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Futures News, May 5th - According to foreign media reports, Malaysian palm oil futures rose for the second consecutive trading day, supported by a weaker ringgit and market optimism regarding Malaysias biodiesel program. However, declines in crude oil and soybean oil prices limited further upside. On the Bursa Malaysia Derivatives Exchange (BMD), the benchmark palm oil contract for July delivery steadily rose in early trading. In the crude oil market, prices, which had previously surged sharply, retreated significantly due to signs of potential easing in the situation regarding the blockade of key Middle Eastern waterways. The weakening of crude oil futures prices directly reduced the attractiveness of palm oil as a substitute for biodiesel feedstock.On May 5th, it was reported that Apple (AAPL.O) has held exploratory discussions with Intel and Samsung Electronics regarding the production of main processors for its devices. According to sources familiar with the matter, Apple has held initial talks with Intel about using the companys chip manufacturing services. Meanwhile, Apple executives have also visited a Samsung advanced chip factory under construction in Texas. The sources indicated that neither effort has yet generated any orders, and the collaboration with these two suppliers remains in its very early stages. The sources added that Apple has concerns about using technology outside of TSMC and may ultimately not actually partner with other companies. Spokespeople for Apple, Intel, Samsung, and TSMC declined to comment.Israel Defense Forces: In two separate incidents over the past few hours, Hezbollah fired several mortar shells at areas where the IDF is operating in southern Lebanon. No IDF personnel have been reported injured.On May 5th, State Street Global Advisors strategists stated in a report that gold prices are likely to rise as long as market consensus and the Federal Reserves forward guidance point to future easing policies. Currency markets and forex traders may be awaiting a viable (US-Iran) peace agreement to re-pricing in Fed rate cuts. They believe that gold can perform well even if the Fed keeps rates unchanged, provided forward guidance indicates an imminent rate cut. However, a continued hawkish shift in the monetary policy outlook could create headwinds for gold, at least in the short term. Furthermore, if oil prices remain at $100 per barrel, becoming the new normal, it could limit golds upward momentum towards $5,000 per ounce.Fitch Ratings: Iranian conflict widens profit gap among Asia-Pacific chemical producers.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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