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On November 30th, three OPEC+ representatives indicated that OPEC+ is likely to maintain its first-quarter 2026 oil production levels at its Sunday meeting, a move that would moderate its efforts to regain market share amid growing market concerns about oversupply. Similar comments were made by other sources this week. The organization had been cutting production for years until April of this year, when eight member countries began increasing output to restore market share.November 30th - The 2026 national civil service examination for central government agencies and their affiliated institutions was held today. The Administrative Aptitude Test was held from 9:00 AM to 11:00 AM, and the Essay Writing Test was held from 2:00 PM to 5:00 PM. The 2026 national civil service examination plans to recruit 38,100 people, a decrease of 1,600 from last year. Although the number of recruits has decreased slightly compared to last year, the number of applicants has reached a record high. According to data released by the State Administration of Civil Service, 3.718 million people passed the qualification review by employing units, with a ratio of approximately 98:1 between those who passed the qualification review and the planned recruitment number.On November 30, Venezuelan Foreign Minister Silva issued a statement via social media on the 29th, strongly condemning the US governments actions that threatened Venezuelas airspace sovereignty, calling it a "colonial threat" and "illegal aggression," and announcing that the US actions had forced the suspension of flights for Venezuelan migrants to return home. The statement noted that US President Trump posted a message on social media that day attempting to exercise "illegal extraterritorial jurisdiction" over Venezuela, issuing "orders" over Venezuelan airspace. The Venezuelan government firmly opposes this, believing that it seriously infringes upon Venezuelas airspace sovereignty, territorial integrity, and aviation safety, and is a "hostile, unilateral, and arbitrary act" that violates the purposes and principles of the UN Charter.American Airlines stated that the aircraft affected by the Airbus software glitch have been repaired.Ukrainian President Volodymyr Zelensky will meet with French President Emmanuel Macron in Paris on Monday.

US Dollar Index falls below 104,000 on China-inspired optimism and inconsistent Fed utterances in advance of US inflation

Daniel Rogers

Jan 09, 2023 14:43

US Dollar Index.png 

 

US Dollar Index (DXY) renews its intraday low near 103.75 as it extends the previous day’s U-turn from a three-week high during Monday’s Asian session. In doing so, the DXY expresses both optimism and mixed apprehension on the next move of the US Federal Reserve (Fed).

 

That Nevertheless, the risk-positive headlines from China, one of the world’s main commodities users, strengthen the market’s bullish sentiment as Beijing reopens national borders following a three-year suspension. On the same line would be the early evidence suggesting China’s strong spending throughout the Christmas season, as well as comments from People’s Bank of China (PBOC) Official suggesting optimism surrounding China’s economy conditions.

 

In contrast, negative US wage growth, ISM Services PMI, and Factory Orders data from the previous day depressed Treasury bond yields and the US Dollar Index (DXY). Nonetheless, the headline US Nonfarm Payrolls and Unemployment Rate data for December were positive.

 

Raphael Bostic, president of the Federal Reserve Bank of Atlanta, highlighted dangers of a US economic slowdown in response to the mixed statistics, while Charles Evans, president of the Federal Reserve Bank of Chicago, recommended a 0.50% rate hike in December. In addition, Kansas City Fed President Esther George underscored inflation fears, while Richmond Federal Reserve Bank President Thomas Barkin praised the last two months of inflation figures as "a move in the right direction" but emphasized inflation anxieties due to the higher median values.

 

10-year US Treasury yields fell 16 basis points (bps) to 3.56 percent, the lowest level in three weeks, after Wall Street ended higher. At the time of publication, intraday gains for S&P 500 Futures was 0.20 percent.

 

Moving forward, Thursday's US Consumer Price Index (CPI) for December is emphasized by the mixed US data and a decrease in US Treasury bond yields, as stronger inflation readings could shift focus to the Fed's hawkish bets and force the DXY to rebound.

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