Chairman for Supervision Bowman attended a private dinner hosted by Bank of America for its clients in New York on Wednesday evening. According to sources, the dinner was by invitation only. This came just hours after the Federal Reserve announced its latest policy decision. The dinner took place during the Feds communication blackout period, which prohibits Fed officials from publicly commenting on the economic situation or monetary policy in the days before and after a meeting, and lasts until the day after the meeting (Thursday). While the Feds rules do not explicitly prohibit closed-door meetings, they require officials to avoid sharing personal policy views with anyone who might financially benefit from them, unless those views are publicly available. The rules also state that officials should not allow any company to gain a prestige advantage relative to its competitors. Under the Feds communication policy, policymakers should carefully and rigorously consider this principle when arranging meetings with those who might benefit from exclusive access to Fed officials, and when considering accepting invitations to meetings hosted by for-profit organizations or not open to the public and media. It is unclear whether Bowmans attendance at the dinner violated these rules.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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