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April 6th - According to a report by the Brazilian website "Situation for the World" on April 5th, Cuban authorities announced on the 4th that they had completed the unloading of 100,000 tons of crude oil from the Russian-deployed oil tanker "Anatoly Kolodkin" in the Gulf of Matanzas, aiming to alleviate Cubas energy crisis caused by the intensified US blockade. This crude oil will be refined in the coming days to produce gasoline, diesel, and liquefied petroleum gas (LPG), all essential for maintaining basic public services and the national economy. The unloading operation, carried out by the Cuban National Oil Company (PDO), is part of an energy cooperation agreement between Havana and Moscow, aimed at easing Cubas fuel supply shortage. According to Cuban authorities, this crude oil shipment strengthens the strategic relationship between Cuba and Russia and expresses international solidarity in the face of the US blockade.The yield on 40-year Japanese government bonds rose 9 basis points to 3.960%.On April 6th, Saudi Arabia raised its crude oil prices for its main Asian markets by $17 per barrel, a record high premium over the Oman/Dubai average, as Irans near closure of the Strait of Hormuz restricted energy transport in the region and market volatility stemmed from uncertainty over the duration of the conflict. Saudi Aramco has set its official selling price for its Arab Light crude oil to Asia in May at a premium of $19.50 per barrel over the Oman/Dubai average, up $17 per barrel from the previous month.Local officials say 41 miners are trapped after Ukraine launched an attack on the Russian-controlled Luhansk region.A Bank of Japan official said the report was primarily based on interviews with companies conducted up to late March.

USD/CNH rebounds from 7.3300 despite a strong Caixin Manufacturing PMI

Daniel Rogers

Nov 01, 2022 18:01

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After falling to roughly 7.3300 during the Tokyo trading session, the USD/CNH pair demonstrated a V-shaped recovery. Despite the release of positive Caixin Manufacturing PMI data, the asset has made a recovery. The economic data came in at 49.2 against predictions of 49.0 and the prior value of 48.1.

 

China's official Manufacturing PMI dropped to 49.2 from 50.0 and 50.1, as anticipated, according to the National Bureau of Statistics (NBS). In addition, the Non-Manufacturing PMI was significantly lower at 48.7, compared to predictions of 51.9 and the last release of 50.6.

 

In the meanwhile, the US dollar index (DXY) in Tokyo has declined significantly as the risk-on sentiment has grown. The DXY has significantly declined to roughly 111.36. S&P500 futures have rallied strongly since Monday's decline due to confidence surrounding the quarterly results season.

 

Despite an increase in hawkish Federal Reserve (Fed) wagers, US government bond returns have dropped. At the time of writing, the yield on the 10-year US Treasury has declined to 4.04%, a decrease of 0.90% from its prior level.

 

This week's major catalyst will be the Federal Reserve's decision on interest rates. As inflationary pressures show no signs of abating, it is anticipated that the US Federal Reserve will hike interest rates by 75 basis points for the fourth time this year (bps). However, consumer spending declined to 1.4% in the third quarter from 2.0% in the previous quarter, which could weigh on the inflation rate.

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