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July 31 – Despite the disruption of approximately 500,000 barrels per day of production at ExxonMobil (XOM.N) due to the conflict with Iran, the company remains committed to its Middle East growth plans. Chief Financial Officer Neil Hansen stated, “We don’t make broad investment decisions based on today’s headlines. We can thrive in these kinds of environments and remain committed to our current and future investments in the region.” Before the outbreak of the war in late February, ExxonMobil’s combined crude oil production in the UAE and Qatar was equivalent to 900,000 barrels per day, accounting for about one-fifth of its global production, both of which have been severely impacted. Furthermore, two gas projects in Qatar in which ExxonMobil holds partial stakes were also severely damaged in the Iranian attacks, resulting in the suspension of approximately 450,000 barrels per day of production in Qatar and another 50,000 barrels per day in the UAE. Hansen stated that some of the company’s production in the UAE is currently stored in inventory awaiting the lifting of transportation restrictions. Hansen added, “We’ve noticed that some companies see the absence from such an important region as an advantage. We believe this view is very short-sighted and not in the best business interest.”The National Highway Traffic Safety Administration (NHTSA) is investigating 1.2 million Tesla (TSLA.O) vehicles for suspension issues.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which decided to approve four nuclear power projects, including the first phase of the Zhuanghe nuclear power project in Liaoning.According to CCTV: Li Qiang chaired an executive meeting of the State Council, which reviewed and approved the "Draft Decision of the State Council on Amending the Regulations on the Administration of Housing Provident Funds" and the "Draft Decision of the State Council on Amending and Repealing Some Administrative Regulations".According to CCTV: Li Qiang chaired an executive meeting of the State Council to study relevant work on the implementation of the health-first development strategy.

Price Analysis: AUD/USD Advances Toward 0.6740 Ahead Of PBoC's Decision

Alina Haynes

Apr 19, 2023 16:00

AUD:USD.png 

 

The AUD/USD pair strengthened to near 0.6740 after a gradual retracement. In light of the weakening U.S. dollar and the upward revision of China's growth rate forecast, the demand for Australian dollars was exceptional. The US Dollar Index (DXY) is exhibiting a dearth of volatility prior to the release of the Federal Reserve's (Fed) Beige Book.

 

The Australian Dollar remained active on Tuesday after the Reserve Bank of Australia (RBA) minutes were released. The RBA minutes revealed that policymakers actively debated a rate hike, but ultimately decided to maintain the current 3.6% rate. Philip Lowe, the governor of the Reserve Bank of Australia, stated that the central bank needs more time to compile information prior to taking action.

 

After a robust quarterly performance, forecasting agencies were enthusiastic about increasing their projections for China's Gross Domestic Product (GDP). In the future, the People's Bank of China's (PBOC) interest rate determination will be the primary event. Australia is China's greatest trading partner, and optimistic economic forecasts from China would benefit the Australian Dollar.

 

The AUD/USD exchange rate is exhibiting an Inverted Flag pattern on an hourly time frame. The Inverted Flag is a trend-following pattern that consists of a protracted consolidation followed by a decline. Participants prefer to enter an auction after a bearish bias has been established, and current vendors increase their position size during the consolidation phase of a chart pattern.

 

The 20-period Exponential Moving Average (EMA) is superimposed on the price of the asset at 0.6720, indicating lackluster performance.

 

Currently, the Relative Strength Index (RSI) (14) fluctuates between 40.00 and 60.00, indicating the absence of a possible trigger.

 

A future break above the March 22 high of 0.6759 will propel the asset toward the April 3 high of 0.6693. A breach above the latter would cause the asset to reach a new low on February 6 of 0.6855.

 

A breach of the April 10 low at 0.6620 would expose the Australian dollar to the March 10 low at 0.6564, followed by the round-number support at 0.6500, according to an alternative scenario.


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