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On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.Japans inventory levels fell 0.6% month-on-month in May, compared with a previous decline of 0.3%.Japans industrial production fell 1.7% year-on-year in May, compared with a forecast of 1.2% and a previous reading of 2.00%.

Natural Gas Price Futures (NG) Technical Analysis — Seasonal Temperatures Capping Gains from July 16-19

Alina Haynes

Jul 06, 2022 11:26

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Natural gas futures are on the rise early Wednesday morning after hitting their lowest level since March 24 during the previous session. After overnight weather projections predicted reprieve from the unusually hot weather that has afflicted the country for over a month, vendors resumed their efforts yesterday.

 

Natural gas futures for August are trading at $5.632, up $0.109 or 1.97 percent as of 01:16 GMT. Tuesday's closing price for the United States Natural Gas Fund ETF (UNG) was $18.65, down $0.66 or 3.42 percent.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if required, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts provide spreads beginning at 0 pips and commissions of $3.50 every 100k transacted. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any nation or jurisdiction where distribution or use would violate local law or regulation.

 

According to NatGasWeather, the major American and European weather models continued to indicate a strong head during the first part of the month, however a cooling trend may be on the way.

 

NatGasWeather forecasts scorching temperatures from July 15-16, followed by a "seasonal or neutral" weather from July 16-19. Traders appear to be concentrating on the period from July 16-19. This might determine the market's fate this week.

 

According to the daily swing chart, the primary trend is to the downside. A move over $5,325.00 will indicate a return of the downward trend. A move over $6.833 would indicate a transition to an upward trend.

 

The principal price range is $3.528 to $9.645. Currently, the market is trading on the weak side of its retracement zone between $5.865 and $6.587, which represents resistance. The minor range is between $6.833 and $5.25. Its pivot at $6,079 represents added resistance.

 

At $5.385, the market is now sitting slightly over a prior low point. If the selling pressure persists and this level is decisively broken, then a rapid decline to the March 9 major low around $4.610 is likely to commence.

 

Overcoming the long-term Fibonacci level at $5.865 will be the first indication of a bottom on the upswing. A persistent advance over the minor pivot at $6.079 would suggest that short-covering is gaining strength. This may result in a challenge of the long-term 50% level at $6.587.

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