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[API report: U.S. crude oil inventories increased by 7.544 million barrels to 531 million barrels last week] 

From the United States to July 17, API gasoline inventories decreased by 2.019 million barrels; refined oil inventories decreased by 1.357 million barrels, and Cushing crude oil inventories increased by 716,000 barrels ; US crude oil imports fell by 825,000 barrels per day last week.


[US Senate Majority (Republican) Leader McConnell: It is expected that the stimulus bill will not be completed next week, and there are different opinions on the issue of payroll tax cuts. The next stimulus bill will be proposed in the next few days]

[According to the British "Daily Telegraph" report, there are still a few days before the deadline for reaching a Brexit agreement in July as stated by British Prime Minister Johnson. The newspaper quoted government sources as saying that the British government’s assumption is that a Brexit agreement cannot be reached, but if the EU makes concessions in the fall, it is still possible to reach a "basic" trade agreement]

[CFTC: Plan to respond to the plummet of WTI crude oil futures in April]

 Heath Tarbert, Chairman of the US Commodity Futures Trading Commission (CFTC), said that the CFTC has completed a detailed study of the negative trading of WTI crude oil futures contracts on April 20 and plans to resolve the findings To ensure the health of the market. The study points out the combined effect of fundamental and technical factors, including some market structure factors that have not been emphasized before.


GMT(time)

Currency

News and Data

06:30

USD

 

API Weekly Crude Oil Stock

 

10:30

JPY

 

Services PMI  

 

 

11:30

AUD

 

 

Retail Sales (MoM)

 

 

22:30

CAD

 

 

Core CPI (MoM) (Jun)

 


Summary of Institutional Perspectives
Deutsche Bank: The euro against the dollar is expected to rise to 1.20 in the next few months, the recovery fund will have an effect


NOVOX International Financial Information


Deutsche Bank (Deutsche Bank) released a research report on Tuesday (July 21) that the euro against the dollar is expected to rise to 1.20 in the next few months. The bottom line of our view is that the market will soon react from the Eurozone Recovery Fund. Eurozone leaders and market participants are about to usher in the summer holiday. If the data shows a divergence, the adjustment of the investment portfolio will lead to the flow of funds into the Eurozone, which will help the euro to rise against the dollar in the next few weeks or months.

Société Générale: After the euro rose to a new high in more than 4 months against the US dollar, it is expected to close the position with profits. It is recommended to bullish these two currency pairs in the next February


NOVOX International Financial Information


The Research Department of Societe Generale discussed the outlook for the euro against the US dollar through August, and is inclined to bullish the Australian dollar against the Canadian dollar and the Australian dollar against the New Zealand dollar in the coming weeks. The general consensus in the day is that the euro bulls take profits and liquidate their positions. If the euro against the US dollar has a risk reversal, has weakened, fell further, or even if the exchange rate only fluctuates in the 1.14-1.15 range, our bank will not be surprised.

But the consolidation to August will build a platform for a more meaningful rebound in the exchange rate during the last four months of this year and beyond. We observed the trading pattern in August on the last trading day. Our bank is skeptical about the increase in the exchange rate in the next few days. However, because the Australian government has shown that it has a lot of fiscal space in difficult times, it is bullish for the Australian dollar against the Canadian dollar and Both the Australian dollar and the New Zealand dollar are attractive.

Danske Bank: Maintain a neutral view of the US dollar against the yen in the short term, it is difficult to break through the 110 mark


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Danske Bank (Danske) released a customer report on Tuesday (July 21) stating that it maintains a neutral view of the dollar against the yen in the short term. Analysts of the bank said that the dollar against the yen has been pulled back and forth for multiple rounds under the influence of global risk sentiment. The effect of commodities and fiscal policies has been to boost the yen, while changes in economic performance and risk sentiment have helped the dollar strengthen. . At present, the key factor in the trend of the dollar against the yen is mainly driven by the performance of the dollar. Therefore, the dollar/yen will decline as the euro strengthens against the dollar, and the reverse may not be true.

Looking ahead, we expect that trade relations will point to a further decline in the US dollar, and our 6-month and 12-month exchange rate targets for the US dollar against the yen will remain unchanged at 112. In the short term, we believe that the currency pair will still be trading in the 107-110 range, and it is expected that it will be difficult to break through the 110 mark.


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NOVOX International Financial Information