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Bank of America Global Research expects the Bank of England to cut interest rates by 25 basis points each in June and September 2026, compared with previous forecasts of cuts in March and June.March 13 – Abu Dhabi National Oil Company (ADNOC) has cut crude oil shipments from its onshore partners by about one-fifth this month, even though the oil will still be transported to a port outside the nearly closed Strait of Hormuz. Sources familiar with the matter said the state-owned oil producer has notified its equity partners that they are only allowed to load 80% of their remaining Murban crude quotas in March. The sources did not disclose the specific reasons but indicated that cargoes of the UAEs flagship Murban crude can still be picked up from the port of Fujairah. Previously, ADNOC had stated that these cargoes would need to be picked up from the port of Jabel Dana in the Persian Gulf, meaning they would need to cross the Strait of Hormuz. ADNOCs move comes as the Middle East conflict enters its second week, following several cases of Asian refiners being unable to pick up their March shipments. Traders familiar with the situation said some buyers Middle East orders have been cancelled due to a lack of shipping options.On March 13th, according to Tianyanchas risk information platform, on March 12th, Evergrande Group Co., Ltd., Xinjiang Guanghui Industrial Investment (Group) Co., Ltd., and others added a new resumption of enforcement information, with an enforcement target of over 2.12 billion yuan. The executing court is the Guangzhou Intermediate Peoples Court of Guangdong Province. Evergrande Group Co., Ltd. was established in January 2014, with Han Xue as its legal representative and a registered capital of 53 billion yuan. Shareholder information shows that the company is wholly owned by Guangzhou Kailong Real Estate Co., Ltd. Tianyanchas risk information shows that the company currently has more than 30 enforcement records, with a total enforcement amount exceeding 5 billion yuan. In addition, the company also has multiple records of being a dishonest judgment debtor (laolai) and cases that have been terminated due to lack of assets.Market news: Abu Dhabi National Oil Company cut crude oil supplies from its onshore partners by about one-fifth this month.Japanese Economy, Trade and Industry Minister Ryomasa Akazawa: Japanese companies are seeking alternative sources of crude oil, including the United States, Central Asia, and South America.

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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