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Futures July 1st news, in the second quarter, global oil inventories increased by 1.6%, of which crude oil inventories increased by 1.1% and refined oil inventories increased by 2.4%; last week, oil inventories fell by 0.8% overall, of which crude oil destocked by 1.5% and refined oil accumulated by 0.2%. After the ceasefire in the Iran-Israel conflict, oil prices returned to the dominance of macro and supply and demand logic. Whether the US tariff exemption for most countries after July 9 and the 24% reciprocal tariff exemption between China and the United States will continue after mid-August still pose macro risks. Under the expectation of rapid production increase of OPEC+, the supply and demand outlook is still relatively loose, and crude oil is seen as volatile and weak in the near future. Pay attention to the short-selling opportunities near the upper boundary after Brent returns to 57-67 US dollars/barrel and SC returns to the 430-510 yuan/barrel range. The risk point lies in the degree of reversal of the accumulated inventory due to the month-on-month improvement in peak season demand.The final UK Manufacturing PMI for June will be released in ten minutes.Masu, the new member of the Bank of Japan: The real interest rate is indeed negative, and I do not object to the central bank governors statement.Masu, the new member of the Bank of Japan: Recent economic conditions show that we are not yet in a state where we can raise interest rates quickly. We must act cautiously and pay close attention to various economic data.Teslas new car registrations in Norway increased 53.8% year-on-year in June.

With RBA policy in the forefront, AUD/NZD sustains a weekly low at 1.0900

Daniel Rogers

Aug 01, 2022 12:16

截屏2022-08-01 上午9.53.05.png 

 

After dropping near to a crucial support level of 1.0900 during the Asian trading session, the AUD/NZD pair has since recovered considerably. Several offers have been submitted for the asset, and a purchase response is in the process. Strong purchase activity typically indicates that consumers thought the underlying product was a wise investment.

 

The cross is turning upwards as investors prepare for forceful words from the Reserve Bank of Australia (RBA). For the third time in a row, RBA Governor Philip Lowe is expected to increase the Official Cash Rate (OCR) by 50 basis points (bps). Australia's inflation rate has increased to 6,1% as of the second quarter of CY2022, which has led to increased pricing pressure. Since the prices of commodities like oil and food continue to fluctuate, the inflation rate has not yet run out of room to rise.

 

In today's session, the release of the Caixin Manufacturing PMI data is quite important. The economic data is predicted to register at 51.5, slightly below the prior level of 51.7. A reduction in Chinese industrial activities will have an impact on the antarctic because Australia is China's main trading partner.

 

On the New Zealand front, kiwi bulls anticipate the release of employment numbers on Tuesday. According to projections, the jobless rate will drop from the previously reported 3.2 percent to 3.1 percent. In addition, the Employment Change may increase from the previous 0.1 percent to 0.4 percent.


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