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According to a Reuters survey, the renminbi is the only Asian currency to receive bullish bets in this round of surveys.The onshore yuan closed at 6.7935 against the US dollar at 16:30 on July 9, up 58 points from the previous trading day.Iraqi Prime Minister: Investigations into the attacks against Saudi Arabia and the UAE are still ongoing.Ukrainian President Zelensky: Ukraine has launched attacks on an oil pumping station in Ufa, Russia, and an oil terminal in Rostov Oblast.On July 9th, Indonesia imported Russian crude oil for the first time since reaching an agreement with Russia in April, indicating that Moscow is leveraging the conflict with Iran to expand its customer base. According to customs data, approximately 770,000 barrels of crude oil, worth about US$75 million, arrived at Balikpapan port in Indonesia on June 29th. The listed port of loading was Kozmino port in Russia, and the shipment was carried by the tanker "Sierra". Since the outbreak of the Russia-Ukraine conflict in early 2022, Russian crude oil purchases have been closely monitored, with countries such as Europe and the United States implementing restrictions to curb Moscows revenue and promote an end to the war. The Iran war has led to soaring oil prices, which is a significant benefit for Russia in this regard. Indonesia has imported Russian crude oil in the past. Tanker tracking data shows sporadic shipments earlier this year and last year. This crude oil often comes from Russias east coast, producing grades such as Sakhalin and ESPO blend crude.

Two Trades to Watch: DAX, GBP/USD

Jimmy Khan

May 07, 2022 10:43


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The DAX is falling as industrial output declines.


After a slaughter on Wall Street that saw the Nasdaq finsh 5% down, European equities have begun in the red, extending losses from the previous day.


Fears of inflation, stagflation, and recession are weighing on the market as we approach the weekend. The DAX is expected to shed 1.4 percent this week, marking the fifth consecutive week of losses.


In March, German industrial output decreased -3.9 percent on a month-over-month basis, down from 0.2 percent in February and considerably below the -1 percent drop forecast. The negative report comes on the heels of a sharp drop in German manufacturing orders in March. The data represents the economic effect of the Russian conflict on Germany and the Eurozone as a whole.


Germany does not have any additional statistics due today. Sentiment and the US NFP announcement will affect European indexes.

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