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March 12 (Futures News) – Geopolitical instability and unclear market direction for fuel oil have led to a quiet, wait-and-see trading atmosphere in the fuel oil market. Traders are cautious in their buying and selling, resulting in limited actual transactions and pressure on refinery inventories. It is expected that todays fuel oil market will see some prices remain stable, while others will experience narrow fluctuations.A chart summarizing the overnight price movements of international spot platinum and palladium.March 12 - According to CNN, the head of an Iraqi port company stated that they had successfully rescued 38 crew members from two foreign oil tankers after they were attacked and caught fire in Iraqi territorial waters, but at least one person tragically died. The Islamic Republic of Iran Broadcasting (IRIB) reported that an attack by Iranian underwater unmanned vessels "destroyed two oil tankers in the Persian Gulf tonight." The head of the Iraqi port company stated that its oil ports have ceased operations following the attack. Ship tracking data shows that the two ships were moored side-by-side when the fire broke out. It is understood that the vessels involved in the fire were the Maltese-flagged "Zefyros" and the Marshall Islands-flagged "Safesea Vishnu." The "Safesea Vishnu" is registered to an American company, while the "Zefyros" is owned by a Greek company.March 12 (Futures News) – Oil prices continued their upward trend, with cost support remaining. Due to concerns about supply issues, the May PX spot price traded at a floating price of $55/ton yesterday. Meanwhile, major domestic PX producers have plans to reduce operating rates, which is a dominant positive factor, leading to continued PX price increases today.Euro Stoxx 50 futures fell 0.7%, and German DAX futures fell 0.9%.

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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