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On March 14, US President Trump stated that the US military would launch a "fierce airstrike" against Iran next week. He declined to comment on whether the US was attempting to seize Kharg Island, Irans oil export hub. Trump stated that the US does not need Ukraines anti-drone technology to defend against Iranian drones. Previously, reports indicated that the US was considering seizing Kharg Island, located in the Persian Gulf, as military action against Iran continued. Kharg Island is Irans largest crude oil export base, handling 90% of the countrys oil exports. In an interview on March 13, Trump refused to answer related questions, stating that seizing Kharg Island was "not a priority." Trump reiterated in the interview that the US military would escort oil tankers through the Strait of Hormuz if necessary.March 14th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.31% to 1127 yuan/gram, the Shanghai Silver futures contract fell 4.59% to 20682 yuan/kilogram, and the SC Crude Oil futures contract rose 4.47% to 787 yuan/barrel.March 14th - As Middle Eastern crude oil supplies are stuck in the Persian Gulf, Asian refiners are scrambling for alternatives, and a Thai refiner has made a rare move by purchasing Forties crude oil from Trafigura. A trader familiar with the matter revealed that Trafigura sold a shipment of approximately 700,000 barrels of crude oil, with loading scheduled for late March. This marks the first time a Thai company has purchased North Sea crude oil since Bloomberg began tracking the data in 2019. Sources indicated that the cargo will be transported to Thailand via an Aframax tanker, which typically carries 600,000 to 700,000 barrels of crude oil. North Sea crude oil is usually transported to Asia on supertankers, but record freight rates have reduced the economic viability of large tankers.Total Energy: The shutdown of Qatar’s LNG production facility has a limited impact on our LNG trading activities.Total Energy: Production in our offshore regions of Qatar, Iraq and the UAE has been or is being halted, representing about 15% of our total production.

NZD/USD Price Analysis: Protects NZ Inflation-Induced Support Break; 0.6140 in Sight

Daniel Rogers

Apr 20, 2023 13:51

 NZD:USD.png

 

During the mid-Asian session on Thursday, NZD/USD bears maintain control at the lowest levels in five weeks while defending New Zealand (NZ) losses caused by inflation near 0.6160. This justifies not only the weaker-than-anticipated New Zealand inflation, but also the recent break of one-month-old horizontal support, which is now immediate resistance, as well as the bearish MACD signals.

 

As measured by the Consumer Price Index (CPI), the Reserve Bank of New Zealand (RBNZ) policy purists were unpleasantly surprised by New Zealand's (NZ) first-quarter (Q1) inflation. Despite this, the Quarter-over-Quarter change in the New Zealand Consumer Price Index (CPI) decreases from 1.7% and 1.4%, respectively, to 1.2%.

 

Following the publication of disappointing data, the NZD/USD pair breached a one-month-old horizontal support level, which is now acting as a barrier near 0.6170. The bearish MACD signals are now directing NZD/USD traders toward a horizontal support level that has been in place for 1.5 months and is located near 0.6140.

 

If the NZD/USD bears remain dominant above 0.6140, the 2023 low of 0.6085 cannot be ruled out.

 

The 200-day simple moving average hurdle of 0.6220 becomes crucial for NZD/USD investors to return.

 

If the NZD/USD pair remains above 0.6220, a run up to the previous weekly high around 0.6315 and then to the monthly high of 0.6386 cannot be ruled out.


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