Australian dollar is negatively affected by global factors
Stepping into this week, the factors that affect the movement of the Australian dollar are quite politicized. First of all, in the conflict that broke out on the Sino-Indian border, Indian officers and soldiers were reported to have died. The incident immediately caused concern that China might be involved in the war, or it might damage the recovery process of the Chinese economy after the epidemic. China, as Australia’s largest exporter, has any risks to the Chinese economy and will inevitably affect the exchange rate of the Australian dollar. In addition, North Korea has also made new moves to blow up the liaison office symbolizing communication between the two sides. Fearing that North and South Korea would shoot at any time and fire, the situation in the Asia-Pacific region immediately became tense. Australia is in the Asian economic circle, and the incident will inevitably have a negative impact on the Australian economy and the Australian dollar exchange rate. Fortunately, the other side suddenly heard news that US Secretary of State Pompeo met with Yang Jiechi, a member of the Political Bureau of the Central Committee, in Hawaii on Wednesday to discuss bilateral relations. China-US relations are expected to break the ice or offset many of the above-mentioned negative factors for the Australian dollar.
EIA releases data triggers market attention to weak global crude oil demand
The U.S. Energy Information Administration (EIA) announced that crude oil inventories unexpectedly increased by 1.215 million barrels last week. The market had originally expected 152,000 barrels. As for gasoline inventories, it decreased by 1.667 million barrels, which was much higher than the market’s expected reduction of 17,000 barrels. Distillate stocks also unexpectedly fell by 1.358 million barrels, and the market expects to increase by 2.43 million barrels. In addition, the Organization of the Petroleum Exporting Countries (OPEC) released its latest monthly report, expecting that the global daily crude oil demand in the second half of the year will decrease by 6.4 million barrels from the same period last year, but the decline is milder than the 11.9 million barrels in the first half of the year, while the global daily crude oil demand will decrease this year. The forecast of 9.1 million barrels remains unchanged. The data once again triggered the market’s concern about the weak global crude oil demand, dragging down the performance of oil prices
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