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The dollar erased all gains since Trumps election victory on November 5, 2024.Reuters poll: The median forecast shows that the Reserve Bank of New Zealand will cut the cash rate to 3.00% in the third quarter of 2025, and 24 of 27 analysts believe that the Reserve Bank of New Zealand will cut the interest rate to 3.25% in the second quarter of 2025. All 31 analysts expect the Reserve Bank of New Zealand to cut interest rates to 3.50% on April 9.The Dow Jones Industrial Average closed at 40,545.93 on April 3 (Thursday), down 1,679.39 points, or 3.98%. The S&P 500 closed at 5,396.52 on April 3 (Thursday), down 274.45 points, or 4.84%. The Nasdaq Composite closed at 16,550.61 on April 3 (Thursday), down 1,050.44 points, or 5.97%.On April 4, according to the Washington Post, three people familiar with the matter revealed that White House officials distributed internal talking points and told agents that Trumps new global tariff plan should not be seen as a starting point for negotiations. As the world tries to understand Trumps huge new import taxes, the governments internal instructions said that advisers should describe tariffs as a response to a national emergency rather than the basis for potential new trade negotiations. In addition to the talking points, Trump himself told advisers that tariffs are not intended to set up negotiations, two people familiar with the matter said.U.S. stocks extended losses in late trading, with the Nasdaq falling nearly 6%.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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