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Sources say the meeting between U.S. Vice President Vance and the Qatari Prime Minister will cover U.S.-Qatar relations and the situation in Iran, with a focus on the liquefied natural gas market and regional stability.The Canadian government announced it will undertake major reforms to its regulatory system.On May 8th, JPMorgan analysts stated that U.S. gasoline prices "could very well" rise to $5 per gallon as refineries prioritize jet fuel production over other petroleum products. In a report released Friday, the analyst team noted that in Asia, currently the region hardest hit by the energy crisis, the price shock triggered by the Iran war is spreading significantly faster in the refined product markets, such as jet fuel and diesel, than in the crude oil market. If refinery operations continue to be constrained by limited crude oil supply, fuel prices could become "the primary channel for demand destruction." "In this scenario, even with a significant widening of refined product crack spreads, crude oil prices could still stabilize around $100 per barrel. At that point, the next phase of the shock will no longer resemble a traditional crude oil price surge, but rather a refining and end-fuel supply crisis." Currently, jet fuel is the most significantly affected product, prompting refineries to maximize jet fuel production, which typically means reduced diesel production. The ripple effect is also spreading to gasoline production. Analysts say, "This may explain why U.S. gasoline prices have risen to $4.55 per gallon, and why the risk of gasoline prices rising to $5 can no longer be ignored."Irans Tasnim News Agency: Iran will respond if the US attempts to interfere with Iranian vessels.The Islamic Republic of Iran Broadcasting (IRIB) reported that the foreign ministers of Iran and Turkey spoke by phone. Iranian Foreign Minister Araqchi briefed his Turkish counterpart on recent regional developments, particularly the repeated violations of the April 8 ceasefire agreement by the United States. He stated that the insecurity in the Persian Gulf and the region stems from US actions.

USD/JPY falls to 146.00 as the DXY weakens and interest in BOJ policy rises

Alina Haynes

Oct 27, 2022 15:28

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During the Asian session, in response to negative signals from the US dollar index, the USD/JPY pair plunged below 146.00. (DXY). Following Wednesday's low of 146.22, the asset's two-day downward trend has extended. The main index is reaching the bottom of Monday's knee-jerk reaction near 145.77 as it continues to decline.

 

The dollar bears are facing a severe sell-off due to the positive market sentiment. The risk-sensitive currencies have benefited from an increase in risk appetite. The US dollar index (DXY) has struck a new monthly low of 109.56 and is anticipated to stay volatile until the release of crucial US economic data.

 

The increased demand for U.S. government bonds has resulted in a decline in yields. This is due to the global markets' increased confidence. The yield on 10-year United States Treasury notes has decreased to 4%.

 

According to estimates, the Gross Domestic Product of the United States expanded by 2.4% in the third quarter. Despite the ultra-hawkish monetary policies of the Federal Reserve (Fed) and the previously disclosed 0.6% fall in growth, forecasts indicate a positive growth rate.

 

In addition, US Durable Goods Orders data will continue to be a key point. Compared to a reduction of 0.2%, it is projected that economic statistics will increase by 0.6%. Notable is the increase in core inflation, which includes oil and food prices. In spite of this, the predicted increase in demand for durable goods in the United States demonstrates healthy household demand.

 

Investors in Tokyo are anticipating the Bank of Japan's (BOJ) interest rate decision on Friday. In view of the shocks to foreign demand, BOJ Governor Haruhiko Kuroda will continue an ultra-loose monetary policy to stimulate the outlook for economic development. In addition, Japanese policymakers are anxious that the inflation rate could go below 2%; hence, an extremely liberal policy is the best alternative.

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