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Japanese Minister of Economic Revitalization Ryomasa Akazawa: Trade negotiations with the United States will be a top priority.Futures May 9, Friday morning, the Malaysian Derivatives Exchange (BMD) crude palm oil futures may open higher as the external vegetable oil market strengthens. Chicago soybean oil and international crude oil futures climbed strongly, which will help the early performance of Malaysian crude palm oil futures. After the recent continuous decline and hitting the lowest point in more than eight months, the technical oversold of the palm oil market also helped the market rebound. The current palm oil and soybean oil price discount is $180/ton, which will help attract price-sensitive buyers to repurchase palm oil. In fact, India and India are already actively purchasing palm oil. The Malaysian Palm Oil Board will release supply and demand data next week. A survey shows that Malaysian palm oil stocks will increase for the second consecutive month at the end of April, and Malaysias palm oil production may increase significantly in the second half of the year.On May 9, the U.S. House of Representatives passed a bill on the 8th to rename the "Gulf of Mexico" to the "U.S. Gulf". In the vote that day, 211 votes were in favor and 206 votes were against. The voting results were basically divided along party lines, and one Republican congressman joined the Democratic camp to vote against. The bill requires federal agencies to rename the "Gulf of Mexico" in all maps and documents to the "U.S. Gulf". Next, the Senate will review the bill. If the bill is passed by the Senate, it will officially become law after being signed by the President. Democrats believe that the House of Representatives has a lot of important work to do and Republicans should not waste time voting on this "stupid and embarrassing" bill.Japanese government officials: Some signs of consumption recovery were seen in household spending in March, with consumers remaining frugal on food spending.Japans foreign exchange reserves stood at US$1,298.2 billion in April, compared with US$1,272.5 billion in the previous month.

Despite caution, EUR/USD continues bids above 1.0250

Daniel Rogers

Aug 15, 2022 14:55

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After the US sent a delegation to Taiwan over the weekend, despite House Speaker Nancy Pelosi's contentious visit to the disputed island, which enraged Beijing, investors sought protection in government bonds and the dollar in the face of rising US-China threats.

 

Rates are also heavily influenced by the likelihood that the Fed will raise interest rates by 50 basis points (bps) in September as a result of easing US inflation pressures, with all eyes on the FOMC minutes due out on Wednesday for new information on the direction the world's most potent central bank will take its policy.

 

Despite a decline in rates and a sluggish demand for riskier assets in early Asian trades, the US dollar is holding up well. The US dollar index is trading at 105.61, unchanged from its previous close of 105.88 on Friday. Despite Wall Street's stellar performance, a substantial dollar increase was caused by stronger US Michigan Consumer Sentiment data and a dimming US inflation forecast.

 

As the European energy crisis gets worse, the gains in the common currency on the EUR side of the equation are likely to remain small. Germany is already suffering the most as a result of a decrease in Russian gas exports, which is wreaking havoc on the old continent. The Rhine's ebbing waters, which make transport along the river more challenging, could cause a recession in Germany.

 

By the end of the week, the reference level was predicted to drop below 40 centimeters in Kaub, a notorious shipping bottleneck where the Rhine flows shallow and narrow. One of the most significant goods shipped on the waterway is coal.

 

On both sides of the Atlantic, Monday's economic calendar features few noteworthy data releases. As a result, the main currency pair will continue to be influenced by the current market sentiment and dollar price action.

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