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According to the network monitoring website DownDetector, user reports indicate that Amazon in the United States is experiencing problems.March 20 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed moderately higher on Thursday, with the benchmark contract rising 0.6%, reflecting a sharp rise in the neighboring soybean meal market and strength in international crude oil futures. Traders said Chicago soybean meal futures surged to their highest level in nearly four months. This was reportedly supported by the rejection of Brazilian soybean shipments. The Brazilian Vegetable Oil Industry Association (Abiove) projects Brazils soybean production for 2025/26 at 177.85 million tons, an upward revision of 730,000 tons from its previous forecast. The Buenos Aires Grain Exchange maintained its Argentine soybean production forecast unchanged this week at 48.5 million tons. This figure is slightly higher than the US Department of Agricultures estimate of 48 million tons.March 20th - Generally, geopolitical conflicts can fuel market risk aversion, pushing up gold prices. For example, after the outbreak of the Russia-Ukraine conflict in February 2022, gold prices surged within two weeks. However, since the outbreak of the Iraq War, while oil and the US dollar have soared, gold has experienced a continuous decline. "This counterintuitive trend in gold prices is mainly due to the fact that interest rate logic is significantly suppressing safe-haven logic," said Qu Rui, Senior Deputy Director of the Research and Development Department at Orient Securities. He added that the ongoing conflict in the Middle East and the continued rise in oil prices are pushing up global inflation expectations, which may reinforce the Federal Reserves stance of maintaining unchanged interest rates, putting downward pressure on precious metals. Qu Rui cautioned that short-term gold price movements still need to focus on factors such as the Federal Reserves interest rate cut window and the evolution of the Middle East situation, and to be wary of potential risks such as unexpectedly high global inflation and escalating geopolitical conflicts.South Koreas Ministry of Trade, Industry and Energy stated that a long-term liquefied natural gas contract with Qatar may constitute force majeure, exacerbating supply uncertainty.South Koreas Ministry of Trade, Industry and Energy stated that liquefied natural gas imports from Qatar account for 14% of total imports, and supply disruptions will not cause major problems.

Dollar Index: Bears Continue to Dominate Below 102.00

Alina Haynes

May 30, 2022 17:02

 截屏2022-05-30 下午4.54.16.png

 

The greenback, as measured by the US Dollar Index (DXY), continues on the defensive after Monday's recovery from lows in the 102.40-35 range.

Multi-Week Lows for the US Dollar Index

The index loses ground for the third consecutive session at the start of the week, remaining below the 102.000 level and despite a widespread preference for riskier assets among investors.

 

On Monday, no US market activity should leave the price action at the mercy of global risk appetite trends, as market participants continue to evaluate the various moves the Federal Reserve could take to normalize monetary conditions, primarily through interest rate hikes.

 

Monday's US schedule is barren, with just C. Waller (permanent voter, hawk) scheduled to speak during the NA session.

What to Search for Regarding USD

The dollar retreated to multi-week lows at the conclusion of last week due primarily to investors' tilt toward riskier assets.

 

Also weighing on the dollar was the view that inflation may have peaked in April, which supports the notion that the Fed may not need to be as active in hiking Fed Funds rates as market players anticipate.

 

In the meantime, the Fed's divergence from the majority of its G10 peers, geopolitical turbulence, rising US rates, and a potential "hard landing" of the US economy are all factors that will continue to favor a stronger dollar in the coming months.

 

House Price Index, CB Consumer Confidence (Tuesday); MBA Mortgage Applications, Final Manufacturing PMI, ISM Manufacturing, Construction Spending, Fed Beige Book (Wednesday); ADP Employment Change, Initial Claims, Factory Orders (Thursday); Nonfarm Payrolls, Unemployment Rate, Final Services PMI, ISM Non-Manufacturing (Friday); and Nonfarm Payrolls, Unemployment Rate, Final Services PMI, ISM Non-Manufacturing (Friday).

 

Back burner issues: Powell's "softish" landing... what does that mean? Increasing geopolitical tensions with Russia and China. The Fed's more aggressive path for interest rates this year and in 2023. US-China trade dispute. Future of the Build Back Better plan by Biden.

US Dollar Index Relevant Levels

Now, the index is falling 0.08 percent at 101.55 and the next support level is at 101.38 (30-day low for the month of May), followed by 101.11 (55-day simple moving average) and 99.81. (weekly low April 21). In contrast, a breach of 105.00 (13 May 2022 high) would pave the way to 105.63 (11 December 2002 high) and then 106.00. (round level).

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