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On April 3, the Australian bond market has experienced a dovish turn since the White House announced its new tariff agenda. IG market analyst Tony Sycamore said that the market has priced in an 85% chance that the Reserve Bank of Australia will cut interest rates by 25 basis points in May. Subsequent rate cuts are expected in August and November, with a cumulative rate cut of 75 basis points by November. He added that US tariffs have far exceeded expectations, increasing the likelihood of a trade war and recession in the United States. He also said that since goods from countries such as Vietnam are now effectively shut out of the United States, cheap goods are expected to flood other Asian markets.Japan’s Chief Cabinet Secretary Yoshimasa Hayashi declined to comment when asked about the possibility of retaliation against U.S. tariffs.Japanese Chief Cabinet Secretary Yoshimasa Hayashi: We believe that the recent US tariff measures may have a significant impact on the multilateral trading system, and we strongly call on the United States to exclude Japan from these measures.Japanese Economy, Trade and Industry Minister Yoji Muto: The online meeting with US counterparts was held before the tariffs were announced.Japanese Minister of Economy, Trade and Industry Yoji Muto: We have told the United States that tariff measures may hinder Japanese companies investment in the United States.

Look at $82.75 on NYMEX crude oil

Oct 26, 2021 11:02

On Tuesday (October 12), international oil prices continued their upward momentum in the previous three trading days. Analysts said that the rebound in global demand and energy shortages in economies from Europe to Asia have driven oil prices to strengthen rapidly. NYMEX crude oil looks at US$82.75.

GMT+8 13:57, NYMEX crude oil futures rose 0.43% to 80.87 US dollars per barrel; ICE Brent crude oil futures rose 0.50% to 84.07 US dollars per barrel.


Overnight, the two cities respectively set a new high of US$82.18/barrel since October 29, 2014 and a new high of US$84.60/barrel since October 10, 2018.

Craig Erlam, senior market analyst at OANDA, said: "There is still a lot of momentum behind the oil rally, and the fundamentals are still extremely favorable. Even if we see oil prices return to triple digits later this year, it will not surprise us."

Driven by energy shortages in Asia, Europe and the United States, electricity prices have risen to record highs in recent weeks. The surge in natural gas prices has also prompted power plants to switch fuels from cleaner natural gas to oil.

Qatar, the world's largest producer of liquefied natural gas (LNG), told customers on Monday that it cannot help lower energy prices and supply more fuel to the market. Analysts estimate that the shift from natural gas to oil-based power generation may increase crude oil demand by 250,000 to 750,000 barrels per day.

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, breaking through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and ((3)) the 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in five upward waves starting from $74.97, and the upper resistance looks at the 161.8% target of $82.75. Wave 5 is a sub-wave of the up (1) wave that started at $61.74. (1) Waves are the sub-waves of ((3)) waves.

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