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June 11 (Futures News) – According to foreign media reports, Chicago Board of Trade (CBOT) corn futures traded mixed on Wednesday, with the benchmark contract closing down 0.1%, continuing to be pressured by favorable weather conditions in the Midwest. However, short covering ahead of a major report and stronger crude oil futures provided potential support to the market. Market participants pointed out that widespread rainfall in the US Midwest this week, followed by a brief period of above-average temperatures, helped crop germination and early growth, boosting yield prospects and thus suppressing corn market performance. However, active short covering ahead of the USDAs supply and demand report on Thursday limited the downside potential for prices. The USDA will release its June supply and demand report on Thursday, and Brazils National Supply Company (Conab) will also update its crop production forecast.Japans BSI large non-manufacturing confidence index fell to -0.5 in the second quarter, compared with 4.6 in the previous quarter.On June 11th, according to foreign media reports, Chicago Board of Trade (CBOT) soybean futures closed higher on Wednesday, with the benchmark contract rising 0.9%. This was the first increase in soybean prices in nine trading days, mainly reflecting active short covering ahead of the USDAs June supply and demand report. The US strike on Iran boosted international crude oil futures, lifting sentiment in the oilseed market. The USDA will release its June supply and demand report on Thursday. According to a Wall Street Journal survey, analysts on average estimate U.S. soybean production for 2026/27 at 4.435 billion bushels, unchanged from May, which, if realized, would be the second highest on record. Analysts on average expect U.S. soybean ending stocks for 2025/26 at 336 million bushels, slightly lower than the 340 million bushels reported in May. The average estimate for new crop ending stocks for 2026/27 is 309 million bushels, slightly lower than the 310 million bushels reported in May. However, favorable weather in the Midwest for early crop growth continues to limit the upside potential for soybean prices.1. Trump: Will discuss giving back to society with leaders in the field of artificial intelligence. 2. Ministry of Industry and Information Technology: By 2028, the coverage rate of metropolitan area computing power with 1ms latency will be no less than 75%. 3. Meta: The company has reached a cooperation agreement with data centers in India that rely on artificial intelligence. 4. TSMC CFO: Does not rule out raising chip prices, but will not suddenly increase four or five times. 5. TSMCs revenue reached NT$416.98 billion in May, and sales in the first five months reached NT$1.96 trillion, a year-on-year increase of 30%. 6. SK Hynix is reportedly planning to list in the US as early as August. 7. US Senator Warren called on the SEC to postpone SpaceXs IPO. 8. Apollo and Blackstone reached a private credit agreement to provide funding for Anthropics growth plan. 9. OpenAI is negotiating a 20-year lease agreement, and Nvidia has discussed providing credit support for the project. Japan bought 197.5 billion yen in foreign bonds in the week ending June 5, compared with a previous weeks net purchase of 184.8 billion yen.

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.