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May 8 - Two engineers said on Friday that a state of emergency has been declared at the Zawiya oil refinery, west of Tripoli, the Libyan capital, due to clashes near the plant. Located 40 kilometers west of Tripoli, Zawiya houses Libyas largest operating refinery, with a daily capacity of 120,000 barrels. The refinery is connected to the Sharara oil field, which has a daily production capacity of 300,000 barrels.On May 8th, the European Union will clarify that European airlines can use a type of aviation fuel more commonly found in the United States to help cope with supply disruptions caused by the closure of the Strait of Hormuz. The EU will also confirm that ticket prices cannot be increased after they have been sold. Airlines 4 Europe, an industry group representing companies such as Lufthansa, Air France-KLM, and IAG SA (the parent company of British Airways), had previously petitioned the EU to allow the import and use of Jet A fuel, which is widely used in the United States. The current standard fuel type in Europe is A1. Sources indicate that the European Commission will clarify on Friday that there are no regulatory obstacles to this practice, but changing the fuel type within the logistics system may require the consent of all users in that system. Jet A1 is the most commonly used aviation fuel globally, made from kerosene, and Jet A is typically only available in the United States. The European Commission will also state that ticket prices cannot be retroactively increased after they have been sold, while reminding the aviation industry to comply with passenger rights regulations applicable to all flight cancellations. The Commission will also inform airlines that current rules allow for flexibility in airport slot arrangements.Two engineers said clashes broke out near the Zawiya refinery in Libya, prompting the refinery to declare a state of emergency.On May 8th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. International copper futures warehouse receipts: 11,815 tons, a decrease of 201 tons from the previous trading day; 2. Hot-rolled coil futures warehouse receipts: 625,760 tons, an increase of 1,108 tons from the previous trading day; 3. Silver futures warehouse receipts: 812,413 kg, an increase of 24,511 kg from the previous trading day; 4. Natural rubber futures warehouse receipts: 134,030 tons, unchanged from the previous trading day; 5. Rebar warehouse futures warehouse receipts: 92,026 tons, a decrease of 1,830 tons from the previous trading day; 6. Pulp warehouse futures warehouse receipts: 198,978 tons, an increase of 935 tons from the previous trading day; 7. Pulp mill warehouse futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 8. Tin futures warehouse receipts: 9,112 tons, an increase of 3,156 tons from the previous trading day; 9. Butadiene rubber futures warehouse receipts: 32,520 tons, down 110 tons from the previous trading day; 10. Copper futures warehouse receipts: 89,928 tons, down 2,513 tons from the previous trading day; 11. Gold futures warehouse receipts: 109,653 kg, unchanged from the previous trading day; 12. Stainless steel warehouse futures warehouse receipts: 58,582 tons, up 945 tons from the previous trading day; 13. Low-sulfur fuel oil warehouse futures warehouse receipts: 27,570 tons, down 4,000 tons from the previous trading day; 14. TSR20 rubber futures warehouse receipts: 36,389 tons, unchanged from the previous trading day; 15. Zinc futures warehouse receipts: 100,880 tons, up 633 tons from the previous trading day; 16. Nickel futures warehouse receipts: 70,388 tons, down 6 tons from the previous trading day; 17. 18. Alumina futures warehouse receipts: 503,450 tons, up 8,687 tons from the previous trading day; 19. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 20. Lead futures warehouse receipts: 55,529 tons, unchanged from the previous trading day; 21. Aluminum futures warehouse receipts: 460,976 tons, up 7,882 tons from the previous trading day; 22. Petroleum asphalt plant warehouse futures warehouse receipts: 21,790 tons, down 2,440 tons from the previous trading day; 23. Petroleum asphalt warehouse futures warehouse receipts: 26,000 tons, unchanged from the previous trading day; 24. Fuel oil futures warehouse receipts: 64,030 tons, down 54,320 tons from the previous trading day.ECB President Christine Lagarde: The ECB is studying defensive measures against Myhtos-driven attacks.

AUD/USD falls approaching 0.7200 despite the former RBA governor's aggressive forecasts

Alina Haynes

Jun 08, 2022 11:59

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Bears and buyers continue to fight for position around 0.7220-25 as sentiment is mixed and investors remain cautious ahead of the week's big data/events. In doing so, the Australian duo struggles to defend the hawkish remarks of former Reserve Bank of Australia (RBA) Governor Ian Macfarlane.

 

Ex-RBA Governor Macfarlane warned early Wednesday morning about chronically rising inflation and the need to drastically increase interest rates. The former policymaker also stated, "There is sufficient scarcity in Australia and the United States to maintain a high inflation rate."

 

In contrast, China's Vice Commerce Minister Wang Shouwen joined China's Vice Finance Minister Zou Jiayi in reiterating concerns about a global economic downturn and a decline in demand. Recent consensus among policymakers held that the rise of global demand is slowing.

 

It's worth noting that a rebound in US Treasury rates and apprehension ahead of Thursday's European Central Bank (ECB) meeting, as well as Friday's US Consumer Price Index (CPI) for May, tend to stifle the AUD/USD pair's movements.

 

In spite of this, 10-year US Treasury note rates jump two basis points (bps) to 2.99 percent the day after breaking a six-day downward trend. A record decline in the US trade deficit and optimism on the US budget appear to have prompted a recall of US Treasury bond sellers. The US trade deficit for April decreased 19.1 percent from the previous day to USD87.1 billion.

 

Other market optimists were defended by US Treasury Secretary Janet Yellen and optimism for a quicker economic rebound in China. Tuesday, US Treasury Secretary Yellen spoke before the Senate Finance Committee about the Fiscal Year 2023 Budget while stating that the US economy faced problems from "unsustainable levels of inflation" and supply chain disruptions. The official said, "An adequate budget is necessary to support the Fed's efforts to control inflation without damaging the labor market."

 

It should be noted that World Bank (WB) President David Malpass's warning that faster-than-anticipated tightening might force certain nations into a debt crisis akin to that of the 1980s appears to have impacted on the quotation as of late. The risk-negative news from Ukraine may follow a similar trajectory. Politico reported that Ukraine has not yet achieved a deal with Russia or Turkey to enable the safe passage of its grain ships in the Black Sea, casting doubt on a U.N. initiative to build a crucial food corridor.

Technical Evaluation

A two-week-old support line protects AUD/USD buyers at 0.7205. However, the 200-day moving average and the recent top, located around 0.7255 and 0.7285, may challenge the Aussie pair's upside before the bulls regain control.


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