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On October 13th, Goldman Sachs believes that Russias planned release of diesel fuel will have little impact on global diesel prices, but estimates that a potential release of 50 million barrels from European strategic reserves could reduce wholesale diesel prices in the US Gulf Coast and Europe by $11 per barrel. Analyst Eamonn Sheridan stated that diesel remains the most stressed segment of the energy shock triggered by the Iran war, and Goldman Sachs view suggests that easing depends on government inventories, not additional Russian supply. The scale of the European reserve release simulated by Goldman Sachs would provide meaningful but temporary relief, narrowing refining margins and reducing pressure on transportation and industrial costs to pass on to inflation. The banks broader assessment is that the refined product market will remain tight until 2027, meaning any easing rebound in diesel prices is likely to be short-lived, crack spreads will remain high, and refiner margins will remain strong. For crude oil, continued diesel tightness keeps refinery operating demand high, supporting oil prices even if overall supply concerns ease.Germanys final September CPI figure will be released in ten minutes.Bulgarian Prime Minister: Two ships off the Bulgarian Black Sea coast were attacked by drones, one of which sank.On October 13th, Commonwealth Bank of Australia (CBA) economist Belinda Allen stated that the Reserve Bank of Australias (RBA) November policy meeting "remains highly uncertain." Allen said that CBA currently believes the RBA will not raise interest rates, but acknowledges a high risk of misjudging the situation. She pointed out that recent statements from RBA officials have been "clearly hawkish," focusing on upside risks to inflation while paying less attention to downside risks to economic growth. Allen stated that the signals from recent RBA communications indicate that the central bank remains concerned about persistent inflationary pressures and may need to maintain a more cautious policy stance.On October 13th, at the 2026 Kirin Media Communication Conference, Xu Songyu, Minister of Wireless Terminal Chip Product Management Department of Huawei Semiconductor Business, unveiled for the first time the detailed architecture diagram of the Kirin 9050 Pro logic-folding chip, including the new generation Lingxi CPU, Ma Liang GPU, Da Vinci architecture NPU, Kirin AI ISP, Balong AI Modem, FFTS function flow task scheduler, audio and video processor, security processor, and the collaborative work of the Lingxi microcore. Xu Songyu revealed that the next-generation Kirin 2027 chip is also ready, and so far, all test results have met expectations, thus ensuring the sustainability of the evolution (logic folding) over the next 10 years. As for the specific stages and the technologies required for each point, these will likely be gradually developed and discussed.

USD / JPY Strikes Above 136.20 As Fed Rate Increase Worries Return

Daniel Rogers

Mar 02, 2023 16:07

 

 

The USD / JPY pair is battling in the Asian session to maintain its auction above 136.40, while the downside looks to be supported around 136.00. The asset is expected to continue rising and surpass the 136.40 resistance mark as investors foresee the Federal Reserve (Fed) raising interest rates to strengthen its defense against persistent inflation.

 

Following a down day on Wednesday, S&P500 futures recorded modest gains during the Asian session, signaling a minor improvement in investors' risk appetite. Despite this, the market as a whole is very risk adverse. The spread of the US Dollar Index (DXY) is expected to narrow after a period of chaotic swings.

 

It indicates that the Federal Reserve's (Fed) officials' hawkish stance has revived US Treasury prices.

 

Raphael Bostic, President of the Atlanta Fed, predicted that the central bank would increase the terminal rate to a level of 5.00% to 5.25% in view of the Consumer Price Index's (CPI) enduring nature. The Fed policymaker also thinks the central bank will continue to have a high final rate after 2023. Additionally, Fed Chief Jerome Powell has reaffirmed that an early rate cut could have disastrous consequences for the inflation scenario.

 

It is clear that a future rise in the price index is expected after Wednesday's release of the US ISM Manufacturing PMI. The New Orders Index and Manufacturers' Prices Paid were able to show that the inflation scenario is getting more complicated despite the February PMI figures' failure to wow the market. Figures increased to 47.0 from 43.7 anticipated and 42.5 earlier published, indicating a strong order book. The Manufacturing Price Paid increased to 51.3 from 45.0, as opposed to the average forecast of 45.0, and from 44.5 in the previous report, suggesting that the Producer Price Index (PPI) may soon show a surprise increase.

 

On the Tokyo front, the Japanese Yen is being impacted by a string of dovish remarks from Bank of Japan (BoJ) officials. Following dovish remarks from BoJ Governor-nominee Kazuo Ueda and BoJ Deputy Governor Ryozo Himino, board member Junko Nakagawa also considered the present monetary policy appropriate. "An expansionary strategy is absolutely essential for maintaining the economy and increasing earnings," he said.


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