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1. According to Longzhong Information, as of the week ending July 6, the total commercial inventory of pure benzene at Jiangsu ports fell to 59,800 tons, a decrease of 14,200 tons week-on-week, a drop of nearly 20%. This absolute amount is a sharp decrease of 114,200 tons compared to 174,000 tons in the same period last year, a year-on-year decrease of 65.63%. 2. Sources say Germany plans to establish an emergency natural gas reserve, with a scale of up to 1.5 billion euros, plus operating costs. 3. Monitoring by the National Grain and Oil Information Center shows that as of July 3, 2026, the commercial inventory of the three major domestic oils has increased significantly to 2.18 million tons, an increase of 70,000 tons week-on-week. The national major oil mills imported soybean inventory is 7.7 million tons, an increase of 280,000 tons week-on-week; domestic soybean oil commercial inventory is 1.08 million tons, an increase of 10,000 tons week-on-week; and palm oil is 760,000 tons, an increase of 50,000 tons week-on-week. 4. According to the Ejin Horo Banner Mine Safety Supervision Bureau, the Ejin Horo Banner Haoda Coal Co., Ltd. has been ordered to suspend production for rectification due to safety hazards. 5. Market news: BHP Billiton has received approval to launch a $15 billion copper mine expansion project in Chile. 6. Mysteel satellite data shows that from June 29 to July 5, 2026, the total iron ore inventory at seven major ports in Australia and Brazil reached 14.394 million tons, an increase of 421,000 tons compared to the previous period. Port inventories continue to accumulate, and the current inventory level has risen to a high level for the year. 7. Shanghai Gold Exchange: Agreed to admit Hong Kong Precious Metals Central Clearing System Limited as an international member of the Shanghai Gold Exchange. 8. According to CCTV, the Guangxi Zhuang Autonomous Region Hydrological Center upgraded its flood warning to red at 7:00 AM on the 7th. Riverside areas in Guigang, Nanning, Wuzhou, Qinzhou, Beihai, Fangchenggang, Yulin, and Guilin should strengthen precautions and take timely evacuation measures. 9. According to the Shanghai Securities News, Pan Gongsheng, Governor of the Peoples Bank of China, stated that he supports Hong Kong in launching offshore RMB treasury bond futures and supports Hong Kong in building a comprehensive financial trading platform.JPMorgan Chase raised its price target for Eli Lilly (LLY.N) from $1,300 to $1,400.The yield on Japans 5-year government bonds fell 1.0 basis point to 1.930%.The yield on Japans 20-year government bonds fell 4 basis points to 3.765%, while the yield on Japans 30-year government bonds fell 7 basis points to 4.005%.The yield on Japans 30-year government bonds fell 5 basis points to 4.025%.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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