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On June 5th, a Pakistani government official told Nikkei Asian Review, "Pakistan plans to initially establish oil reserves sufficient for 45 days of needs, which can be gradually increased to 90 days in the future." The official revealed that the Ministry of Energy plans to adopt a multi-mode strategic petroleum reserve system, including state-supported emergency stockpiles, industry-mandated stockpiles, and bonded commercial warehousing. Among these reserve systems, bonded commercial warehousing has sparked discussion. This refers to storage facilities under customs supervision where imported oil or other fuels can be stored for re-export by domestic and foreign traders without immediate payment of customs duties and taxes. In case of emergency, these stored fuels can be used domestically in Pakistan. Nikkei Asian Review, citing another informed government official, reported that Pakistan is negotiating with Saudi Arabia, Kuwait, Qatar, the UAE, and China to establish bonded terminals within Pakistan. "Gwadar Port could be one of the locations for such a terminal," the official stated.On June 5th, CME Group CEO Terry Duffy expressed "deep concern" about the rise of so-called "perpetual futures," a type of increasingly popular financial contract that recently received crucial approval from US regulators. Duffy pointed out that "perpetual contracts" offer little practical use for institutional investors while simultaneously exposing retail traders to excessive risk. Duffy stated, "I have serious concerns about the structure of these contracts. I dont want to see people who lack understanding of the product ultimately forced out by contract liquidations; after all, they shouldnt be involved in these types of contracts in the first place."British Prime Ministers spokesperson: Starmer has no intention of resigning.US President Trump: Cuba is facing food shortages and lacks energy and oil.US President Trump: We will reach a trade agreement with India.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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