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June 3rd Futures News: Overall, the domestic refined oil market is currently experiencing a complex interplay of positive and negative factors. Short-term increases in international crude oil prices support firm price increases from major oil companies, but expectations of retail price reductions and weak end-user demand dominate, significantly offsetting the positive impact of overseas prices. It is expected that the domestic gasoline and diesel market will maintain a stable to slightly higher list price in the short term, with flexible price concessions in actual transactions, and market sentiment is unlikely to see a significant recovery. Future market trends will largely depend on the market recovery after the new round of retail price adjustments, while closely monitoring international crude oil price fluctuations and the strength of the recovery in domestic end-user demand.On June 3, it was reported that, with the approval of the State Council, the Peoples Bank of China and the Central Bank of Egypt recently renewed their bilateral currency swap agreement. The swap size has been increased from the original 18 billion yuan/80.7 billion Egyptian pounds to 30 billion yuan/203 billion Egyptian pounds. The agreement is valid for three years and can be extended with the consent of both parties. The renewal and expansion of the bilateral currency swap agreement will help deepen monetary and financial cooperation between the two countries, expand the use of local currencies between China and Egypt, facilitate bilateral trade and investment, and maintain financial market stability.Saudi Aramcos Vice President of Market Analysis and Sustainability: The reduction of refining capacity by 3 million barrels per day between 2020 and 2023 has impacted the system during the current crisis.Saudi Aramco Vice President of Market Analysis and Sustainability: Underinvestment in the oil refining sector.Eurozone PPI rose 0.6% month-on-month in April, below the expected 0.5% and the previous reading of 3.40%.

After positive Japan Retail Trade statistics, the USD/JPY currency pair declines toward 138.50

Daniel Rogers

Aug 31, 2022 11:37

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The US dollar fell against the Japanese yen by less than 0.1 percent to 138.50 after upbeat economic data was released. Retail sales in Japan rose by 2.4% last year, beating both analysts' estimates of 1.9% growth and the prior report of 1.5% growth. Furthermore, retail sales have climbed to 0.8% on a monthly basis. Meanwhile, the report on Industrial Production is 1.8% higher than expected and 2.6% higher than the previous release.

 

Because the US dollar index (DXY) has done so well, bulls have been able to keep a firm grip on the asset. The DXY is aiming for a return to its two-decade high of 109.29 after encouraging data on consumer confidence and hawkish remarks from Fed governors.

 

When compared to July's 95.3 score, August's 103.2 reading on the Conference Board's (CB) Consumer Confidence survey is a significant gain. Improved faith in the economy boosts retail spending, which in turn supports the domestic currency. The DXY was also helped along by John Williams, president of the New York Fed Bank.

 

Fed Williams believes that interest rates will need to increase by more than 3.5 percent by the end of the year in order to slow the rate of inflation. He predicted that by the next year, inflation might drop to between 2.5% and 3%.

 

The release of US Nonfarm Payrolls (NFP) data on Friday remains the focal point of investors' attention this week. It is expected that employment growth numbers would remain satisfactory notwithstanding a halt in recruiting by a number of tech companies and the effects of dwindling liquidity. Reduced from 528k in the prior publication, the anticipated economic data is 300k.


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