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Market News [Market Evening] International Oil Prices Rebound, Investors Refocus on Supply Disruptions, The Latest Explosion is in Central Asia

[Market Evening] International Oil Prices Rebound, Investors Refocus on Supply Disruptions, The Latest Explosion is in Central Asia

Prices of some commodities, including oil, have slumped in recent weeks as central banks around the world have raised interest rates in response to soaring inflation, raising fears of a sharp economic slowdown and a hit to demand. Oil prices have fallen nearly 12% over the past two days.

TOPONE Markets Analyst
2022-07-07
760

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As of 17:00 (GMT+8), spot gold rose 0.144% to $1741.04/oz, spot silver rose 0.532% to $19.281/oz.


Comment: The international gold price rebounded slightly, away from the new low of 1732.17 US dollars per ounce since the end of September 2021 set on the previous trading day, because the US dollar index fell from the high of 107.2846 at the beginning of December 2002 set in the previous trading day. Fed policymakers agreed that it was necessary to raise interest rates enough to bring inflation back to the heights needed to fall back to the Fed's 2 percent target. But markets are now wondering what the Fed will do next if the economy is likely to slip into a deep recession without a corresponding easing in inflation.


Suggestion: short spot gold at 1742.10, and the target point is 1720.00.


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As of 17:00 (GMT+8), the US dollar index fell 0.056% to 106.79, EUR/USD rose 0.082% to 1.01905; GBP/USD rose 0.402% to 1.19586; AUD/USD rose 0.419% to 0.68140; USD /JPY was up 0.127% at 136.080.


Comment: EUR/USD's downtrend gained momentum and fell a further 0.85% on Wednesday to hit a new 20-year low of 1.0161. The worsening natural gas crisis in Europe exacerbated the weakness of the euro, and the policy differences between the European Central Bank and the Federal Reserve put pressure on the euro. Minutes of the Fed's June monetary policy meeting released on Wednesday showed that participants at the June meeting "unanimously believed" that the inflation outlook had deteriorated, justifying a sharp 0.75 percentage point increase in interest rates.


Suggestion: short EUR/USD at 1.01930, target point 1.01000.


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As of 17:00 (GMT+8), WTI fell 0.084% to $95.573/barrel; Brent rose 0.256% to $98.721/barrel.


Comment: International oil prices have found a firm footing after a sharp drop in the first two trading days. Although worries about a global economic recession persist, investors have turned their attention back to tight supply. The Caspian Pipeline Consortium (CPC), which is responsible for about 1% of global supply, has been suspended for 30 days by a Russian court.


Suggestion: short US crude oil at 96.340; the target point is 93.170.


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1. Genesis confirms its exposure to Three Arrows Capital;


2. LimeWire cooperates with Brandy, Travis Barker, Nicky Jam, and others to launch NFT;


3. The transaction volume of Otherdeed series NFTs increased by nearly 90% within 24 hours;


4. Deputy Governor of the Bank of England: Stablecoin legislation will be introduced by August;


5. Deutsche Bank: The forecast shows that the United States fell into a technical recession in the second quarter;


6. Magic Eden cooperated with Tomorrowland to issue the NFT series;


7. IMF President: Do not rule out the possibility of a global economic recession in 2023;


8. Minutes of the Fed meeting: Fed officials believe that the July FOMC meeting will raise interest rates by 50 basis points or 75 basis points;


9. Celsius Network restructures its board of directors due to liquidity issues;


10. FTX CEO: FTX has more than $2 billion in funding to support the crypto industry.


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The Taiwan Weighted Index rose 1.277% to 14,278.3 points;


The Nikkei 225 rose 0.838% to 26486.0 points;


Hong Kong's Hang Seng Index rose 0.619% to 21637.0 points;


Australia's S&P/ASX 200 rose 0.324% to 6,655.85.


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19:30(GM+8):


Number of layoffs by challenger companies in the United States in June (10,000)


20:30(GM+8):


US initial jobless claims for the week ended July 2 (10,000)


US continuing jobless claims for the week ended July 2 (10,000)


US trade account in May ($100 million)


22:00(GM+8):


Canada's June IVEY seasonally adjusted PMI


Canada's June IVEY unseasonably adjusted PMI.


23:00(GM+8):


Changes in US EIA crude oil inventories for the week ended July 1 (10,000 barrels)


Changes in US EIA gasoline inventories for the week ended July 1 (10,000 barrels)


Changes in US EIA refined oil inventories for the week ended July 1 (10,000 barrels)


US EIA weekly crude oil imports for the week ended July 1 (10,000 barrels)

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