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Market News: Trump welcomed Netanyahu and expressed optimism about reaching an Israel-Hamas agreement "this week."On July 7, the 27th Senate election of the Japanese Diet was scheduled for voting on the 20th. The latest opinion poll conducted by Kyodo News from the 5th to the 6th showed that the opposition camp was more popular than the ruling coalition, and nearly half of the respondents hoped that the ruling coalition composed of the Liberal Democratic Party and the Komeito Party would not achieve the goal of more than half of the seats. The Japanese Senate is responsible for legislative review and government supervision. It has 248 seats. The term of office of members is six years, and half of them are re-elected every three years. This election will focus on 125 seats. In addition to 74 constituency seats and 50 proportional representation seats, there is also 1 by-election seat. According to Japanese media, the results of this Senate election will determine the fate of Shigeru Ishibas cabinet. If the ruling coalition wins less than 50 seats, Japanese Prime Minister Shigeru Ishiba may resign or reorganize the ruling coalition.On July 7, Goldman Sachs said it expects the eight OPEC+ members to increase their oil production quotas by 550,000 barrels per day in September, thereby completely canceling the voluntary production cuts of 2.2 million barrels per day. OPEC+ hopes to restore idle production capacity to normal as global oil demand shows resilience. Goldman Sachs said: "The decision to accelerate the pace of production increases announced on Saturday strengthens our confidence. We have pointed out since last summer that OPEC+ will shift to a more long-term balanced strategy, focusing on normalizing idle production capacity and market share, supporting internal cohesion, and strategically restricting US shale oil supply." Goldman Sachs expects that the crude oil production of the eight OPEC+ members will increase by 1.67 million barrels per day from March to September to 33.2 million barrels per day, of which Saudi Arabia accounts for more than 60% of the increase.Jianpeng Holdings (01722.HK) rose more than 105%.Both U.S. and Brent crude oil prices fell by more than 1% during the day, and are now trading at $64.93 per barrel and $67.2 per barrel respectively.

EUR/USD Is Anticipated To Fall Below 1.0950 Due To Market Optimism Regarding US Economic Prospects

Daniel Rogers

Apr 20, 2023 13:54

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The EUR/USD pair is expected to decline drastically below the near-term support level of 1.0950 during the Asian session. The major currency pair is attracting bids as the US Dollar Index (DXY) has shown a recovery move and surpassed the 102.00 level of resistance.

 

S&P500 futures have extended their losses during the Asian session in anticipation of the Federal Reserve's (Fed) decision to raise interest rates, which could undermine revenue guidance.

 

According to the Federal Reserve's (Fed) Beige Book minutes, economic activity is stable in the majority of districts. However, loans and advances to businesses and consumers have decreased due to stringent credit conditions imposed by commercial banks in the United States in order to prevent uncertainty in an unstable environment.

 

In the interim, Fed policymakers remain optimistic regarding the economic prognosis due to the labor market's tightness. As reported by Reuters, the president of the Federal Reserve Bank of St. Louis, James Bullard, advocated for the continuation of the central bank's policy tightening in view of the continued strength of labor market data. A Fed official added that the demand for labor has not yet diminished and that a robust labor market results in robust consumer spending.

 

Citi Group forecasts a fourth-quarter recession in the US economy due to the constrained US labor market. Previously, it was anticipated that the United States would enter a recession during the third quarter of 2023.

 

Investors are anticipating the release of Eurozone Consumer Confidence data. Preliminary Consumer Confidence (April) data is anticipated to improve from -19.2 to -18.5. This may be the result of persistently declining inflation in the Eurozone, which reduces the burden on households.