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Futures, February 24, according to market news, last Friday night, the Trump administration of the United States is pressuring Iraq to allow Kurdish oil exports to resume, otherwise it will face sanctions together with Iran. Oil prices have fallen back significantly. Iraqs Deputy Minister of Oil said on Sunday that once oil transportation resumes, Iraq will export 185,000 barrels per day from oil fields in the Kurdish region through the Iraq-Turkey pipeline, and gradually increase to 400,000 barrels per day. All procedures for resuming pipeline exports have been completed, which may resolve a dispute that has disrupted the flow of crude oil for nearly two years. However, resuming pipeline transportation may put Iraq in a dilemma. On the one hand, it has to cut production, and on the other hand, Trump called on OPEC+ to lower oil prices. In addition, the President of Ukraine said that he is willing to resign as president if it can bring peace, and pay attention to the acceleration of the Russian-Ukrainian negotiations. In the short term, oil prices are still volatile, and the focus is on the supply side.Hong Kong stocks Hang Seng Index and Hang Seng Tech Index both turned positive, after the Hang Seng Tech Index had previously fallen rapidly by more than 1%.The Hang Seng Index in Hong Kong opened on February 24 (Monday) down 5.78 points, or 0.02%, to 23,472.14 points; the Hang Seng Technology Index opened on February 24 (Monday) up 5.25 points, or 0.09%, to 5,864.55 points; the CSI 300 Index opened on February 24 (Monday) up 3.81 points, or 0.04%, to 8,670.53 points; the H-share Index opened on February 24 (Monday) down 5.01 points, or 0.13%, to 3,857.09 points.Hang Seng Index futures opened at 23,399 points, down 0.21%, 77 points below the spot price.USD/CNY reported 7.1717, up 21 points (RMB depreciation); EUR/CNY reported 7.5475, up 87 points; HKD/CNY reported 0.92306, up 9.6 points; GBP/CNY reported 9.1115, up 34 points; AUD/CNY reported 4.5928, down 98 points; CAD/CNY reported 5.0734, down 47 points; JPY/CNY reported 4.8332, up 105 points; RMB/RUB reported 12.2042, down 361 points; NZD/CNY reported 4.1537, up 26 points; RMB/RMB reported 0.61309, down 11.5 points; CHF/CNY reported 8.0106, up 128 points; SGD/CNY reported 5.3914, down 45 points.

As the US labor market strengthens and China CPI is anticipated, AUD / USD Appears Vulnerable Near 0.6600

Alina Haynes

Mar 09, 2023 13:59

 AUD:USD.png

 

The AUD / USD pair is displaying a back-and-forth pattern during the Asian session below the round-level resistance of 0.6600. The Australian asset appears vulnerable at the same time that the risk-aversion theme has been strengthened by intensifying fears of a U.S. recession and expectations of higher rates from the Federal Reserve (Fed).

 

S&P500 futures are displaying nominal losses following a fragile recovery move. It seems that the dead cat recovery move by the 500-US stocks basket is tapering away. The US Dollar Index (DXY) has turned sideways above 105.20 after a modest correction; however, the upside appears favored amid positive U.S. Employment data.

 

The robust addition of new jobs to the US labor market in February as a result of rising demand has validated Fed policymakers' concerns about persistent inflation. The United States Automatic Data Processing (ADP) reported an increase of 242K positions in February, exceeding both the expected increase of 200K and the previous release of 119K. As a result, Fed Chair Jerome Powell stated, "The Fed is prepared to announce more rates to reduce inflation."

 

The US Nonfarm Payrolls (NFP) data, which will be released on Friday, will provide investors with greater insight into the state of the US labor market. In addition, the dissemination of the Unemployment Rate and Average Hourly Wages will be crucial.

 

The Australian Dollar has been under intensified pressure following the Reserve Bank of Australia's (RBA) fifth consecutive 25 basis point (bps) rate hike and RBA Governor Philip Lowe's consideration of a policy-tightening suspension in response to a one-time blip in the monthly Consumer Price Index (CPI).

 

Investors are currently focused on China's Consumer Price Index (CPI) (February) data. It is anticipated that China's annual CPI will decrease to 1.9% from the previous release of 2.1%. The monthly CPI in China has been reduced to 0.2% from 0.8% previously. If inflation declines, the Chinese government and the People's Bank of China (PBOC) may be forced to infuse more liquidity into the economy.


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