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Futures reported on October 18 that the domestic full-steel tire market is currently operating normally, with a working load of 60.70% this week, an increase of 11.02 percentage points from last week. The current market price increase sentiment continues, and a certain amount of replenishment and storage is being carried out in the trade link, but the actual demand in the terminal market has not yet shown obvious follow-up. The transmission of tires has encountered certain resistance, and it is difficult for tires to be quickly converted into actual sales, further pushing up the social inventory of tires. The semi-steel tire market is operating well, with a working load of 79.10% this week, an increase of 4.51 percentage points from last week. Relative to the slowdown in the domestic replacement market, the terminal travel and tire replacement intentions have weakened, and the overall trading has slowed down.Futures reported on October 18 that after egg prices fell to a low level last weekend, dealers became more active in purchasing low-priced sources, the market sales accelerated, and egg prices rebounded from a low level. After the egg price rose, the downstream links became slightly cautious in purchasing high-priced sources, and mainly followed the trend of purchase and sale, and egg prices stopped rising and stabilized. As of October 17, the national average price of eggs was 4.58 yuan/jin, an increase of 4.81% from the beginning of the month. The supply of eggs is slowly increasing, and the sales speed of high-priced sources may slow down after the replenishment. It is expected that the national egg price may rise slightly next week and then fall slowly in the later period.October 18th news, On October 18th, Volvo Group released its third-quarter 2024 financial report: net sales were 117 billion Swedish kronor, a year-on-year decrease of 12%; adjusted operating profit was 14.074 billion Swedish kronor, compared with 19.258 billion Swedish kronor in the same period last year; earnings per share were 4.93 Swedish kronor, compared with 6.93 Swedish kronor in the same period last year.Futures news on October 18: 1. The trading volume of WTI crude oil futures was 682,045 lots, an increase of 37,956 lots from the previous trading day. The open interest was 1,688,489 lots, a decrease of 8,131 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 120,250 lots, an increase of 515 lots from the previous trading day. The open interest was 147,589 lots, a decrease of 60 lots from the previous trading day. 3. The trading volume of natural gas futures was 470,472 lots, a decrease of 121,991 lots from the previous trading day. The open interest was 1,619,890 lots, an increase of 23,884 lots from the previous trading day.Futures news on October 18: 1. The trading volume of gold futures was 199,224 lots, an increase of 32,707 lots from the previous trading day. The open interest was 559,437 lots, an increase of 12,016 lots from the previous trading day. 2. The trading volume of silver futures was 65,805 lots, an increase of 12,138 lots from the previous trading day. The open interest was 141,751 lots, a decrease of 550 lots from the previous trading day. 3. The trading volume of copper futures was 73,382 lots, an increase of 15,958 lots from the previous trading day. The open interest was 244,504 lots, an increase of 3,378 lots from the previous trading day.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.