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Futures News, December 2nd: As of December 1st, the mainstream benzene market price in East China closed at 5320 yuan/ton, down 110 yuan/ton from 5430 yuan/ton at the beginning of November. From a fundamental perspective, December arrivals in East China are concentrated, and major ports in East China will enter a period of continuous inventory accumulation. In addition, with the weather turning colder, insufficient end-user orders and low downstream operating enthusiasm continue to put pressure on price recovery across the industry chain. However, on the cost side, geopolitical tensions threaten market supply, and European and American crude oil futures rose 1.3%. Under the interplay of bullish and bearish factors, the benzene market is expected to trade within a range.On December 2nd, futures market news reported that crude oil prices traded higher yesterday, primarily driven by the return of two major geopolitical risk premiums. Firstly, the slow progress of peace talks between Russia and Ukraine, coupled with Ukraines attacks on European oil ports and pipelines; secondly, the USs air traffic control over a South American country over the weekend, leading to the breakdown of peace talks and heightened tensions in South America. Zhuochuang Information predicts that the return of geopolitical risks has led to an increase in oil prices. However, whether this upward trend can continue depends on close monitoring of developments. If the conflict escalates, oil prices will continue to rise; otherwise, if the situation remains manageable, oil prices will likely experience wider fluctuations. In the short term, the geopolitical risk premium remains high, and oil prices are expected to remain relatively strong.Fitch: Penalties imposed on South Korean banks highlight non-financial risks.On December 2nd, Xiaomi Auto announced that as of today, since April 3rd, 2024, Xiaomi Auto has delivered more than 500,000 vehicles.The yield on Japans 20-year government bonds rose 1.5 basis points to 2.905%, hitting its highest level since June 1999.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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