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April 5th - According to the Financial Times, International Energy Agency (IEA) Executive Director Fatih Birol warned that if the Strait of Hormuz does not reopen to shipping, the amount of crude oil and refined products lost in April will be double the amount lost in March. Even after the conflict ends, it will take a long time to return to normal. "We are monitoring all critical energy assets in the region hourly," he said, referring to oil and gas fields, pipelines, refineries, and liquefied natural gas terminals. "Currently, 72 energy assets have been damaged, and a third of them are severely or very severely damaged," he added. Birol praised Saudi Arabias swift response to the crisis, noting that the country diverted more than two-thirds of its oil exports via a pipeline to the Red Sea. Birol stated that Saudi Arabias highest authorities assured him that the critical pipeline was well protected. However, Birol pointed out that if this route were attacked, the consequences for the global economy would be extremely severe.April 5th - According to the Financial Times, International Energy Agency (IEA) Executive Director Fatih Birol warned that countries must resist the urge to hoard oil and fuel amid the energy crisis triggered by the US-Israel conflict with Iran. Supply is expected to decrease further if the Strait of Hormuz remains closed. "I urge all countries not to impose export bans or restrictions," Birol stated. "This is the worst time for the global oil market. If countries hoard oil and fuel, their trading partners, allies, and neighbors will suffer." This likely refers to the United States. With gasoline prices exceeding $4 per gallon and California facing jet fuel shortages, rumors are circulating in the US about a possible ban on refined petroleum product exports. US Energy Secretary Chris Wright has so far only ruled out a ban on crude oil exports. Birol stated that some countries are already hoarding energy, undermining the effectiveness of the IEAs release of 400 million barrels of crude oil and fuel from its emergency reserves to stabilize markets during the current conflict.UAE authorities say the UAE faces the threat of Iranian missile attacks.Market news: A missile launched from Iran has targeted oil storage facilities in Bahrain.According to the official measurement of the China Earthquake Networks Center, a 3.6-magnitude earthquake occurred at 10:39 on April 5 in Gaochang District, Turpan City, Xinjiang (43.34 degrees north latitude, 88.94 degrees east longitude), with a focal depth of 36 kilometers.

GBP/JPY Surpasses 161.00 Due to Firmer Rates, Discussions of UK Tax Cuts, and Concentration on BoE

Daniel Rogers

Jan 30, 2023 15:32

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GBP/JPY demonstrates moderate gains near 161.00 as it reflects the market's cautious disposition at the beginning of a key week that includes multiple monetary policy meetings and important data. Despite this, the cross-currency pair sustains its two-week recovery on the back of rising US Treasury bond yields and hawkish Bank of England forecasts (BoE).

 

Despite a tiny bid at press time, 10-year US Treasury rates remain uninspired about 3.51% after reversing a two-week decline last Friday. Concerns surrounding the Bank of England's 0.50 percentage point interest rate increase to contain inflation appear to keep GBP/JPY purchasers optimistic.

 

Notably, concerns regarding the United Kingdom's opposition to tax cuts appear to help the pair's upward momentum. Reuters quotes British finance minister Jeremy Hunt as saying on Friday that he plans to prioritize corporate tax cuts whenever public finances permit.

 

GBP/JPY sellers, on the other hand, are hopeful due to the Bank of Japan's (BoJ) continuing efforts to defend the Yield Curve Control (YCC) with recently higher inflation data from Tokyo. Japan's foundations may be on par with those of the United Kingdom, despite the former's greater stability.

 

The GBP/JPY exchange rate may experience a short-term rebound in the near future as a result of cautious optimism on the market and reduced fears of UK worker strikes. Nonetheless, the Bank of England's (BoE) rate hike and efforts to limit inflation without harming productivity will draw considerable attention.

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