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March 18 - Japans Ministry of Finance announced on Wednesday that crude oil imports cleared through customs in February increased by 16.4% year-on-year. Preliminary data shows that Japan, the worlds fourth-largest crude oil importer, imported 2.64 million barrels per day (11.757 million kiloliters) of crude oil last month; liquefied natural gas (LNG) imports were 5.82 million tons, down 0.9% year-on-year; and imports of thermal coal for power generation fell 1.1% in February to 8.735 million tons.On March 18th, Futures News reported that Chicago Board of Trade (CBOT) soybean futures closed higher on Tuesday, with the benchmark contract rising 0.1%. This was mainly due to stronger international crude oil futures and the impending implementation of the US biofuel blending policy, which boosted Chicago soybean oil prices and lifted market sentiment. Rising international crude oil prices continued to support the soybean market. Irans attack on the United Arab Emirates exacerbated market concerns about potential supply disruptions due to a US-Israeli war against Iran. Media reports indicated that US President Trump invited farmers and biofuel producers to an event at the White House on March 27th, where the final rule on biofuel blending might be announced. This move also boosted investor optimism. AgResource stated that the US government plans to release the final rule on biofuel blending quotas by the end of March, increasing market expectations for increased demand for biofuel feedstocks such as soybean oil, injecting new vitality into the biofuel market.Market news: Explosions were heard at a US military base in Saudi Arabia.Security sources say a drone strike hit the U.S. embassy in Baghdad, with explosions heard at the scene.On March 18th, Futures News reported that soybean oil futures on the Chicago Board of Trade (CBOT) closed sharply higher on Tuesday, with the benchmark contract rising 3.2%, recovering some of Mondays losses. This was mainly due to stronger international crude oil futures and the impending clarification of US biofuel policy. Traders said that soybean oil prices received dual support that day: firstly, a boost from rising energy prices, and secondly, market expectations that the government would introduce policies favorable to the biofuel industry regarding RVO (Renewable Energy Blending Obligation) and SRE (Small Refinery Exemption). Reports on Tuesday indicated that US President Trump will host an agricultural-themed event at the White House next week, inviting farmers and biofuel producers, and is expected to announce biofuel blending quota plans for 2026 and 2027. There is speculation that large refineries may be forced to fill quota gaps left by smaller refineries that have been granted exemptions from blending obligations.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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