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June 30, according to the Wall Street Journal, as the Kremlin uses its manpower advantage in more and more places on the front line, Russian troops are only 12 miles (about 16 kilometers) away from the capital of the northern Ukrainian region, which is Moscows new goal. Earlier this year, the Russian army almost drove all Ukrainian troops out of Russias Kursk region. Now, Russian troops have crossed the border from the opposite direction and poured into the Sumy region. According to soldiers fighting in the area, they have 50,000 troops in the area, about three times the number of Ukraine. As Russia advances towards Sumy, Trump has begun to express increasing dissatisfaction with the Kremlins unwillingness to promote a ceasefire. Although Ukrainian and Russian officials have been holding talks in Turkey in recent weeks, Moscow has stepped up missile and drone attacks on Ukrainian cities during the same period.According to the Wall Street Journal: Russia currently has about 50,000 troops around Sumy, the capital of Ukraines northern region, which is about three times the number of Ukrainian garrisons, putting Ukraine in an unfavorable position.Canadian Prime Minister Carney: The cancellation of digital tax will help promote the resumption of US-Canada tariff negotiations.On June 30, US President Trump once again expressed his dissatisfaction with the US-Japan auto trade in an interview with Fox News Channel on the 29th. Trump stressed, "This is unfair. This has been explained to Japan. They also expressed understanding." Trump also hinted that he would not make concessions on the issue of imposing a 25% tariff on imported cars. This statement reflects the difficulty of the US-Japan negotiations, where auto tariffs have become an obstacle.Canada scraps digital services tax to advance broader trade talks with the U.S.

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

Daniel Rogers

Apr 10, 2023 14:21

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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.


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