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1. WTI crude oil futures trading volume was 1,335,333 lots, a decrease of 160,335 lots from the previous trading day. Open interest was 2,089,984 lots, a decrease of 16,134 lots from the previous trading day. 2. Brent crude oil futures trading volume was 251,967 lots, a decrease of 41,432 lots from the previous trading day. Open interest was 283,859 lots, a decrease of 2,651 lots from the previous trading day. 3. Natural gas futures trading volume was 353,207 lots, a decrease of 78,553 lots from the previous trading day. Open interest was 1,560,302 lots, a decrease of 8,673 lots from the previous trading day.On March 18th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust, stated that the Bank of Japan (BOJ) is expected to maintain its policy rate at 0.75% this week. The BOJ will be monitoring how rising crude oil prices increase the cost of petrochemical products and other crude oil-based commodities, and how these cost pressures are transmitted to domestic prices. While rising crude oil prices will directly push up energy prices such as gasoline in the short term, this temporary fluctuation is unlikely to prompt the central bank to raise interest rates sooner than expected.1. Berenberg: The room for further rate cuts is quite limited; the Fed is expected to implement the final 25 basis point rate cut of this cycle at its June meeting. 2. Goldman Sachs: Expects 25 basis point rate cuts in September and December respectively. If the labor market weakens earlier and more severely than expected, rate cuts may be implemented sooner. 3. Deutsche Bank: Rates are expected to remain unchanged this week. Rising geopolitical uncertainty and inflation risks triggered by soaring oil prices are eroding the room for further rate cuts. 4. Credit Agricole: Rates are expected to remain unchanged until the end of the year. Some members may advocate ignoring short-term energy-driven inflation spikes, but most members tend to be more cautious. 5. Rabobank: Under Powells leadership, the Fed is likely to maintain a wait-and-see stance; if Warsh takes office, the Fed may be more aggressive, potentially pushing for rate cuts to combat economic downturn. 6. TS Lombard: Labor market concerns are resurfacing. If the energy shock subsides within weeks, coupled with the base effect of tariff inflation in the second half of the year and a rapid slowdown in rent inflation, two rate cuts are still possible this year. Xunze (03317.HK), the first company to list on the Hong Kong stock market specializing in token transactions, rebounded in the afternoon, narrowing its losses to 3.9%, after falling more than 9% earlier in the session. According to sources, a key reason for Alibaba Clouds recent price increase is a "surge in token usage."Japans Ministry of Economy, Trade and Industry: The national average retail price of gasoline has risen to 190.80 yen per liter, a record high.

USD/JPY Surpasses 131.80 As Concern Grows Prior To BoJ Governor Selections

Alina Haynes

Feb 09, 2023 15:08

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During the Tokyo trading session, the USD/JPY pair jumped past the key resistance level of 131.80. The asset has demonstrated significant increases as investors become anxious in advance of the announcement of the list of candidates to replace Bank of Japan (BoJ) Governor Haruhiko Kuroda. The BoJ's Kuroda has maintained an ultra-loose monetary policy for an extended length of time, and the Japanese government wishes to arrange an exit from the expansionary policy with his successor.

 

The statement by Vice President Joe Biden that the United States will not experience a recession in 2023 and 2024 has bolstered risky assets. S&P500 futures are showing moderate gains in the Asian session following a decline on Wednesday, indicating a modest revival in investor risk appetite.

 

The US Dollar Index (DXY) is failing to hold above 103.00 despite Federal Reserve (Fed) chair Jerome Powell and his team's commitment to raising interest rates higher and maintaining them at elevated levels for a longer period of time.

 

As reported by CNBC, Fed Governor Christopher Waller stated that the central bank will maintain its present plan of action, which has resulted in eight interest rate increases since March 2022. Regarding the labor market, the Fed official finds it to be relatively solid and anticipates that it will promote future consumer spending.

 

On the Japanese Yen front, investors are focusing mostly on the list of candidates for the position of next BoJ Governor. Wednesday, Japanese Prime Minister Fumio Kishida stated, "In the process of selecting the next Bank of Japan (BoJ) Governor nominee, they are aware of the market's keen emphasis on the decision."

 

In the meantime, OCBC has issued the following statement: "This week, the focus will be on the list of BoJ nominees that is anticipated to be presented to parliament on 10 February, but rumors predict a delay until next week. The appointment of Amamiya would be most beneficial for the USD/uptrend, JPY's but Yamaguchi's appointment might weaken the Japanese Yen.


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