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The final reading of the S&P Global Manufacturing PMI for July in the United States will be released in ten minutes.US President Trump: We have the biggest tax cuts and jobs in history, the largest foreign investment in the world, a completely secure border, a huge victory in Venezuela, the denuclearization of Iran, universally recognized respect and success, and much more? Dont believe the fake polls from the radical left.August 3rd - Due to a sharp reduction in supplies to Europe caused by the Middle East war, Belgium became completely reliant on Russia for liquefied natural gas (LNG) imports last month. Furthermore, with shipping disruptions in the Strait of Hormuz leading to persistently high gas prices, most European buyers have postponed purchasing LNG for winter storage. Although Belgiums LNG imports from Russia are lower than earlier this year, this situation puts the EUs energy policy in an awkward position. The EU has previously decided to ban LNG imports from Russia starting next year. According to ship tracking data compiled by an agency, Belgium, which was the fifth-largest LNG importer in Europe last year, saw its LNG imports fall by more than 40% year-on-year in July. Data shows that the country purchased approximately 400,000 tons of LNG from Russia that month. In addition, Belgium also obtains gas from Norway and the UK via pipeline.Sources say that Kazakhstan’s oil and gas condensate production fell 14% in July compared to June due to the disruption of exports from the Caspian Pipeline Alliance.August 3 - According to data provided by officials, Kuwaiti crude oil production surged in July, increasing by nearly 20% compared to the previous month, reaching its highest average level since the outbreak of the war with Iran. Sources indicated that Kuwaiti crude oil production rose to 1.97 million barrels per day in July, an increase of approximately 300,000 barrels per day from June. They did not specify the specific reasons for the increase. Currently, Kuwaiti crude oil production is several times higher than its April lows, but still about 20% lower than pre-war levels. In recent weeks, Persian Gulf oil-producing countries have made some progress in transporting crude oil through the Strait of Hormuz. Although regional shipping is once again threatened after the collapse of the US-Iran ceasefire agreement, negotiations to restore tanker passage continue. Furthermore, domestic oil demand in the Middle East is also rising due to increased electricity consumption driven by increased demand for air conditioning during the summer. After the US-Iran ceasefire was reached in June, the CEO of Kuwait National Oil Company stated that the company would immediately lift all force majeure notices and expected production to soon recover to 2 million barrels per day. Official data shows that Kuwaiti production briefly reached this level before falling back to approximately 1.9 million barrels per day.

With RBA policy in the forefront, AUD/NZD sustains a weekly low at 1.0900

Daniel Rogers

Aug 01, 2022 12:16

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After dropping near to a crucial support level of 1.0900 during the Asian trading session, the AUD/NZD pair has since recovered considerably. Several offers have been submitted for the asset, and a purchase response is in the process. Strong purchase activity typically indicates that consumers thought the underlying product was a wise investment.

 

The cross is turning upwards as investors prepare for forceful words from the Reserve Bank of Australia (RBA). For the third time in a row, RBA Governor Philip Lowe is expected to increase the Official Cash Rate (OCR) by 50 basis points (bps). Australia's inflation rate has increased to 6,1% as of the second quarter of CY2022, which has led to increased pricing pressure. Since the prices of commodities like oil and food continue to fluctuate, the inflation rate has not yet run out of room to rise.

 

In today's session, the release of the Caixin Manufacturing PMI data is quite important. The economic data is predicted to register at 51.5, slightly below the prior level of 51.7. A reduction in Chinese industrial activities will have an impact on the antarctic because Australia is China's main trading partner.

 

On the New Zealand front, kiwi bulls anticipate the release of employment numbers on Tuesday. According to projections, the jobless rate will drop from the previously reported 3.2 percent to 3.1 percent. In addition, the Employment Change may increase from the previous 0.1 percent to 0.4 percent.


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