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The onshore yuan closed at 6.7674 against the US dollar at 16:30 on July 27, up 70 points from the previous trading day.Hong Kongs trade balance in June was -HK$51.952 billion, compared to -HK$44.2 billion in the previous month.Hong Kongs exports grew at an annual rate of 53.4% in June, compared with 40.80% in the previous month.Hong Kongs imports rose 45.4% year-on-year in June, up from 42.00% in the previous month.July 27th, Futures News: Key issues such as Irans control of the Strait of Hormuz and its missile and nuclear programs remain unresolved, and any ceasefire is highly likely to be temporary, leaving geopolitical risks still volatile. While international oil prices have recently seen a wider decline, the possibility of unforeseen black swan events cannot be ruled out. The fundamentals of refined oil products remain weak, and with the end of the month approaching, major oil companies are facing increased sales pressure, leading to a decline in inflated prices. However, the continued policy of major oil companies limiting sales and the high raw material costs for local refineries will provide support for the bottom prices of gasoline and diesel. It is expected that domestic gasoline and diesel prices will fall and then stabilize this week, mainly fluctuating in line with crude oil trends. Due to short-term emotional disturbances in international oil prices, the recent correction is temporary, significantly increasing the uncertainty surrounding the future trend of refined oil products.

Price Analysis of the US Dollar Index: DXY Retreats from 104.00, Rising Wedge Anticipated

Alina Haynes

May 12, 2022 10:27

During Thursday's Asian session, the US Dollar Index (DXY) fails to continue the previous two days' upward momentum, trading on the defensive around 103.95.

 

In doing so, the dollar index remains near the 20-year high reached earlier in the week, but for the first time in three days, the daily decline is recorded.

 

In addition to highlighting a 12-day-old rising wedge bearish pattern surrounding the multi-day top, the DXY's most recent decline also reveals a multi-day top-adjacent rising wedge formation. The slow RSI also highlights the significance of the chart pattern.

 

However, a decisive breach below 102.90 is required to validate the potential decline to 101.30.

 

During the fall, the 100-SMA and monthly low between 102.65 and 102.35 will serve as intermediate stops.

 

Until the quote continues below the indicated wedge's resistance line, approximately 104.30 as of press time, a recovery appears elusive.

 

After that, a slow climb to the September 2002 high of 109.80 cannot be ruled out.

Four-hour DXY chart

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