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On December 19th, ECB Governing Council member and Dutch Central Bank Governor Alexis Sleipön stated that the risks to growth and inflation in the Eurozone are fairly balanced, but remain significant, therefore the ECB needs to remain open to future policy moves. The ECB kept interest rates unchanged on Thursday and raised some of its growth and inflation forecasts, a move that likely indicates no further rate cuts in the near term. However, policymakers, including Sleipön, were quite cautious in their public comments on Friday, unwilling to prematurely rule out any policy options given the substantial risks that could rapidly alter the outlook. “We are still in a good position right now, with inflation in Europe very close to 2%. You could say thats almost the ideal situation a central bank governor dreams of,” Sleipön said. “But at the same time, we also know that the risks remain significant.” “Thats why we must stick to the meeting-by-meeting assessment approach and continue to rely on data,” he said. “I think the risks to growth and inflation are fairly balanced, although significant.”Market news: According to sources, AbbVie, Bristol-Myers Squibb, Gilead, Merck, and other pharmaceutical companies are expected to announce an agreement with the U.S. government on Friday afternoon local time to lower the prices of certain prescription drugs.The yield on French 30-year government bonds rose 7 basis points to 4.524%, a new high since 2009.December 19th - European Central Bank (ECB) Governing Council member Escobar Eskripal stated that he sees no reason to adjust interest rates and expects monetary policy to remain stable for the foreseeable future. The ECB kept its policy rate unchanged on Thursday and raised some of its growth and inflation forecasts, a move that may have closed the door to further rate cuts in the near future. In an interview, when asked about possible next interest rate changes, Eskripal said, "We dont know, but we are open to any changes in any direction if necessary, but for now we are satisfied with the current 2% interest rate level."Market news: Ukrainian President Zelensky and Polish President held a press conference.

Natural Gas prices fall below $2.70 despite USD Index attempts to recover, and demand concerns grow

Alina Haynes

Mar 14, 2023 13:12

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After a perpendicular recovery to close to $2.70 in the Asian session, Natural Gas futures have turned sideways. Weakness in the US Dollar Index (DXY), in general, has aided the upward bias in natural gas prices. Natural Gas futures appear vulnerable near $2.70 as the USD Index has demonstrated a recovery move to near 103.90 as investors become anxious ahead of the release of the United States Consumer Price Index (CPI) data.

 

The Federal Reserve's decision to raise interest rates is anticipated to have a negative impact on industrial demand for natural gas (Fed). The market anticipates that Fed chair Jerome Powell's scheduled rate hikes will lead to a recession in the near future.

 

Meanwhile, Winter is nearing its conclusion and summer has not yet arrived. Consequently, demand for residential purposes to heat domestic spaces will remain low. Additionally, because residences will require less electricity to operate air conditioners, power companies are less reliant on natural gas.

 

The recent decline in the USD Index is what has given Natural Gas prices new life. The US Energy Information Administration's (EIA) inventory data, which is released every Thursday, will dominate this week's trading in Natural Gas futures.

 

Going forward, investors eagerly anticipate the publication of US inflation data in order to form a new consensus. According to the projections, the headline CPI could fall to 6.0% from the previous release of 6.4%. And, core inflation, which excludes crude and food prices, is anticipated to decrease slightly to 5.5% from the previous release of 5.6%.

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