China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
NZD/USD: outlook for March 20-24
2019-11-11 • Updated
The kiwi dollar jumped to 0.7050 on Wednesday after Fed’s officials refused to accelerate the current pace of the monetary tightening. Towards the end of the past week, there was a pullback towards 0.6970. New Zealand’s annual growth rate slowed further despite surging immigration, low borrowing costs and evident activity in the housing sector. This casts doubt on the latest central bank’s projection that growth would accelerate to more than 4% by the second half of 2017.
The main focus of the next week will be on the Reserve Bank of New Zealand monetary policy meeting on Thursday. Most analysts expect the central bank to stay on hold adopting a wait-and-see approach. Ahead of the meeting, we will get an update of global dairy prices. Then we will be waiting for Thursday’s Fed Chair Yellen speech followed by the comments on the US economic outlook from other FOMC members.
The technical outlook for the pair is neutral. NZD/USD might spend a few days in the consolidation phase before facing rather sturdy resistances at 0.7050 (38.2% Fibo retracement level from last year low), 0.7120 and 0.7140. A pullback below 0.6940 would indicate that the immediate upward pressure has eased and the way towards the next support at 0.6915 (50% Fibo retracement level) is open.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
The EUR/USD pair is making gains, approaching multi-month highs around 1.0960, driven by a weakened USD and Christine Lagarde's somewhat hawkish remarks before the European Parliament. Minor housing data from the U.S., specifically New Home Sales for October, came in below expectations but didn't significantly impact the pair. Lagarde, President of the...
Global equities on Wall Street experienced a mixed session following the Thanksgiving holiday, heading for the most significant one-month rally since November 2020. MSCI's global shares index slightly eased but was still on track for an 8.5% monthly gain, fueled by growing investor confidence that U.S. interest rates...
Brent crude futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session.