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November 11 - Local time on the 11th, the general election for the Iraqi National Assembly officially began, with voting lasting from 7:00 am to 6:00 pm.On November 11th, ING stated that among Asian high-yield currencies, the Indian rupee has the greatest appreciation potential next year. The bank pointed out that a trade agreement between India and the United States could drive a rebound in the rupee, which has significantly underperformed its peers this year. In a report dated November 10th, ING economists, including Deepali Bhargava, predicted that the Indian rupee would appreciate to 87 rupees to the US dollar by the end of 2026, an increase of approximately 2% from current levels. The bank believes that based on real effective exchange rate calculations, the rupee is currently trading below its fair value and is one of the Asian currencies with the greatest potential for appreciation. The economists stated, "If trade negotiations turn in a favorable direction, the Indian rupee could achieve a substantial reversal. India remains a top performer among high-yield economies: solid fundamentals, manageable fiscal risks, and continued investment attraction through supply chain diversification."November 11th - According to the Financial Times, two prominent think tanks and the German central bank recently issued warnings about the use of new German borrowing. Economists have accused Chancellor Merz of diverting billions of euros in new debt originally intended for defense and infrastructure investment to increase welfare spending and other recurring expenditures. The German central bank and two economic think tanks pointed out that a significant portion of the governments planned new borrowing may be used in areas that should be covered by the regular budget—including tax cuts and subsidies. After winning the federal election in February, Merz reached a landmark agreement with the Social Democratic Party and the Green Party, loosening constitutional borrowing restrictions on infrastructure and defense spending. The new rules open the door to up to €1 trillion in new investment in these two sectors over the next decade, which is expected to boost GDP growth that has stagnated for four years. Tobias Henze, an economist at the German Institute for Economic Research, said, "This budget trick could damage Germanys future competitiveness."S&P 500 futures turned lower, Nasdaq futures fell 0.14%, and Dow futures rose slightly by 0.06%.November 11th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices fluctuated around the previous trading days intraday level. The market attempted to improve its performance after a bullish overlap signal appeared on the Relative Strength Index (RSI), indicating some positive support that may limit price movements in the short term.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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