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On June 8, the State Post Bureau held a Party Leadership Group meeting. The meeting emphasized the importance of ensuring the safety and stability of the express delivery industry, urging a balanced approach between development and security, and integrating safety and stability requirements throughout the entire process of express delivery market supervision and safety oversight. The meeting stressed focusing on key areas, comprehensively investigating and resolving various risks, thoroughly addressing "involutionary" competition, and guiding enterprises to standardize their internal performance evaluation mechanisms. It also emphasized strengthening the responsibilities of all parties, urging headquarters to standardize operations and management, and resolving conflicts and disputes at their source. Furthermore, the meeting called for continuously strengthening industry operation monitoring and command and dispatch, improving the closed-loop mechanism for risk prevention and control across the entire chain, promoting the resolution of specific problems, and creating a standardized, orderly, stable, and healthy industry development ecosystem.June 8th - Market sources indicate that Russia plans to increase refinery operating rates in June, thus reducing crude oil exports, given the looming threat of fuel shortages. Preliminary data from these sources suggests that crude oil loadings at the western Russian ports of Primorsk, Ust-Luga, and Novorossiysk may fall from 2.5 million barrels per day in May to 1.7 million barrels per day in June. The sources suggest this decline is partly due to lower crude oil production levels. Russian Deputy Prime Minister Novak previously stated that Russian oil production has declined since the beginning of the year, attributing it to unscheduled refinery maintenance. The sources say that with the completion of maintenance, Russian refineries will be able to increase processing volumes amid seasonal fuel demand growth and supply shortages reported in some regions; however, lower production means additional feedstock must be diverted from exports for processing. They estimate that Russia will seek to increase crude oil processing by 250,000 to 400,000 barrels per day in June, while restoring crude oil production will take a considerable amount of time.According to Irans Tasnim News Agency, all flights to Iran have been cancelled until further notice.Israeli Prime Minister Benjamin Netanyahu has instructed the military to halt preparations for a new attack on Iran.Oppenheimer raised its price target for Oracle (ORCL.N) from $235 to $275.

EUR/USD Expects Fourth Weekly Gains Above 1.0900 Despite The US Dollar's Rebound Advance Ahead Of US NFP

Daniel Rogers

Apr 07, 2023 11:42

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Despite a recent retreat, the EUR/USD bulls maintain control around 1.0920. This reflects the typical Good Friday inactivity and apprehension ahead of the US Nonfarm Payrolls (NFP) report released early in the day. The major currency pair was volatile on Thursday as a result of the US Dollar's initial rebound on fears of a recession, but ended the day unchanged as disappointing US data contrasted with stronger Eurozone data.

 

Fears of a recession in the world's largest economy were prompted by consecutive lackluster US data and falling US Treasury bond yields, giving USD bears a reprieve on Thursday morning. As traders prepared for the all-important NFP, the dollar's subsequent gains were reversed by another disappointing US employment report.

 

Despite this, US Initial Jobless Claims for the week ending March 31 rose to 228K from 200K anticipated and an upwardly revised 246K the prior week. Notable is the increase in Challenger Job Cuts from 77,77K to 89,703K in the given month.

 

Notably, Reuters fanned fears of a recession by citing the most recent decline in the preferred bond market indicator of Federal Reserve (Fed) Chairman Jerome Powell. The most reliable bond market indicator of an imminent economic contraction, according to Federal Reserve research, is the "near-term forward spread" between the forward rate on Treasury bills 18 months from now and the current yield on three-month Treasury bills.

 

According to Reuters, International Monetary Fund (IMF) Managing Director Kristalina Georgieva stated in prepared remarks on Thursday that the global economy is projected to expand by less than 3% in 2023, a decrease from 3.4% in 2022.

 

In other news, Germany's Industrial Production (IP) increased 0.6% year-over-year in February, versus market predictions of -2.7% and previous readings of -1.7%. Additionally, the monthly figures exceeded expectations by 0.1%, coming in at 2.0% compared to 3.7% previously. On Wednesday, Germany Factory Orders for February improved to -5.7% YoY from -12.0% previously revised down and -10.5% market expectations, while MoM growth came in at 4.8% compared to 0.3% expected and 0.5% previous readings.

 

Wall Street and US Treasury bond yields have both reduced weekly losses as a result of these strategies, but investors remain skeptical.

 

In the context of less liquidity surrounding the March US employment report, sporadic activity on the major markets can keep the EUR/USD inactive and prone to abrupt price swings. Notable is the fact that recent dovish Fed forecasts and disappointing US data generate expectations for a positive surprise and enormous price volatility thereafter.


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