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April 5th - In recent weeks, aviation fuel prices have surged from $85-90 per barrel to $150-200 per barrel, posing a significant challenge to the global aviation industry, with many airlines adjusting their operating strategies. On April 4th, local time, Manix Fortmar, Chairman of the Representative Committee of KLM Royal Dutch Airlines, warned that if shipping through the Strait of Hormuz remains disrupted, airlines could face pressure to cancel flights within six weeks. Benjamin Smith, CEO of Air France-KLM Group, stated that the company is preparing for potential fuel shortages. Michael OLeary, CEO of Ryanair, Europes largest low-cost carrier, said on April 1st that the airline may face a fuel supply shortfall of up to 25% in May and June, with overall European aviation fuel supplies expected to tighten in May. OLeary also said that there is a possibility of a significant increase in airfares from April to June.On April 5th, Irans Islamic Revolutionary Guard Corps issued a statement saying it had launched strikes against petrochemical plants in the UAE, Kuwait, and Bahrain, an oil refinery in Israel, and a natural gas facility in the UAE. Further attacks on civilian targets within Iran would further intensify the damage to US economic interests in the region.On April 5th, Japanese Prime Minister Sanae Takaichi stated that Japan has secured enough naphtha supplies to cover at least four months of demand, and the government is seeking to alleviate concerns about potential supply shortages. Takaichi said on social media on Sunday that these supplies include approximately two months worth of overseas procurement shipments and domestic refinery production, as well as approximately two months worth of inventory of intermediate chemical products derived from naphtha, such as polyethylene. According to the Japan Petrochemical Industry Association, Japan relies on imports for about 60% of its naphtha, with over 70% coming from the Middle East. Major Japanese naphtha producers have already reduced production of this petroleum byproduct. Naphtha is widely used in the manufacture of plastic bottles, building materials, and electrical appliances.Ukraines state-owned oil and gas company, Naftogaz, said that Russia attacked its facilities in the Poltava region for the second consecutive day.April 5 - According to data from LSEG and Kpler, a tanker carrying Iraqi crude oil was spotted transiting the Strait of Hormuz along a route close to the Iranian coast, one day after Iran indicated that Iraq could be exempted from restrictions on passage through this key shipping lane. Kpler data shows that the "Ocean Thunder" loaded approximately 1 million barrels of Basra Heavy crude oil on March 2 and is expected to unload in Pengerang, Malaysia, in mid-April.

AUD/USD soars to almost 0.6400 on stronger-than-expected 7.3% Australian CPI

Alina Haynes

Oct 26, 2022 15:31

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The AUD/USD pair increased to 0.6400 after the Australian Bureau of Statistics reported that the headline Consumer Price Index (CPI) for the third quarter of CY2022 was 7.3%, which was higher than the consensus expectation of 7.0% and the previous release of 6.1%. In addition, the quarterly inflation rate has matched the prior estimate of 1.8% and above predictions of 1.5%.

 

This may drive the Reserve Bank of Australia (RBA) to announce a higher rate hike in its upcoming monetary policy. The RBA raised the Official Cash Rate (OCR) by 25 basis points (bps) to 2.6% during its monetary policy meeting in October. Governor Philip Lowe of the RBA slowed the pace of rate hikes in October, after the central bank had projected a 50 basis point rate hike period. Now, a larger-than-expected rate hike will require the RBA to return to a rate hike cycle of 50 basis points.

 

The Aussie bulls displayed a significant increase on Tuesday and defended the pessimism generated by Chinese President Jinping. The extraordinary third term of Chinese President XI Jinping lowered investor enthusiasm for Chinese stocks and other linked assets. Because Jinping's ideology-driven policies are detrimental to China's economic prospects, Australia was punished for being China's most important trading partner.

 

In the interim, the US dollar index (DXY) is retracing and has surpassed the 111.00 mark. Following a three-day purchasing binge, the risk-on profile has taken a knock as S&P500 futures have experienced a dramatic plunge. This could be a correction in the S&P 500 index after a bigger advance.

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