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Market news: Samsung SDI has signed a 1.5 trillion won energy storage system battery agreement with a US company.March 16th - As soaring oil prices fueled investor concerns about inflation and economic growth risks, the U.S. Treasury market has erased all of its year-to-date gains. A Bloomberg U.S. Treasury performance indicator has turned negative year-to-date after falling 1.7% since the end of February. Stagflation fears have pushed up yields, forcing Wall Street to lower its expectations for U.S. interest rate cuts over the next year. Morgan Stanley strategist Bradley Tian and others stated, "Energy-driven inflation and policy uncertainty continue to put pressure on long-term U.S. Treasuries." Bonds in the U.S., Japan, and Australia have all fallen, and a global bond index has also wiped out its year-to-date gains. Bob Savage, head of macro strategy at BNY Mellon, said, "Geopolitical uncertainty and increased cross-asset volatility are likely to persist in the near term until markets develop confidence that the conflict with Iran is stabilizing."According to the Wall Street Journal, the CEOs of ExxonMobil, Chevron, and ConocoPhillips warned US President Trumps officials that a war with Iran disrupting the Strait of Hormuz would exacerbate the energy crisis.According to the Wall Street Journal, the oil industry warns that the energy crisis caused by the Trump administration is likely to worsen further.On March 16, the Peoples Bank of China (PBOC) announced that it will conduct 500 billion yuan of outright reverse repurchase operations today (March 16) through a fixed-quantity, interest rate bidding process with multiple price levels, for a term of six months (182 days). Since 600 billion yuan of six-month outright reverse repurchase agreements mature in March, this operation by the PBOC means that the amount of six-month outright reverse repurchase agreements renewed this month has been reduced by 100 billion yuan.

As Japan Prepares for BOJ Amamiya to Handle Monetary Policy, the EUR/JPY Rebounds from 142.00

Daniel Rogers

Feb 06, 2023 16:09

After falling to approximately 142.00 during the Asian session, the EUR/JPY pair has made a robust recovery. According to a Nikkei article published by Bloomberg, the Japanese government is aiming to recruit Bank of Japan (BoJ) Deputy Governor Masayoshi Amamiya to replace Haruhiko Kuroda as the head of the central bank.

 

In February, the nominees for Kuroda's replacement will be finalized, and discussions for a change from the ultra-loose monetary policy of the past decade will intensify.

 

The BoJ has already widened the yield curve to boost flexibility. Deputy Governor of the Bank of Japan Masazumi Wakatabe noted last week, "BoJ's December decision to broaden band was a necessary step to make YCC more sustainable, but the move alone may have undermined the effect of the stimulus."

 

For renewed impetus in the Eurozone, investors anticipate the release of Retail Sales data. The economic statistics is expected to drop by 2.7% annually, compared to the prior annual contraction of 2.8%. It is projected that the monthly data will decrease by 2.5% compared to the 0.8% growth reported earlier.

 

The Eurozone economy has suffered a decrease in consumer spending for five consecutive months, which will satisfy the European Central Bank (ECB) as it reduces its forecasts for the Consumer Price Index (CPI).

 

Pierre Wunsch, a member of the ECB Governing Council, told Reuters on Friday that the ECB will not reduce its benchmark interest rate from 50 basis points (bps) in March to zero in May. May might see a 25 or 50 basis point increase, according to Wunsch.


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