Archives of “July 19, 2021” dayrss
Bitcoin has held up better than I would have expected
This is not a good looking chart but that’s something that everyone knows
Oil tumbles further as the risk sentiment keeps more defensive
On Brent, forecast to approximately $70/bbl in 2021 (from their previous projection of approximately $66.50/bbl)
- $69/bbl in 2022 (from $68/bbl)
- ‘long term’ forecast to $62/bbl (from $60/bbl)
- approx $67/bbl in 2021, from circa $62/bbl
- $66/bbl in 2022 (from $63/bbl)
- long term $59/bbl (from $55/bbl)
- Bottom Line: We are raising our Brent and WTI price forecasts since supply/demand fundamentals continue to improve
- While demand continues to surprise to the upside. OPEC + and US E&Ps have shown strong discipline.
- As global crude oil stocks draw in 2H21, we see support of higher crude oil prices
The People’s Bank of China set the onshore yuan (CNY) reference rate for the trading session ahead.
- USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
- CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.
- The previous close was 6.4786
- Reuters estimate was 6.44710 (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC).
PBOC injects 10bn yuan via 7-day reverse repos
- 10bn RRs mature today
- thus a net natural day for open market operations
If we are to become a great trader we will go through some variation of all 6 of these stages. Being aware of these stages can help you identify where you are now and where you need to eventually be.
Stage One: The Mystification Stage
Stage Two: The Hot Pot Stage