CNH: USD/CNY Fixing Makes Fresh YTD Low, Fixing Error Stays Negative
Jul-03 01:22
The USD/CNY fix printed at 7.1523, versus a Bloomberg market consensus of 7.1624. * The fixing is a...
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CNH: USD/CNY Fixing Error Term Steady, Stays Positive
Jun-03 01:19
The USD/CNY fixing rate was set at 7.1869, against a BBG market consensus estimate of 7.1732.
- The fixing level is higher than Friday's outcome (7.1848), while the fixing error is little changed at +137pips, with onshore markets out yesterday.
- USD/CNH is down slightly in the first part of dealing today, holding under 7.2100. We haven't reacted much to the fixing outcome. Broader USD sentiment was weaker in the first part of trade, but has now stabilized.
CHINA SETS YUAN CENTRAL PARITY AT 7.1869 TUES VS 7.1848
Jun-03 01:16
- CHINA SETS YUAN CENTRAL PARITY AT 7.1869 TUES VS 7.1848
LNG: Gas Rallies As Summer Due To Arrive In Europe & US
Jun-03 01:09
Natural gas prices rose strongly on Monday as temperatures rise and the market worries about global supplies. Commodities in general rallied yesterday.
- European gas rose 2.2% to EUR 34.99, close to the intraday high of EUR 35.49. Warmer weather in southern Europe which is forecast to spread across the region is expected to increase demand, although the May manufacturing PMI was lacklustre suggesting that industrial power usage is likely to remain soft. Refilling progress stays the focus.
- Seasonal maintenance in Norway continues but also the unplanned outage at the major Troll field has carried on into this week. The work on the Russian pipeline through Turkey has apparently been completed.
- An easing of sanctions on Russia is a long way off. Talks between the Ukraine and Russia in Istanbul finished unsuccessfully with Russia continuing to refuse an “unconditional” ceasefire. Ukraine expects a response to its proposals by the end of the month.
- Progress on US-Iran talks are being watched closely. There is always the risk that Iran blocks the Strait of Hormuz in protest which would impact Qatar’s LNG exports.
- US prices jumped 8.6% to $3.74, close to the day’s peak, on expectations of an increase in cooling demand following mild weather resulting in a lacklustre season to date. According to Atmospheric G2, the western US should see warmer weather at the start of next week, while temperatures should increase in the central and eastern areas thereafter.
