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Oil prices surged overnight as US-Iran negotiations stalled and market concerns intensified about a prolonged supply disruption in the Middle East. A chart provides a quick overview of the pre-market crude oil prices converted between domestic and international markets.April 30th - Japanese government bonds fell in early Tokyo trading, following the overnight decline in U.S. Treasury prices. Japanese and U.S. bond prices often move in tandem. Amid ongoing Middle East conflict, rising oil prices have raised concerns about rising domestic inflation in Japan, which could also put downward pressure on bond prices. An analyst team at InTouch Capital Markets commented, "The situation in the Middle East has exacerbated a high degree of uncertainty. Inflation remains high, reflecting in part the rise in energy prices."Gold and silver both rose slightly after the Federal Reserve kept interest rates unchanged as expected, coupled with the Middle East situation pushing up inflation, making the outlook less than optimistic. A chart provides a quick overview of the pre-market conversion prices of gold and silver in both domestic and international markets.Futures News, April 30th: Crude oil prices are trending upwards, and positive news is providing further upward momentum for fuel oil prices. However, downstream traders, after moderate purchases, are again adopting a wait-and-see attitude towards higher raw material prices, and refineries are slowing down their shipments, thus limiting market gains. Given the supply-demand dynamics, it is expected that todays trading focus for various fuel oil products will be on stable shipments in some areas, while others will see slight upward movement.Futures News, April 30th: Market concerns about continued disruptions to Middle Eastern crude oil supplies have led to a rise in international oil prices. With strong cost support, the PX market is expected to continue its upward trend today.

The EUR/GBP exchange rate recovers above 0.8000 in advance of Eurozone inflation and UK gross domestic product

Alina Haynes

Mar 30, 2023 16:05

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The EUR/GBP pair extended its recovery above 0.88 during the Asian trading session. Anticipating that the European Central Bank (ECB) will continue to raise interest rates to combat persistent inflation, the cross has depreciated progressively. Friday will see the publication of preliminary Eurozone Harmonized Index of Consumer Prices (HICP) and Gross Domestic Product (GDP) (Q4) figures. Prior to the publication of these figures, it is anticipated that the asset will exhibit explosive activity.

 

It is anticipated that the preliminary Eurozone HICP will decelerate significantly from 8.5% to 7.3%. While it is anticipated that the core HICP will rise to 5.7% from 5.6% in the previous release. Weak energy prices are anticipated to have a significant impact on Eurozone inflation. In light of Christine Lagarde's prediction that inflation will remain elevated for an extended period of time, the European Central Bank (ECB) is expected to continue tightening monetary policy.

 

In the interim, banking tensions are subsiding as the absence of information regarding additional collateral damage has a positive impact on the market. Chief Economist Philip Lane stated on Wednesday that ECB interest rates must rise if banking tension has no or a "relatively limited" impact.

 

Investors avidly anticipate the United Kingdom's Gross Domestic Product (GDP) data. According to the consensus, the United Kingdom's growth in the fourth quarter of CY2022 remained unchanged. It is anticipated that the annual GDP will remain unchanged at 0.4%. It is expected that the British economy will undergo a severe recession as a result of high inflation and sluggish growth.

 

The Bank of England (BoE) policymakers appear confident that inflation will moderate in the near future and that the unexpected rise in February's inflation was a one-time anomaly; however, the absence of evidence raises doubts. If inflation persists, BoE Governor Andrew Bailey stated that additional rate increases would be announced. In contrast, Bank of America (BoA) analysts anticipate that the Bank of England (BoE) will not increase rates and will maintain current levels until 2024.


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