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On April 14, Iranian Oil Minister Mohsin Paknejhad stated that Irans oil sales have been strong since the outbreak of the military conflict with the United States and Israel, and a portion of the revenue will be used to repair the damage to industry caused by the wartime attacks. Paknejhad said that Iranian oil industry workers maintained the operation of various facilities during the conflict, ensuring that oil exports "have not been interrupted for even a day," including key export hubs such as Kharg Island.April 14th - According to the Financial Times, BP stated that its oil trading division achieved "extraordinary" results in the first quarter following the surge in crude oil prices caused by the war with Iran. The energy supply crisis caused by the war has scrambled for available cargoes by traders and refineries to fill the large energy supply gaps caused by the conflict in the Gulf region. Last week, the price of North Sea crude oil for immediate delivery hit a record high of nearly $147 per barrel. In its trading report released before the results announcement on April 28th, BP also stated that its net debt for the first quarter would increase by approximately $3 billion to $5 billion due to increased working capital (i.e., funds needed for daily operations). This move aims to ensure the company has sufficient cash reserves to cope with the current market volatility. Last week, Shell also stated that it expects the war to bring significant growth to its trading business.ANZ Bank: Production of 1 million to 2 million barrels per day could face permanent or semi-permanent disruption due to reservoir damage, maintenance delays and financial challenges.ANZ Bank: Oil prices are expected to remain high in 2027, staying in the range of US$80 to US$85 per barrel.Polish Foreign Minister: Deterrence is effective; Russian President Putin is losing allies.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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