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The Commodities Feed: Lingering supply risks
The oil market came under significant pressure yesterday with ICE Brent settling 3.35% lower on the day, while WTI traded down to its lowest level since the Israel-Hamas conflict. This is despite the fact that there are clear upside risks still facing the market in the current geopolitical environment. Disruptions to Iranian oil flows remain the most obvious risk to the market, which could see anywhere between 500k b/d and 1m b/d of supply lost if the US were to strictly enforce sanctions once again. Up until now, developments in the Middle East have yet to impact oil supply. In the absence of supply disruptions from ... (full story)
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- From boj.or.jp|Oct 30, 2023
Japan's economy is likely to continue recovering moderately for the time being, supported by factors such as the materialization of pent-up demand, although it is expected to be ...
- From boj.or.jp|Oct 30, 2023|21 comments
At the Monetary Policy Meeting held today, the Policy Board of the Bank of Japan decided to further increase the flexibility in the conduct of yield curve control. Specifically, while the Bank will maintain the target level of 10-year Japanese government bond (JGB) yields at around zero percent, it will conduct yield curve control with the upper bound of 1.0 percent for these yields as a reference and will control the yields mainly through large-scale JGB purchases and nimble market operations. In this manner, the Bank will patiently continue with monetary easing. The Bank decided on the following regarding yield curve control and the guidelines for asset purchases. (1) Yield curve control The Bank decided, by a unanimous vote, to set the following guideline for market operations for the intermeeting period. The short-term policy interest rate: The Bank will apply a negative interest rate of minus 0.l percent to the Policy-Rate Balances in current accounts held by financial institutions at the Bank. The long-term interest rate: The Bank will purchase a necessary amount of JGBs without setting an upper limit so that 10-year JGB yields will remain at around zero percent. b) Conduct of yield curve control (an post: BoJ Widens Band Around 10 Year JGB Yield Target At +/- 1% Each (prev 0.5%) - Scraps Reference To Daily Fixed Rate JGB Purchasing Operations - Maintain Short-Term Interest Rate Target At -0.1% - Maintains 10-Year JGB Yield Target Around 0%USD/JPY spikes to fresh daily top, retakes 150.00 mark after BoJ policy decision The USD/JPY pair regains positive traction during the Asian session on Tuesday and snaps a two-day losing streak to the 148.80 area, or a two-week low touched the previous day. The buying interest picks up pace after the Bank of Japan (BoJ) announced its policy decision, pushing spot prices to the 150.00 psychological mark, or a fresh daily high in the last hour. The Japanese central bank refrained from altering its yield curve control (YCC) policy, though changed language around the target range for the benchmark 10-year yield. The BoJ decides to keep the yield target but make 1% a reference cap. The move comes on the back of pressure from a sell-off in bond markets through October, which had lifted the yield on the 10-year JGB to a 10-year peak earlier this Tuesday. The BoJ, however, maintained its ultra-low interest rates despite an uptick in Japanese inflation. This continues to weigh on the Japanese Yen (JPY) and lends support to the USD/JPY pair.
- From worldbank.org|Oct 30, 2023
Although the global economy is in a much better position than it was in the 1970s to cope with a major oil-price shock, an escalation of the latest conflict in the Middle ...
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- Posted: Oct 31, 2023 12:01am
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 192