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International financial news

International financial news

[US crude oil inventories fell by 6.912 million barrels last week] Cushing crude oil inventories fell by 798,000 barrels, gasoline inventories decreased by 682,000 barrels, distillate stocks increased by 2.704 million barrels; refinery capacity utilization increased by 0.3 percentage points, and crude oil imports decreased by 17.9. Millions of barrels per day.

[Trump increases pressure on the Fed and says it should cut interest rates to zero interest rates or even lower]

[UK warns that the supply chain will be delayed for up to six months without a Brexit] The UK government announces a “reasonable worst case scenario” for a non-agreement to leave the EU, warning that the supply chain disruption may last up to six months. It also warned of protests and road blockades caused by the interruption of the Irish border.

[CME Group will launch a new Shanghai gold futures contract on October 14] The two contracts will be denominated in US dollars and Renminbi - Shanghai Gold (USD) futures and Shanghai Gold (RMB) futures. The Shanghai gold futures contract will be 1 kilogram in size, the dollar-denominated contract will be in ounces, and the renminbi-denominated contract will be in grams. The Shanghai Gold Exchange (SGE) will launch a new T+N contract on October 14th, which is linked to the spot price of COMEX gold futures in Asia and is denominated in RMB.



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OPEC-JMMC Meetings



Main Refinancing Rate



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Business NZ Manufacturing Index

Citibank: EUR/USD three-month target adjusted from 1.12 to 1.08

Citibank issued its expectations for the ECB's September interest rate decision and the euro against the dollar. In the short term, the euro zone's economic activity is still very weak and the inflation rate is low. The European Central Bank may launch a new round of easing on September 12, including Adding a lot of width, the European Central Bank added a large amount to indicate that the bond market is in a net debt state, and the euro-dollar three-month target was lowered from 1.12 to 1.08.

ING: GBP/USD is expected to fall below 1.20 in the next three months

ING said that the UK parliament will be adjourned in the next five weeks, and the non-agreement of the Brexit motion was rejected. At present, the pound may enter a relatively quiet period, occasionally rising due to position replenishment; the basic expectation is that the UK will be at the end of November/ The general election in early December, the pound is expected to be under pressure again. If the Conservative Party wins under the leadership of Prime Minister Johnson, it will mean that if the Conservative Party wins a majority in the parliament, it is more likely that the Brexit agreement will not be reached; The risk premium will rise, putting pressure on the pound, and the euro is expected to approach 0.95 against the pound, and the pound is expected to fall below 1.20 against the dollar in the next three months.

Danske Bank: USD/JPY and EUR/JPY remain bearish in the medium term, tail risks are expanding

Danske wrote on Wednesday that the dollar remained bearish against the yen and the euro against the yen in the medium term. In the past two weeks, the dollar has rebounded from the 105 low to around 107.5, and the market has begun to adjust the hedge position. But we will still be cautious in judging momentum, however the market's return to stability may suggest that investors expect the Fed to release hawkish signals. At the trade level, the October talks brought optimism to the market, but it should be noted that everything has not yet been determined. We are seeing that the tail risks are expanding in the coming weeks, so we remain bearish on the USD/JPY and EURJPY.

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