AUG2022

Image source:
google

The WHO declared the monkey-

pox virus as an international
public health emergency
WHO director Tedros Adhanom Ghebreyesus said on 23rd
July that the monkeypox virus outbreak had officially been
declared an “international public health emergency” by the
World Health Organization (WHO) as the virus were
detected in 75 countries and regions.

In early may, 2022, Britain reported monkeypox cases and

then more and more countries in Europe and America
reported monkeypox cases. Monkeypox epidemic spread
rapidly in the world. It was a surprising outbreak of
monkeypox that rarely appears outside of Africa. For the
first time, the disease appeared to be spreading among
people who didn’t travel to Africa.

WHO emergency committee held a meeting in late June

and evaluate the outbreak of monkeypox epidemic in
many countries and regions. Monkeypox virus was
detected in 47 countries with 3,040 cases in late June.
 As of now, monkeypox virus was detected in 75 countries
and regions with more than 16,000 cases. According to
CNBC, identified cases of monkeypox virus increased by
77% from late June to early July. Europe reported more
than 80% of total identified cases in 2022.

The coordinator of the White House’s covid-19 response

working team Ashish Jha said on 24th July that America
can control monkeypox epidemic through vaccination and
treatment.

On 25th July, Japanese Foreign Ministry declared global

travelling warnings on monkeypox virus, adding that
Japanese nationals should also focus on information about
covid-19 in other countries before travelling.

Daily petroleum production

reached more than 1 million bar-
rels in Libya
On 25th July, local time, Libya’s official data showed that
daily petroleum production increased to more than 1
million barrels. It is a milestone for Libya. Daily
production was 800,000 barrels per day last week.

Image source:
google
Libya’s energy minister Mohamed Oun said on Monday
that daily petroleum production increased to more than 1
million barrels per day. More than one week ago, Libyan
Ministry of Oil and Gas released a statement that Libya
has resumed petroleum exports that were suspended 3
months ago.

NOC said in April 2022 that El Sharara, the largest oil

field in Libya, was forced to suspend oil production due to
force majeure. New president of NOC Farjat said on 15th
July that oil production would be resumed.

NOC said that daily oil production would be raised to 1.2

million barrels per day in 2 weeks, adding that it will plan
to raise the daily production to 3 million barrels with the
prerequisite that enough government funds are used to
develop oil fields and export ports, and maintain
infrastructures.

The rapid growth of oil production in Libya eased

insufficient oil supply and high oil price to some extend.
High oil price has boosted inflation around the world,
making people of all of countries suffer.

Libya holds the most crude oil reserves in Africa and is the
major member of OPEC. Its oil is mainly exported to
southern Europe and China. However, its oil production
decreased by around 50% in recent months due to political
crisis and insufficient investment in infrastructures.

Candidates have made it ballot

for the Conservative Party lead-
ership contest to replace Boris
Johnson
 On 20th July, local time, Former Chancellor of the
Exchequer Rishi Sunak and Foreign Secretary Elizabeth
Truss were completing for the Conservative Party
leadership contest to replace Boris Johnson. It is said that
160,000 Conservative Party members will vote and the
Image source: voting result will be revealed on 5th September.
google

At the beginning, eight candidates made it ballot for the

Conservative Party leadership contest to replace Boris
Johnson. In former 4 ballots, Rishi Sunak won the most
votes, Penny Mordaunt was ranked the second, and
Elizabeth Truss was ranked the third. Rishi Sunak and
Elizabeth Truss were winners in the fifth ballot. They will
complete for the new president of the UK.

Boris Johnson made a resignation statement on 7th July

after dozens of his ministers quit the government, adding
that he will continue to serve as prime minister until a new
leader is in place.

A professor from the European Institute of the London

School of Economics and Political Science said the UK
government had limited capabilities to conduct
management as Boris Johnson still services as the
president of the UK.

As Rishi Sunak and Elizabeth Truss didn’t pull off a

landslide victory in the fifth ballot, it is difficult to know
 which one will be the new president of the UK. However,
the new president will face many challenges such as high
inflation and debts, slow economic growth and rising
living costs.

Hot symbols preview

The USDX is expected to contin-
ue rising in August, as the market
trend is bullish

The chart of
the week

In mid July, the USDX increased for the 3rd straight week.
It broke above 108 and 109, and revised the highest since
mid-September 2002 to 109.30. The US inflation exceeded
9%, which supported the US Fed in raising the interest
rate. Safe-haven US dollar rose amid risks of global
economic recession. However, it fell in late July as the
expectation that the US Fed will raise the interest rate
falls.

Technically speaking, the USDX rose and then decreased

with potential support at 105.0. It may reverse in the short
term. The USDX will fall further with potential support at
102.0 if it breaks below 105.0, while it will rise further
with potential target at 111.3 if it breaks above 109.3.
 XAUUSD is expected to continue
falling as the market trend is
bearish

The chart of
the week

In mid-July, XAUUSD decreased for the 5th straight week

and revised the lowest since August 2021. It may continue
falling as the US dollar index continued rising to a 20-year
high, the US treasury yield increased and oil was sold off.
However, in late July, XAUUSD exceeded 1700, as the
US dollar fell, concerns on geopolitical tension rose and a
flight-to-quality trend intensified.

Technically speaking, XAUUSD rebounded steadily from

a low level with potential resistance at 1752. Potential
bottoms occurred if XAUUSD broke above 1752. It will
jump further with potential resistance at 1800 if it breaks
above 1752. On the other hand, it will fall further with
potential support at 1600 if it breaks below the support at
1680.

Oil price will fall in August due to

many negative factors

The chart of
the week
 USOIL continued falling. It has decreased by more than
10% since July. The US will release $20 million barrels of
strategic oil reserves, and the IMF is pessimistic about the
economic outlook and lowers the forecast for the world’s
economy. In addition, monkeypox epidemic also puts
pressure on oil price.

Technically speaking, USOIL fluctuated at high levels and

fell. Potential tops occurred with potential support at 85.4.
USOIL will fall further with potential support at 70.0 if it
breaks below 85.4, while it will jump further with
potential target at 123-130 if it breaks above 110.0.

The euro hit a 20-year low, and it

is expected to fall further in
August

The chart of
the week

EURUSD has been falling since July. It broke below 1.00

to a 20-year low at one point. Eurozone economy was at
risks, Italian government collapsed, and the US dollar was
strong. All of these factors lowered the euro. Although the
ECB started raising the interest rate, the euro can’t stop
falling in the short term.

Technically speaking, EURUSD continued falling with

potential support at 0.995. The market trend is bearish.
EURUSD will fall further with potential support at 0.968
if it breaks below 0.995, while it will jump further with
potential resistance at 1.060 if it breaks above the
resistance at 1.028.
 GBPUSD may be under pressure
in August as the market trend is
bearish

The chart of
the week

In early July, GBPUSD continued falling and hit 1.1759,

the lowest since late March 2020. The US dollar increased,
the UK economic landscape was weak, and Boris Johnson
resigned. All of these factors put pressure on the pound.
However, the pound will rebound from a low level in late
July as the US dollar is weak and the expectation that the
BOE will raise the interest rate rises.

Technically speaking, the market trend was generally

bearish with potential resistance at 1.233. It will fall
further with potential target at 1.14 if it is capped at 1.233,
while it will jump further with potential resistance at 1.260
if it breaks above 1.233.

BTCUSD is more likely to fall in

August as the market trend is
bearish
The chart of
the week

BTCUSD has remained low since November 2020. The

market trend is generally bearish. Recently, Tesla has
reduced its bitcoin holdings by 75%, which makes
investors sell bitcoins. In addition, US regulators
strengthened regulation on cryptocurrencies. Risks of
economic recession also put pressure on BTCUSD.

Technically speaking, BTCUSD continued falling with

potential support at 17600. The market trend is bearish.
BTCUSD will fall further with potential support at 13800
if it breaks below 17600, while it will stop falling if it
breaks above the resistance at 30000.
 END

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