• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Market news: Rapidus president said that the initial goal of Rapidus semiconductor manufacturing yield is to increase to 50%, and eventually to 80~90%.Hang Seng Index futures opened down 0.23% at 23,206 points, 8 points below the spot price.April 2nd news, US President Trumps so-called "Liberation Day" is likely to be just one of many steps in the ongoing trade war. Ethan Harris, former head of economic research at Bank of America, said that the United States is unlikely to make the policy clarity that investors, businesses and households desire. Harris said that even if the trade war ends, the US economy will still be weakened by policies in other areas, such as cutting government spending and employment. He said that one way to judge who is hurting whom in global trade is to look at the complaints submitted to the World Trade Organization. He pointed out that the United States receives more complaints than it issues. The United States is the plaintiff in 135 cases and the defendant in 168 cases. Harris added that this is another reason why many countries will retaliate against US tariffs.On April 2, USD/RMB reported 7.1793, up 18 points (RMB depreciation); EUR/RMB reported 7.7826, down 87 points; HKD/RMB reported 0.92267, up 1 point; GBP/RMB reported 9.3163, up 109 points; AUD/RMB reported 4.5373, up 357 points; CAD/RMB reported 5.0508, up 411 points; JPY/RMB reported 4.8224, up 139 points; RMB/Russian Ruble reported 11.6325, up 1684 points; NZD/RMB reported 4.1290, up 330 points; RMB/Ringgit reported 0.61676, down 3 points; CHF/RMB reported 8.1491, up 74 points; SGD/RMB reported 5.3621, up 20 points.Japanese Finance Minister Katsunobu Kato: Expressed concern about the consistency of US tariffs with WTO agreements.

WTI justifies Thursday's Doji to advance to $69.00 with cautious optimism

Alina Haynes

Mar 17, 2023 13:44

 截屏2022-08-04 下午5.10.59_1024x576.png

 

On Friday, WTI crude oil shows modest gains near $68.65 as it recovers from its largest weekly loss since early December. In doing so, the energy benchmark justifies price-positive technical details while also drawing cues from the cautious optimism of the market.

 

Nevertheless, the bullish Doji candlestick formation on the daily chart combines with the oversold RSI (14) line to favor WTI crude oil's rebound from the lowest levels since December 2021. The most recent retreat of the US Dollar as well as prospects of overcoming the concerns of the 2008 financial crisis could bolster the corrective bounce.

 

It should be noted that the Bloomberg-shared headlines indicating China's gradual economic recovery, along with the discussions indicating a continuation of the Oil supply accord by the major energy producers, favor purchasers of black gold.

 

However, US President Joe Biden's drive to utilize the Strategic Petroleum Reserve (SPR) and the looming economic recession concerns emanating from US and European banks appear to impact on WTI prices. US Energy Envoy Amos J Hochstein stated earlier in the day that President Biden is committed to replenishing strategic oil reserves.

 

Notable is that Saudi National Bank's chairman Ammar Al Khudairy's remarks about Credit Suisse's "sound" conditions coincide with major US banks' efforts to assist California-based First Republic Bank in avoiding a liquidity crisis, thereby boosting the risk-on sentiment. Credit Suisse plans to borrow up to 50 billion Swiss francs (CHF) from the Swiss National Bank (SNB) to bolster liquidity, and Reuters cites anonymous sources as saying that US institutions are less susceptible to the Credit Suisse scandal. Moreover, US Treasury Secretary Janet Yellen's assurances regarding the health of the US banking industry and the European Central Bank's (ECB) 50 basis point (bps) rate rise, which was in line with expectations, also boosted sentiment and enabled the most recent increase in the Oil price.

 

On the contrary, a light calendar and the market's lack of faith in global policymakers' efforts to delay the financial crisis appear to drag on the price of oil.

 

Ten-year and two-year US Treasury bond yields display a lack of direction while reflecting market sentiment, as yesterday's rebound fails to supplant the two-week downtrend. However, Wall Street closed in the black with benchmark indices gaining more than 1.0%, while S&P 500 Futures remain lackluster as of late.

 

Moving forward, speculators should keep a watch on the Federal Open Market Committee (FOMC) monetary policy meeting the following week. Prior to that, initial readings of the US Michigan Consumer Sentiment Index for March and the UoM 5-year Consumer Inflation Expectations for the aforementioned month will be crucial for establishing distinct directions.