EUR/USD 1.17320
-0.064%
Gold 4707.86
-0.154%
Oil 97.757
-0.967%
USD/JPY 157.760
0.096%
GBP/USD 1.35293
-0.075%
GBP/JPY 213.443
0.024%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 13, Chinese Ambassador to the United States Xie Feng emphasized that China advocates for the inclusive and benevolent development of artificial intelligence (AI) and opposes it becoming a game for a few countries or a small number of wealthy individuals. Xie Feng pointed out that as leading global AI powers, competition between China and the United States in the field of AI is natural, but it should be healthy competition, prioritizing both development and security. He stressed the need to implement robust safeguards before embarking on new paths and to demonstrate Chinas responsibility as a major power through cooperation. The world does not want to see an "AI iron curtain" or "AI land grabbing," and even less so, it opposes an "AI version of Star Wars." Coordination between China and the United States on AI is crucial to the future of both countries and the fate of humanity. He expressed hope that the US would work with China to strengthen dialogue, manage competition, and promote cooperation, making AI a new frontier for Sino-US cooperation and a new stepping stone for human progress.New Zealand Prime Minister Laxson: The government is committed to reducing its debt to 40% of GDP.In early trading, most domestic futures contracts rose, with low-sulfur fuel oil (LU), SC crude oil, and liquefied petroleum gas (LPG) rising by more than 2%, while international copper and fuel oil rose by more than 1%, and synthetic rubber, soybean meal, Shanghai copper, and asphalt rose by nearly 1%. On the downside, coking coal fell by more than 3%, coke fell by more than 2%, and polysilicon, live pigs, industrial silicon, and alumina fell by more than 1%.On May 13, the Indonesian central bank pledged "precise intervention" in the foreign exchange market after the rupiah fell to a record low. Bank Indonesia Senior Deputy Governor Destry Damayanti stated on Tuesday evening, "Bank Indonesia is committed to continuing to participate in the market through spot transactions, onshore and offshore non-deliverable forward (NDF) transactions, and optimizing all monetary policy tools to alleviate pressure on the rupiah." She stated that high oil prices and increased domestic demand for US dollars to repay foreign debt, repatriate dividends, and pay for Islamic pilgrimages to Saudi Arabia are putting pressure on the rupiah. "Bank Indonesia expects these seasonal factors to gradually subside and push the rupiah back to its fundamental level." However, she did not mention specific exchange rate levels. She also stated that foreign capital inflows into Bank Indonesia rupiah securities and government bonds are improving. The rupiah fell to a record low of 17,525 rupiah to the US dollar on Tuesday, and has fallen nearly 5% this year, making it one of the worst-performing currencies among emerging markets.Futures News, May 13th: Crude oil prices continued to rise, driven by positive news, pushing fuel oil trading prices steadily upward. Downstream buyers maintained a cautious purchasing attitude focused on immediate needs, narrowing fuel oil processing profits. Market trading was mixed, and it is expected that fuel oil negotiations will continue their steady, slight upward trend.

WTI crude oil drifts above $80.00 amidst a US Dollar rebound and supply shortage concerns

Alina Haynes

Apr 10, 2023 14:16

 101.png

 

In the early hours of Monday, purchasers of WTI crude oil struggled to maintain the price above $80.70 as risk aversion and hawkish Fed forecasts bolstered the US Dollar. However, threats to Oil supplies, primarily emanating from China and OPEC+, appear to keep purchasers of black gold optimistic.

 

US Dollar Index (DXY) reverses a four-day downtrend near 102.25 despite the inability of US Treasury bond yields to recover due to recession concerns. However, US 10-year and 2-year Treasury bond yields remain under pressure near 3.37 percent and 3.95 percent, respectively. In doing so, the benchmark bond coupons extend the previous day's losses and illustrate the market's flight to protection in response to concerns of an economic decline.

 

In spite of this, the recent disappointing US data reignite concerns of a recession in the world's largest economy and challenge the optimists in the energy sector. However, the positive US Nonfarm Payrolls (NFP) data enabled Fed hawks to return to the table and renew demands for a 0.25 percentage point rate hike in May. The same constrains the value of the US dollar and stimulates demand for WTI crude oil.

 

On the other hand, geopolitical concerns surrounding China, particularly after the dragon nation's military exercises near Taiwan, combine with last week's unexpected OPEC+ production cut to keep Oil purchasers optimistic.

 

China's willingness to defend the global economy through robust monetary and fiscal easing at home also enables Oil purchasers to maintain optimism in the face of optimism among the world's largest Oil consumers.

 

The Easter Monday holiday in spot markets may limit Oil price movements, but the investors appear to be out of steam, so US inflation and Fed Minutes will be closely monitored for signs of a pullback.


Suggestion