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The EIA Strategic Petroleum Reserve inventory in the United States for the week ending January 10 was 500,000 barrels, compared with 247,000 barrels in the previous week.The EIA finished oil imports in the United States for the week ending January 10 were -193,000 barrels per day, compared with 146,000 barrels per day in the previous week.The EIA refined oil inventory in the United States for the week ending January 10 was 3.077 million barrels, which was expected to be 785,000 barrels and the previous value was 6.071 million barrels.The EIA gasoline inventory in the United States for the week ending January 10 was 5.852 million barrels, expected to be 2.034 million barrels, and the previous value was 6.33 million barrels.The EIA crude oil inventory in the United States for the week ending January 10 was -1.962 million barrels, expected to be -992,000 barrels, and the previous value was -959,000 barrels.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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