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Such an increase in interest rates had not happened in 27 years

Bank of England imposes biggest interest rate rise in 27 years. Up 50 basis points to 1.75%.

After the Bank of England news, the pound fell 140 pips to 1.2065, but then slowly recovered to 1.2148 and looks set to continue its recovery in the next few hours.

The Federal Reserve talked about supporting the dollar

Although the dollar is currently very strong in international markets, the Fed sees that the dollar needs support. Federal Reserve Chairman (FRS) Powell: "The global monetary system is undergoing rapid changes that could affect the dollar's international role." The creation of a U.S. central bank digital currency (CBDC) is currently being considered to 'help the international position of the U.S. dollar.' The Fed servers will start operating in February 2023. For years, talk about this remained just talk and often "conspiracy theories", now we see concrete steps to translate all these technocratic plans into reality.

Chinese businessmen are urgently demanding that Russian partners buy back goods

The events in Ukraine are already starting to affect Russian-Chinese trade. "The sharp rise in the dollar exchange rate on the stock exchanges, the closure of trading and the crazy price tag of one hundred rubles per dollar in exchange offices will eventually affect the wallets of ordinary buyers. Even now, Chinese cargo is sending lightning to Russian recipients about the need to buy goods urgently. at the rate of the Central Bank, but at the rate at which dollars can be redeemed in an exchanger," Maksim Spassky, a member of the General Council of the Russian-Asian Union of Industrialists and Manufacturers, told Nakanune.ru. He reports that the Chinese partners are "terrified" because the prices of many goods have already risen very much during the pandemic, and given the further appreciation of the dollar, many goods will become so expensive that we will not be able to buy them at all. On the other hand, companies that work for export will be in the black. For them, dollar revenue will be an incentive for business development. "But if we look at the structure of Russian exports, we will see that 90% of the population will not be affected in any way. Under these conditions, the question arises of the survival of Russian business, of how it should continue to function in general. We still have not won back the losses 2014, and now, if we still sink twice, for example, to 150-160 rubles per dollar, how much will the real purchasing power of the population decrease? Evaluate the actions of the authorities in this situation, I want to say one thing, that we are on the verge of events that we cannot predict," he concluded.

Good news from OPEC + for oil production collapsed oil below $80

OPEC + Committee Ministers Support Extension of Oil Production Plan for December The ministers of the monitoring committee of the OPEC + countries (JMMC) called for an increase in oil production in December by only 400,000 barrels per day, as planned, sources told Interfax.

Later, a full-format meeting of ministers will take place, after which, at 18:30 GMT, a press conference is scheduled.

In July, amid the recovery in oil demand, the OPEC + countries decided to accelerate the increase in oil production - by 400 thousand barrels per day (b / d). Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, who has expressed concerns that a recovery in demand may be fragile amid the ongoing C0VID-19 pandemic, said not all countries will be able to ramp up supply. And already in August the deal was overfulfilled by 119% (that is, the shortfall to the plan was about 1 million bpd), and in September - by 115% (the shortfall was 0.7 million bpd).

Oil prices are rising steadily and in excess of $ 80 a barrel, pushing fuel prices higher, causing inflation and, as consumers say, hampering economic recovery.

However, while the OPEC + countries ignored these requests - at the previous meeting there was talk of a possible accelerated increase by eight hundred, and not 400 thousand b / d, but in the end the decision was made. Producers, in particular Saudi Arabia, want to make sure that the market needs oil in the long term, because they cannot, once increasing supplies, "turn off the tap" and leave their investments in the ground.

Meanwhile, many experts and market participants are already talking about a persistent lack of investment in oil production, and producers are talking about the need to look at sources of energy other than oil.

Miami Announces Plans To Pay City Workers Salaries In Bitcoin

Miami will push a bitcoin payout plan for its employees, Mayor Francis Suarez told Bloomberg on Tuesday, expanding its ambition to make Florida a major digital asset hub. “In October, we are going to submit a request for proposal to allow our employees to receive payment in bitcoins, to allow our residents to pay fees in bitcoins and even taxes, potentially in bitcoins, if the county allows it,  Suarez said in an interview. The official offer came after city commissioners backed his decision in February to instruct the city manager to hire a supplier that would offer employees the option to receive a percentage of their salary in bitcoin.

New Mexico news dropped the oil price today

New Mexico news dropped the oil price today. The oil price quickly moved down after the release of the news that New Mexico broke oil production records. "New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again." The Oil price dropped about 150 pips after one hour of the news release and is on the way to continue downward direction. The top level of oil price WTI New York was at $76.95 on 6th of July 2021 and since then the trend is down. The huge recovery since July 19th is impossible but temporary we may see levels close to $70 in a few days time. World-Signals.com trading strategy is to bet into short positions. If you are not into short positions already at levels of $71.50-$72.00 and above you can enter now or wait this level to open short with a target close to $70.00.

BofA expects Brent oil at $ 100 in 2022

Analysts at BofA Global Research view the decline in oil prices following the OPEC + decision to increase production as a bargaining opportunity and still expect Brent futures to rise to $ 100 a barrel next year.

The average price of Brent crude oil in 2021 will be $ 68 per barrel, WTI crude oil - $ 65 per barrel, according to the bank's analysts. Futures on these marks are expected to average $ 75 and $ 71, respectively, in 2022. The global oil deficit will be 1.4 million barrels per day in 2021 and 400,000 barrels per day in 2022, analysts say.

According to the bank, the new OPEC + agreement simultaneously supports and reduces both upward and downward risks for oil prices. In the next 18 months, this group of producer states will become a key player in the oil market.

The higher U.S. consumer price may support the dollar in a short term period

Inflation climbs for third straight month: U.S. consumer prices rose 5.4% in June from a year ago, again higher than expected.

The dollar became stronger after today's key report for U.S. inflation. The Dollar gained about 55 pips after the release of the news. This year World-Signals.com expects to see the highest inflation in the last decade. As the dollar gains today by this news in a mid and long-term period the dollar may lose against the major currencies. But the higher inflation is a signal that Fed policy to hike U.S. interest rates is close. The Fed last month announced that it will make two interest rate hikes with the minimum 0.25% but this high inflation may push the Fed to make higher than expected rates hike.

At the same time the inflation in the biggest European economy is 2.3% the same as expected and the same as in prior month of year base. The Germany Consumer Price Index was released earlier today of 2.3% of year base and 0.4% for June the same as expected and prior month too. For tomorrow (Wednesday July 14th) the most important event is Fed's Chair Powell testifying schedule or 16:00 GMT.

The news for U.S. Consumer prices may strengthen the Dollar in a short term period. Our prediction is to see EURUSD at levels of 1.1600.


 

 

 

 

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