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July 4, European Central Bank President Christine Lagarde said on Friday that the EUs economic system needs to be more efficient and productive so that the euro can play an equal role with the dollar as the worlds most important currency. "Political leaders and policymakers need to get involved to make our economy more productive and efficient, and then the euro can become a major global currency."Futures July 4 news, 1. WTI crude oil futures trading volume was 680,832 lots, a decrease of 138,022 lots from the previous trading day. The open interest was 1,993,630 lots, a decrease of 9,845 lots from the previous trading day. 2. Brent crude oil futures trading volume was 149,874 lots, a decrease of 4,134 lots from the previous trading day. The open interest was 177,772 lots, an increase of 41 lots from the previous trading day. 3. Natural gas futures trading volume was 427,949 lots, an increase of 112,281 lots from the previous trading day. The open interest was 1,500,816 lots, an increase of 4,078 lots from the previous trading day.ECB President Lagarde: The EU needs to further reduce trade barriers and simplify regulatory measures within Europe.ECB President Christine Lagarde: Before the euro can enhance its status as a global currency, our economic system needs to become more efficient and integrated.July 4, the World Meteorological Organization issued a bulletin on the 3rd saying that many parts of Europe are experiencing extremely high temperatures, which has led to a surge in air pollution, increased wildfire risks, and serious impacts on residents daily lives. The bulletin said that record high temperatures occurred in many parts of Europe in June this year. Its abnormality is not only reflected in the intensity, but also in the change in the time of occurrence, because extreme high temperatures usually occur in midsummer. In addition to Europe, parts of the Americas, Africa, and Asia are also experiencing temperatures far above average, while in the southern hemisphere, which is in winter, Argentina, Chile, Paraguay and other countries experienced a record cold wave in June.

As a result of the Fed's hawkish stance, the AUD/USD has fallen below 0.6600, shifting market focus to PMI data

Alina Haynes

Sep 22, 2022 14:57

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The Australian dollar was trading below the 0.6600 US dollar support level during the Tokyo trading session. As a result of the Federal Reserve's interest rate decision, the asset is tumbling like a pack of cards (Fed). The two-day downtrend has resumed, and the asset is now trading below the round-number support of 0.6600. The asset is expected to have support close to the 0.65 level.

 

Investors believed the Federal Reserve will raise interest rates by 75 basis points (bps) for a third time in a row. Volatile hawkish counsel has had an effect on risk-sensitive and commodity-linked currencies. The Fed has put off job growth, economic prospects, the housing market, and demand for durable goods in order to maintain price stability, which is its core goal.

 

The target for maturity rates is 4.6%, which is significantly higher than the previous peak of 3.6%. Because of this, the distribution of loans will be slowed and the market liquidity will decrease. Lenders may also see an increase in their delinquency fees as a result. Since fewer loans are being made available, some companies may delay expansion plans.

 

The financial markets in Australia will be closed on Thursday for National Mourning Day. Accordingly, the performance of the US dollar index will continue to be scrutinized closely (DXY). The S&P Australian PMI data is expected to be issued on Friday, and investors will continue to keep a close eye on it. It is expected that the Manufacturing PMI would rise from 53.8 to 54.0. While we expect the Services PMI to drop from its current 50 to a much more modest 47.7.


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