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The June Richmond Fed Manufacturing Index for the United States will be released in ten minutes.The preliminary reading of the S&P Global Manufacturing PMI for June in the United States was 55.7, below the expected 54.8 and the previous reading of 55.1.The preliminary reading of the S&P Global Services PMI for June in the United States was 51.3, in line with expectations of 51 and the previous reading of 50.7.Bank of England board member Taylor: The Bank of England must guard against "short-term bias" and avoid repeating past mistakes.June 23 – Russia faces fierce competition to sell oil to its main customer, India, after US sanctions waivers allowed rival Iran to export its oil, but its oil exports still reached their highest level this year. According to tanker shipping data compiled by Bloomberg, Russias average crude oil exports in the four weeks ending June 21 were 3.89 million barrels per day, a slight increase from the previous week. The increase in crude oil exports comes amid continued attacks by Ukraine on Russian refineries, which could lead to unprocessed crude being exported. Iranian oil supplies (some of which are good alternatives to Russian Urals crude) are flooding the market as US-blocked ships are allowed to leave. During the closure of the Strait of Hormuz, Russia used US sanctions waivers to find a ready market for its increased exports, particularly benefiting Indian processors. However, the latest sanctions waivers for Russia expired on June 17, and if not renewed, processors may turn to other sources.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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