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According to JLC Network Technologys calculations, as of the sixth working day on September 7th, the average price of benchmark crude oil was $91.25 per barrel, with a change rate of 4.04%. Domestic gasoline and diesel retail prices should be increased by 200 yuan per ton. The adjustments are based on: 1. the structure of domestic crude oil imports and the settlement benchmark commodities; 2. minor adjustments may be made during the pricing mechanisms operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on August 28th, domestic gasoline and diesel retail prices were increased by 375 and 360 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round of prices is 24:00 on September 11th.Futures News, September 7th: Crude oil prices remained high, with positive news and cost factors supporting fuel oil traders to maintain prices and increase sales. Downstream buyers, focused on immediate needs, operated cautiously, pushing market prices steadily upward. Overall market trading sentiment was positive, and domestic fuel oil negotiations are expected to continue their steady upward trend today.On September 7, according to the Saudi Ministry of Foreign Affairs, Saudi Foreign Minister Faisal and British Foreign Secretary Miliband held a telephone conversation to discuss developments in the Middle East and emphasized the importance of easing tensions. In a statement, the Saudi Ministry of Foreign Affairs said that Faisal and Miliband reviewed bilateral relations and discussed the latest regional and international situation and its impact on security and stability. The statement also noted that "the two sides also discussed the importance of strengthening diplomatic efforts to ease tensions, enhancing the security of international waterways, and ensuring freedom of navigation."The US non-farm payrolls report for August exceeded expectations, causing a sharp drop in spot gold and silver prices before a rebound. Currently, they are trading in a narrow range. A chart provides a quick overview of the pre-market prices of gold and silver, converted between domestic and international markets.As of 8:30 AM Beijing time, spot platinum was down 0.08%, while spot palladium was up 0.10%.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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