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Futures July 2, as of June 28, Japans commercial crude oil inventories increased by 43,529 kiloliters from the previous week to 12,287,738 kiloliters. Japans gasoline inventories fell by 108,464 kiloliters from the previous week to 1,673,044 kiloliters. Japans kerosene inventories increased by 102,849 kiloliters from the previous week to 2,099,122 kiloliters. The average operating rate of Japans refineries was 88.2%, compared with 84.4% in the previous week.July 2, Phillip Nova senior market analyst Priyanka Sachdeva wrote in a report that oil futures may trade in a narrower range this week as OPEC+ is widely expected to agree to increase production by another 411,000 barrels per day in August. OPEC+ supply is under the control of investors; however, prices seem to have digested the increase in production and are unlikely to catch the market off guard again in the short term. However, a weaker dollar could prolong any upward momentum.July 2, Goldman Sachs said that if OPEC+ decides to increase production on Sunday, the market is not expected to react much, because the general market expectations have shifted to this result. Goldman Sachs expects the August production increase to be the last, as the large influx of shale oil from non-OPEC countries affects the supply and demand balance, but the risk tends to be a further increase in OPEC+ quotas after August.Canada remains committed to removing all Trump tariffs in its trade deal with the United States, the country’s ambassador to Washington said.Goldman Sachs: If OPEC+ decides to increase production on Sunday, the market is not expected to react much as the general market expectations have shifted to this outcome.

USD/JPY Falls to Roughly 123.50 as US Treasury Yields Decline

Larissa Barlow

Apr 07, 2022 10:09

  • USD/JPY has fallen to around 123.50 as declining US Treasury rates erode the greenback's value versus the yen.

  • After reaching a three-year high of 2.66 percent, the 10-year US Treasury yields attracted bids.

  • The IIMF has argued for a lengthy period of ultra-loose monetary policy for the BOJ.

 

The USD/JPY pair has fallen strongly in the Asian session to about 123.50 after bouncing around a small range of 123.71-123.93 over the previous day. Thursday's trading session is exhibiting a bearish open rejection-reverse pattern. The USD/JPY began at 123.80, climbed higher to 123.93, and then fell rapidly to a low of 123.50 as yen bulls attacked the asset.

 

Market players have offered the asset as a result of the low performance of US Treasury yields on Thursday. The benchmark 10-year US Treasury yields have fallen from 2.66 percent highs, but the 2-year US Treasury yields, which are more sensitive to interest rates, have come under pressure. Bears gained control of Treasury yields as market investors dismissed the hawkish Federal Open Market Committee (FOMC) minutes.

 

Meanwhile, the International Monetary Fund (IMF) study recommends that the Bank of Japan (BOJ) maintain its ultra-loose monetary policy for an extended period of time. Increased commodity prices and a recovery in spending patterns may pressurize the BOJ to lower interest rates, but maintaining a steady dovish approach will benefit the economy. Apart from that, the IMF downgraded Japan's economic growth forecast for 2022 to 2.4 percent from 3.3 percent in January.

USD/JPY

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