EUR/USD 1.14409
-0.015%
Gold 3997.30
0.526%
Oil 79.508
0.791%
USD/JPY 162.401
0.023%
GBP/USD 1.34376
-0.303%
GBP/JPY 218.281
-0.230%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 17th - Eurozone inflation cooled slightly in June, remaining unchanged from the preliminary reading. Overall inflation was -0.1% month-on-month, primarily driven by a decline in energy price inflation (-1.8%). Looking at the breakdown, further cooling of energy prices led to a continued decline in overall year-on-year inflation, with the energy price inflation rate falling from 10.8% in May to 8.5% in June. Meanwhile, food and service price inflation also slowed further. The food price inflation rate fell from 1.9% in May to 1.5% in June, while the service price inflation rate fell from 3.5% to 3.2%. Overall, this pushed core inflation further lower. In summary, the inflation situation did not worsen in June, allowing the European Central Bank greater policy flexibility during the summer and more time to observe before deciding on its next monetary policy move. The current risk lies in the possibility that renewed tensions in the Middle East could trigger a new round of increases in oil and gas prices, further pushing up price pressures during the summer. In the longer term, this also increases the risk of a potential "second-round effect."The final reading of the Eurozones core CPI annual rate for June was 2.1%, compared to 2.2% previously.The final reading of the Eurozones June CPI annual rate was 2.8%, below the expected 2.80% and the previous reading of 2.80%.The final reading of the Eurozones core CPI for June was 0.2% month-on-month, unchanged from the previous month.The final reading of the Eurozones June CPI month-on-month rate was -0.1%, compared to a forecast of -0.10% and a previous reading of -0.10%.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

244.png 

 

In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

Suggestion