EUR/USD 1.14020
0.286%
Gold 4079.78
1.321%
Oil 68.627
-3.781%
USD/JPY 161.650
-0.090%
GBP/USD 1.32082
0.136%
GBP/JPY 213.515
0.058%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Japanese Chief Cabinet Secretary Minoru Kihara: No unusual activity has been observed at Mount Fuji.June 26th - According to sources, the ruling coalition led by German Chancellor Merz is negotiating up to €20 billion in personal income tax cuts, attempting to leverage the current momentum to advance a broader reform agenda. However, the parties remain divided on how to finance the tax cuts. Merzs Christian Democratic Union (CDU) leadership and the Social Democratic Party (SPD) leaders will meet on Sunday to bridge their differences on tax cuts for those earning less than €100,000 annually. The coalition partners are preparing to meet on July 1st to finalize plans for pension, healthcare, and tax system reforms to revitalize German economic growth.New York gold futures touched $4,100 per ounce, up 1.29% on the day.U.S. stocks narrowed their losses, with the S&P 500 briefly turning positive, the Dow Jones Industrial Average down slightly by 0.01%, and the Nasdaq Composite Index narrowing its losses to 0.26%.On June 26th, the final reading of the University of Michigan Consumer Sentiment Index for June came in at 49.5 (preliminary reading 48.9), up about 10% from May, due to a slight decline in gasoline prices. Consumer confidence improved across income, wealth levels, and political affiliations. Expectations for business conditions over the next five years rose sharply by 16%, suggesting that consumer concerns about the long-term consequences of the conflict with Iran appear to be easing. However, the index remains in unfavorable territory, 13% lower than the figure for February 2026 (before the outbreak of the conflict) and nearly 20% lower than the same period last year. The cost of living remains the biggest concern for consumers: for the third consecutive month, more than half of consumers cited high prices as dragging down their personal finances. Inflation expectations for the next year fell slightly to 4.6% this month from 4.8% in May, but remain high. The current reading is significantly higher than the 3.4% in February before the outbreak of the conflict, and also higher than all data for the whole of 2024. Long-term inflation expectations fell to 3.3% in June from 3.9% last month, but remain slightly above the 2.8%-3.2% range for 2024.

Natural Gas Price Prediction: XNG/USD depicts corrective rebound near $2.15, 20-month low

Daniel Rogers

Apr 10, 2023 14:21

147.png 

 

Natural Gas (XNG/USD) gains bids to consolidate recent losses near $2.17, gaining 0.55% intraday on Monday. In doing so, the energy source recovers from its lowest levels in twenty months, recorded the previous day, amidst fears of a supply crunch emanating from China and Russia.

 

The visit of Taiwanese President Tsai Ing-wen to the United States has sparked a new round of tensions between the United States and China, as China conducts large-scale military exercises near the Taiwan Strait. The same could be considered a risk-negative and a major challenge for Gas transportation, allowing the XNG/USD to lick its wounds near levels not seen since August 2020. The island's defense ministry reported multiple air force sorties and was monitoring China's missile forces, as reported by Reuters.

 

On the other hand, the four-week downward trend of the US Dollar and rumors encircling the Federal Reserve's (Fed) rate reduction in late 2023 appear to support the corrective rebound of the quote, due to its inverse relations with the USD.

 

In addition, the beginning of the summer travel season in Europe and Russia's willingness to heighten geopolitical concerns about Ukraine by employing nuclear weapons in the multi-month-long conflict with Kyiv both favor XNG/USD purchasers.

 

The price of Natural Gas is impacted by concerns of a dismal winter in the West and Russia's inability to capitalize on its gas monopoly. In a similar vein could be the recession concerns, which are largely supported by the most recent negative US data.

 

Nonetheless, the ebullient US Nonfarm Payrolls (NFP) numbers released on Friday bolster hawkish Fed wagers. With this, the CME’s FedWatch Tool suggests 69% odds of the 0.25% rate rise in May, versus 55% before the US employment report.

 

While portraying the atmosphere, S&P 500 Futures print modest losses around 4,132 while snapping a two-day uptrend whereas the US 10-year and two-year Treasury bond yields remain pressured near 3.37% and 3.95% respectively. In doing so, the benchmark bond coupons extend the previous day’s losses and depict the market’s stampede toward the risk-safety amid economic slowdown concerns. Further, the US Dollar Index (DXY) nurses its wounds around a two-month low while the WTI crude oil rises to $80.80 by the press time.

 

Looking forward, the Easter Monday holiday can restrict the market’s intraday moves. However, updates from the US Consumer Price Index (CPI) data and the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes will be crucial for near-term directions as speculative assets seem losing their appeal. It’s worth mentioning that the commencement of earnings season will also be essential for traders to monitor amid recession woes.


Suggestion