Brent crude oil hit a 10-month high of $95 on tight supplies and solid demand

Posted on by Vrasidas Neofytou

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

The tightening of global oil supplies after Saudi Arabia and Russia extended their 1.3 million bpd voluntary cuts until the end of 2023, has caused both Brent and WTI oil prices to continue rallying into September.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

The tightening of global oil supplies after Saudi Arabia and Russia extended their 1.3 million bpd voluntary cuts until the end of 2023, has caused both Brent and WTI oil prices to continue rallying into September.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

OPEC+ production cuts, low global oil inventories, and the surging global petroleum demand have helped the Brent crude oil prices to climb as high as $95/b, while the U.S.-based WTI is trading above the $91/b level for the first time since early-November 2022.

The tightening of global oil supplies after Saudi Arabia and Russia extended their 1.3 million bpd voluntary cuts until the end of 2023, has caused both Brent and WTI oil prices to continue rallying into September.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

OPEC+ production cuts, low global oil inventories, and the surging global petroleum demand have helped the Brent crude oil prices to climb as high as $95/b, while the U.S.-based WTI is trading above the $91/b level for the first time since early-November 2022.

The tightening of global oil supplies after Saudi Arabia and Russia extended their 1.3 million bpd voluntary cuts until the end of 2023, has caused both Brent and WTI oil prices to continue rallying into September.

Hence, they are on track for their biggest quarterly increase since Russia’s invasion of Ukraine in the first quarter of 2022 (February 24, 2022).

Brent crude, Daily chart

Brent and WTI have gained almost 27% since bottoming at around $72/b and $66/b respectively in June, and they are up nearly 15% in 2023 so far, driven by the OPEC+ supplies cuts and the resilient global economy despite the surging interest rates.

Investors have turned bullish on crude oil prices as they expect that the ongoing voluntary supply cuts from the OPEC+ alliance could push the global energy market into a 2 million barrels per day (bpd) deficit in Q4, 2023, and a subsequent drawdown in the global crude oil inventories.

Strong petroleum demand:

Supporting the oil rally above the $90/b level, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have predicted that the global oil demand growth is on track to hit 2.2-2.3 million bpd this year, and 2.4 million bpd in 2024. https://rb.gy/ls5h9

The IEA forecasted in its Oil Market Report-August 2023, that the world oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation, and the surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. https://www.iea.org/reports/oil-market-report-august-2023

The demand outlook for China (the 2nd largest economy and oil importer-consumer) is becoming increasingly positive due to government stimulus to support the struggling economy, in addition to ramping up demand from the Chinese refineries due to solid export margins, and the lifting of pandemic lockdowns.

Japanese Yen bounced 1% on hawkish comments from BoJ’s Ueda

Posted on by Vrasidas Neofytou

 

 

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

USDJPY, 2-hour chart

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

USDJPY, 2-hour chart

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

USDJPY, 2-hour chart

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

The beaten-down Japanese Yen bounced back on Monday morning, gaining over 1% to ¥146 per dollar following the hawkish comments from BoJ’s Governor Ueda and a weaker dollar ahead of this week’s U.S. CPI & PPI inflation readings.

USDJPY, 2-hour chart

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

The beaten-down Japanese Yen bounced back on Monday morning, gaining over 1% to ¥146 per dollar following the hawkish comments from BoJ’s Governor Ueda and a weaker dollar ahead of this week’s U.S. CPI & PPI inflation readings.

USDJPY, 2-hour chart

Bank of Japan’s Governor Kazuo Ueda gave life to the Yen by fuelling hopes that Japan could soon signal a new era away from negative rates. During the weekend, Ueda said that the central bank could end its negative interest rate policy when the achievement of its 2% inflation target is in sight. https://bit.ly/3Pz3SIi

Yet, the recent bounce of the Yen against the U.S. dollar has only covered a tiny fraction of the steep losses that Yen has been suffering this year, mainly due to the BoJ-Fed monetary policy divergence on how to curb record-high inflation.

Federal Reserve together with the other major central banks ECB and BoE, applied an aggressive rate-hike cycle since 2022 to fight against persistent inflation, while the Bank of Japan maintained its dovish ultra-loose monetary policy with zero-negative rates to support the economy.

In this context, traders got net sellers on the Yen, tumbling to multi-month lows of ¥147, ¥160, and ¥186 against the U.S. dollar, Euro, and Pound Sterling respectively.

The ongoing weakness of the yen had forced Japan’s authorities (September 22, 2022) to intervene in the market to support the falling currency for the first time since 1998. https://bit.ly/3EwRn9I

 

 

U.S. dollar hits multi-month highs on hot economics and hawkish Fed

Posted on by Vrasidas Neofytou

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The U.S. services sector unexpectedly gained steam in August, rising at 54.5 vs 52.5 of the market expectation https://www.investing.com/economic-calendar/ism-non-manufacturing-pmi-176, fuelling concerns that inflation will remain hot in the near-term, boosting the dollar while causing a continued hawkish outlook from the Federal Reserve.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The U.S. services sector unexpectedly gained steam in August, rising at 54.5 vs 52.5 of the market expectation https://www.investing.com/economic-calendar/ism-non-manufacturing-pmi-176, fuelling concerns that inflation will remain hot in the near-term, boosting the dollar while causing a continued hawkish outlook from the Federal Reserve.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The U.S. dollar shines again as the DXY-U.S. dollar index, which tracks the value of the greenback against six major peers, hit a six-month high of 105 on Friday morning following the better-than-expected U.S. ISM Services PMI readings in August.

The U.S. services sector unexpectedly gained steam in August, rising at 54.5 vs 52.5 of the market expectation https://www.investing.com/economic-calendar/ism-non-manufacturing-pmi-176, fuelling concerns that inflation will remain hot in the near-term, boosting the dollar while causing a continued hawkish outlook from the Federal Reserve.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

The U.S. dollar shines again as the DXY-U.S. dollar index, which tracks the value of the greenback against six major peers, hit a six-month high of 105 on Friday morning following the better-than-expected U.S. ISM Services PMI readings in August.

The U.S. services sector unexpectedly gained steam in August, rising at 54.5 vs 52.5 of the market expectation https://www.investing.com/economic-calendar/ism-non-manufacturing-pmi-176, fuelling concerns that inflation will remain hot in the near-term, boosting the dollar while causing a continued hawkish outlook from the Federal Reserve.

The strengthening dollar has sent the Euro and Pound Sterling to trade near 3-month lows of $1.07 and $1.2460 respectively, while the Japanese Yen fell to a fresh 10-month low of ¥147.90 per dollar following the ongoing Fed-BoJ monetary policy diverge and interest rate gap between Yen and Dollar.

DXY-U.S. dollar index, Daily chart

Hence, the resilient U.S. economy and the hot macroeconomic data have convinced investors that the Federal Reserve will reiterate its higher-for-longer rhetoric, supporting the dollar against its major peers.

According to the CME Fed Watch tool, market pricing shows a near 47% chance that the Fed might deliver another rate hike in November, though expectations are for policymakers to keep rates on hold later this month.

Beyond the macro factors, the U.S. dollar has also been receiving safe-haven bets as the global economic conditions deteriorated, especially in China (property crisis and yearly low imports and exports), the world’s second-largest economy, and Germany, the Eurozone’s largest economy.

Furthermore, the recent geopolitical tensions and trade bans between the U.S. and China have also weighed on the global risk sentiment, sending investors to the safety of the dollar.

Brent crude oil jumps above $90 as Russia and Saudi Arabia extend output cuts

Posted on by Vrasidas Neofytou

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Brent crude oil contract ended on Tuesday above the $90 mark for the first time since November 16, 2022, up over 1%, while WTI rose as high as $87/b, also a 10-month high, after Saudi Arabia announced an extension of its production cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Brent crude oil contract ended on Tuesday above the $90 mark for the first time since November 16, 2022, up over 1%, while WTI rose as high as $87/b, also a 10-month high, after Saudi Arabia announced an extension of its production cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Market participants have turned their attention to the latest energy market moves after OPEC’s de facto leader Saudi Arabia and ally Russia extended voluntary crude oil output cuts until the end of 2023, which could significantly tighten the global oil market, lift fuel prices, and add pressure on the inflation worldwide.

Brent crude oil contract ended on Tuesday above the $90 mark for the first time since November 16, 2022, up over 1%, while WTI rose as high as $87/b, also a 10-month high, after Saudi Arabia announced an extension of its production cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Market participants have turned their attention to the latest energy market moves after OPEC’s de facto leader Saudi Arabia and ally Russia extended voluntary crude oil output cuts until the end of 2023, which could significantly tighten the global oil market, lift fuel prices, and add pressure on the inflation worldwide.

Brent crude oil contract ended on Tuesday above the $90 mark for the first time since November 16, 2022, up over 1%, while WTI rose as high as $87/b, also a 10-month high, after Saudi Arabia announced an extension of its production cut of 1 million barrels per day until the end of December, while Russia will reduce its oil exports by 300,000 barrels per day.

Brent crude, Daily chart

What surprised markets was the fact that analysts were expecting Saudi Arabia and Russia to extend voluntary cuts for another month into the end of October, and not for three months until the end of the year. https://www.investing.com/news/commodities-news/oil-prices-inch-lower-from-2023-highs-opec-cuts-in-focus-3167035?dicbo=v2-Y48D2d1

Both Saudi Arabia and Russia said they would review the supply cuts (a total daily reduction of 1.3 million barrels) monthly and could modify them depending on market conditions.

Saudi started supply cuts in July as necessary to defy market norms and higher oil prices to support its huge gov’t budget. The supply cut will hold the Kingdom’s output at about 9 million barrels a day (the lowest level in several years) for six months.

The higher oil prices have gained more than 20% since the end of June- together with the strong oil demand could lead to elevated gasoline and electricity prices once again, reviving the energy crisis ahead of the North Hemisphere’s winter of 2023.

In this context, the recent strength in energy costs could be a primary obstacle to the world’s prominent central bankers (Fed, ECB, and BoE) efforts to push inflation back to 2% and start cutting interest rates before damaging economies and business activity.

Chinese equities slip after a contracting PMI manufacturing activity

Posted on by Vrasidas Neofytou

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

According to data from the National Bureau of Statistics released Thursday, the official PMI-manufacturing purchasing managers’ index came in at 49.7 in August, rising slightly from 49.3 in July, and better than the median forecast for 49.4 in a Reuters poll. http://www.stats.gov.cn/sj/zxfb/202308/t20230831_1942429.html

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

According to data from the National Bureau of Statistics released Thursday, the official PMI-manufacturing purchasing managers’ index came in at 49.7 in August, rising slightly from 49.3 in July, and better than the median forecast for 49.4 in a Reuters poll. http://www.stats.gov.cn/sj/zxfb/202308/t20230831_1942429.html

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

Hang Seng index and China’s mainland indices fell between 0.1% to 0.5% on the last trading day of the month, after official data showed that China’s manufacturing sector shrank for a fifth straight month in August, increasing concerns over an economic slowdown in the country.

According to data from the National Bureau of Statistics released Thursday, the official PMI-manufacturing purchasing managers’ index came in at 49.7 in August, rising slightly from 49.3 in July, and better than the median forecast for 49.4 in a Reuters poll. http://www.stats.gov.cn/sj/zxfb/202308/t20230831_1942429.html

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

Hang Seng index and China’s mainland indices fell between 0.1% to 0.5% on the last trading day of the month, after official data showed that China’s manufacturing sector shrank for a fifth straight month in August, increasing concerns over an economic slowdown in the country.

According to data from the National Bureau of Statistics released Thursday, the official PMI-manufacturing purchasing managers’ index came in at 49.7 in August, rising slightly from 49.3 in July, and better than the median forecast for 49.4 in a Reuters poll. http://www.stats.gov.cn/sj/zxfb/202308/t20230831_1942429.html

In the same report, China’s non-manufacturing PMI, which covers the service sectors, fell to 51.0 in August, slightly lower than 51.5 in July, but much lower than the 53.2 in June.

A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.

The declining factory and services activities are reflecting the weakening demand for products and services, and the deteriorating consumer sentiment which led to weak sales, despite the efforts from local authorities to revive the activity and economy via stimulus plans and lowering the mortgage rates.

Adding to the above macroeconomic weakness, the increasing worries over China’s property market were also considered, as China’s biggest property developer -Country Garden Holdings- announced a massive $7 billion loss and warned of a potential default, forcing some provincial governments in China to cut mortgage rates this week to help support the struggling property sector.

In this context, investors became net sellers in Chinese assets in August, with local indices losing between 5% and 8% in the month, as the worries over a manufacturing and property slowdown in China dented sentiment towards the region.

Bitcoin rallies 7% to $28,000 on Grayscale’s court victory over the SEC

Posted on by Vrasidas Neofytou

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC’s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was “arbitrary and capricious” and in violation of federal administrative law. https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC’s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was “arbitrary and capricious” and in violation of federal administrative law. https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

It was a great day on Tuesday for the crypto ecosystem and its fans as the decision by a federal appeals court that the U.S. SEC- Securities and Exchange Commission should not have rejected asset manager Grayscale’s spot bitcoin ETF-exchange traded fund application, triggered a massive one-day rally across the crypto board.

D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC’s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was “arbitrary and capricious” and in violation of federal administrative law. https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

It was a great day on Tuesday for the crypto ecosystem and its fans as the decision by a federal appeals court that the U.S. SEC- Securities and Exchange Commission should not have rejected asset manager Grayscale’s spot bitcoin ETF-exchange traded fund application, triggered a massive one-day rally across the crypto board.

D.C. Circuit Court of Appeals Judge Neomi Rao wrote in an opinion that the SEC’s decision to approve two bitcoin futures funds, but to deny applications for a bitcoin spot ETF, was “arbitrary and capricious” and in violation of federal administrative law. https://www.cnbc.com/2023/08/29/bitcoin-rallies-more-than-5percent-as-court-sides-with-grayscale-over-the-sec-in-crypto-etf-case.html

The release of the court decision triggered a massive rally across the crypto board, with Bitcoin rallying 7% to as high as $28,000, the highest since mid-August. Ethereum also jumped to nearly $1,750, Solana rose to $22, while Mana broke above $0.31 cents.

BTC/USD pair, 4-hour chart

The crypto asset manager Grayscale Investments sued the SEC last year for denying the launch of the first bitcoin ETF, by converting its popular bitcoin trust into an ETF. The rejection was an effort by the SEC to regulate the crypto market and to block the bitcoin ETFs.

The judgment could be a key positive catalyst for the cryptocurrency market as it could open the door and remove the legal barriers for the first ETF offering direct exposure to bitcoin, allowing everyday investors with a brokerage account to buy and sell in the cryptocurrency.

Investors and crypto participants had been waiting for the court decision as it would give more regulatory clarity on crypto activity, and allow more SEC approvals of other bitcoin ETF applications including that of BlackRock, Fidelity, WisdomTree, VanEck, Invesco, and others.

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