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Japanese Prime Minister Sanae Takaichi urged the cabinet to seek new sources of oil imports. It is estimated that approximately 60% of crude oil imports in May will bypass the Strait of Hormuz.European seaborne gas supplies have seen their first monthly decline in over a year, driven by terminal construction and tightening global gas supplies. Data shows that the number of liquefied natural gas (LNG) carriers arriving in Europe so far this month is lower than in April last year, and this gap is widening over time. Data intelligence firm Kpler predicts that imports this month may fall by about 3%, marking the first year-on-year decline since early 2025. Kpler analyst Ronald Pinto stated that the decline in European imports in April reflected a combination of factors, including planned maintenance and unplanned shutdowns at import terminals in Spain, Greece, Italy, and Germany, as well as tightening global supplies.On April 24th, the Shanghai Futures Exchange (SHFE) reported the following warehouse receipts and changes: 1. International copper futures warehouse receipts: 11,180 tons, unchanged from the previous trading day; 2. Zinc futures warehouse receipts: 100,446 tons, a decrease of 575 tons from the previous trading day; 3. Silver futures warehouse receipts: 689,522 kg, an increase of 41,321 kg from the previous trading day; 4. TSR20 rubber futures warehouse receipts: 37,699 tons, unchanged from the previous trading day; 5. Stainless steel warehouse futures warehouse receipts: 50,242 tons, unchanged from the previous trading day; 6. Fuel oil futures warehouse receipts: 134,350 tons, unchanged from the previous trading day; 7. Nickel futures warehouse receipts: 66,728 tons, a decrease of 60 tons from the previous trading day; 8. Lead futures warehouse receipts: 57,203 tons, unchanged from the previous trading day; 9. Alumina futures warehouse receipts totaled 467,213 tons, a decrease of 902 tons from the previous trading day; 10. Aluminum futures warehouse receipts totaled 441,640 tons, a decrease of 101 tons from the previous trading day; 11. Medium-sulfur crude oil futures warehouse receipts totaled 3,511,000 barrels, unchanged from the previous trading day; 12. Low-sulfur fuel oil warehouse futures warehouse receipts totaled 8,170 tons, unchanged from the previous trading day; 13. Petroleum asphalt plant warehouse futures warehouse receipts totaled 43,170 tons, a decrease of 2,130 tons from the previous trading day; 14. Petroleum asphalt warehouse futures warehouse receipts totaled 31,510 tons, unchanged from the previous trading day; 15. Hot-rolled coil futures warehouse receipts totaled 612,948 tons, unchanged from the previous trading day; 16. Tin futures warehouse receipts totaled 6,858 tons, a decrease of 387 tons from the previous trading day; 17. 18. Natural rubber futures warehouse receipts: 127,500 tons, up 2,300 tons from the previous trading day; 19. Gold futures warehouse receipts: 109,143 kg, unchanged from the previous trading day; 20. Butadiene rubber futures warehouse receipts: 34,860 tons, down 810 tons from the previous trading day; 21. Copper futures warehouse receipts: 112,043 tons, down 6,454 tons from the previous trading day; 22. Pulp warehouse futures warehouse receipts: 187,438 tons, unchanged from the previous trading day; 23. Pulp mill warehouse futures warehouse receipts: 15,000 tons, unchanged from the previous trading day; 24. Rebar warehouse futures warehouse receipts: 87,203 tons, unchanged from the previous trading day.The Bank of England: Businesses expect wages to rise by 3.4% over the next year. The March forecast was for a 3.5% increase.Bank of England: UK businesses expect prices to rise by 3.8% over the next year. A 3.5% increase is projected for March.

Price of USD/CHF Nearing New Three-Year High Above 1.0070

Daniel Rogers

Oct 21, 2022 15:09

截屏2022-10-21 上午10.08.56.png 

 

During the Tokyo session, the USD/CHF pair surpassed its immediate barrier at 1.0050 and is set to attempt a three-year high reached on October 13 at 1.0074. The negative market sentiment brought on by late selling in the S&P 500 and rising rates has bolstered the dollar bulls.

 

The 10-year US Treasury yields reached 4.23 percent as a result of a surge in wagers on an anticipated rate hike announcement by the Federal Reserve (Fed). At the time of publication, the US dollar index (DXY) had surpassed the key 113.00 mark.

 

Daily, the asset is trading in a narrow range between 1.0048 and 1.0074 in the direction of the supply zone. The 20-period and 50-period Exponential Moving Averages (EMAs) are vertically aligned to the north, which confirms the upward filters.

 

Similarly, the Relative Strength Index (14) anticipates a move towards the bullish zone between 60.00 and 80.00. A similar scenario will further strengthen the greenback bulls.

 

If the asset surpasses its peak of 1.0074 on October 13, it will reach a fresh three-year high. The predominant trend is toward the round-number resistance level of 1.0100, followed by the 15 April 2019 peak of 1.0160.

 

Alternatively, the bulls of the Swiss franc may regain control if the asset breaches the September 29 low of 0.9742. This would result in the pair reaching a high of 0.9695 on September 19 and a low of 0.9620 on September 22.

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