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EIA Natural Gas Report: As of the week ending September 5, total U.S. natural gas inventories were 334.3 billion cubic feet, an increase of 71 billion cubic feet from the previous week and a decrease of 38 billion cubic feet from the same period last year, a year-on-year decrease of 1.1%. At the same time, it was 18.8 billion cubic feet higher than the five-year average, an increase of 6.0%.The EIA natural gas inventory in the United States for the week ending September 5 was 71 billion cubic feet, which was expected to be 70 billion cubic feet and the previous value was 55 billion cubic feet.The U.S. EIA natural gas inventory for the week ending September 5 will be released in ten minutes.September 11th news, although the U.S. core CPI rose by 0.3% month-on-month in August, the Feds preferred inflation indicator, the "core PCE inflation index," may have risen by less than 0.2% last month. This is the conclusion reached by analysts after studying the CPI and PPI data released this week. If they are correct, the core PCE inflation rate in August may stabilize at 2.9% year-on-year, which may allow the Federal Reserve to take a more optimistic view on price pressures at its September meeting. Capital Economics analyst Stephen Brown wrote: "In short, core PCE inflation will remain on track and will not be worse than the Feds June forecast of rising to slightly above 3% by the end of the year."On September 11th, Deutsche Bank analyst Woll said in a report that the ECBs latest forecasts suggest that interest rates may remain low for longer. On the one hand, the staffs recent forecast for overall inflation was slightly raised, which means that the inflation target in 2026 will be less likely to fall short of expectations. However, the core inflation forecast was lowered to 1.8% in 2027, indicating that this below-expected situation may persist. He said: "This may have a dovish impact on monetary policy." However, he said that the ECB is in no rush to make a judgment and the interest rate pause is likely to continue.

As a Bearish-Pennant Forms, Sellers Have Entered the NZD/JPY Market

Daniel Rogers

Feb 09, 2023 15:14

NZD:JPY.png 

 

Throughout Wednesday's session, the NZD/JPY pair failed to gain upward/downward momentum, and as Thursday's Asian Pacific session begins, it is meandering at this week's lows. At the time of writing, the NZD/JPY exchange rate was 82.87, which was close to unchanged.

 

The daily chart for NZD/JPY displays the currency pair as neutral to slightly negative, although on Wednesday it failed to gain momentum. A doji appeared at the bottom of the week around 82.65, which may intensify a near-term consolidation. If this scenario plays out, the NZD/JPY will move between 82.65 and 83.00 for the remainder of the session, barring a catalyst that propels the pair above or below the range.

 

The initial upwards barrier for the NZD/JPY would be the 20-day Exponential Moving Average (EMA) at 83.44, followed by the 200-day EMA at 83.85. The weekly lows at 82.65 would provide the next support for the NZD/JPY, followed by the crucial 82.00 level.

 

In the immediate future, the formation of a bearish pennant on the NZD/JPY 1-hour chart indicates that further drops are imminent. A breach of the bottom trendline of the pennant will pave the way for additional losses, with the first leg of the slide targeting the S1 daily pivot at 82.62.

 

Next stop for the New Zealand dollar/Japanese yen downtrend would be the S2 pivot at 82.44, followed by the S3 daily pivot at 82.24.


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