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July 20th, Futures News – According to foreign media reports, Indian Deputy Minister of Petroleum Suresh Gopi stated on Monday that India currently has no plans to further increase the ethanol blending ratio in gasoline from the current 20%. 1. Policy Stance and Decision-Making Process: Addressing previous market concerns about further increases in the blending ratio, Indian officials clarified that any decision to increase the ethanol blending ratio in gasoline must be made only after completing detailed scientific and technical studies and fully consulting with stakeholders such as automakers, fuel retailers, and raw material suppliers. 2. E20 Will Not Be Withdrawn and Performance Impact is Limited: The Indian government also has no plans to revert to E10 or pure gasoline. Regarding concerns about vehicle performance, officials stated that they have not received any serious complaints about E20 causing performance degradation, engine failure, corrosion, or fuel pump problems. Vehicles designed for E10 experience only a 3% to 5% marginal decrease in fuel efficiency when using E20. 3. Raw Material Diversification and Significant Increase in Corn Proportion: To reduce dependence on a single crop and conserve water resources, India is promoting ethanol production from diverse raw materials such as sugarcane, corn, spoiled grains, and broken rice. Over the five years leading up to 2025/26, the share of maize in Indias ethanol program has risen dramatically from zero to 37%. Officials emphasize that the ethanol blending program will always prioritize water sustainability, food security, and the interests of farmers.The main contract for low-sulfur fuel oil (LU) fell by 2.00% during the day, and is currently trading at 4721.00 yuan/ton.July 20th - According to foreign media reports citing a senior Iranian official, the Iranian-US mediators have proposed a 10-day ceasefire to ease tensions and seek to reinstate the memorandum of understanding reached between Iran and the US last month. Iranian Foreign Ministry spokesman Baghae said at a press conference that day that Iran had received the proposal from the US and Iranian mediators, but declined to provide further details. He also stated that the Iranian Interior Minister would visit Pakistan that day to discuss related bilateral issues.At the opening of the night session, domestic futures contracts showed mixed results. Benzene and liquefied petroleum gas (LPG) rose by more than 2%, while polyvinyl chloride (PVC), soybean meal, soybean meal, styrene (EB), and silver rose by more than 1%, and rapeseed meal rose by nearly 1%. On the downside, coking coal, synthetic rubber, and glass fell by more than 1%, while coking coal, aluminum, soda ash, aluminum alloy, and PTA fell by nearly 1%.Iranian military spokesman: If the equipment is intended to target the Iranian people, it cannot pass through the Strait of Hormuz.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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