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On April 30th, according to foreign media reports, copper futures on the Chicago Mercantile Exchange (COMEX) continued to fall on Wednesday, closing at their lowest price in three weeks. A stronger dollar and soaring oil prices fueled concerns about inflation and economic growth, putting downward pressure on copper prices. The Federal Reserve kept interest rates unchanged, but three Fed policymakers dissented from the policy statement, reflecting a growing division within the Fed regarding whether to continue signaling rate cuts. Meanwhile, the two-month-long Iraq War between the US and Israel has led to a shortage of sulfuric acid, which is used in 20% of global copper production processes. In the medium to long term, green transition, electrification, and the artificial intelligence industry will help boost additional demand for this metal, which is widely used in the power and construction sectors, while copper mines face disruptions such as underinvestment and production interruptions.The Society of Motor Manufacturers and Traders (SMMT) reported that total UK car production fell 8.2% year-on-year in March to 72,511 vehicles.April 30th - With no signs of a resolution to the Iranian crisis, international oil prices rose for the fourth consecutive day, breaking through $110 per barrel. US President Trump stated that the blockade of Iranian ports would not be lifted until an agreement is reached. Trump discussed possible extensions of the blockade with oil executives; meanwhile, Iranian officials showed no signs of compromise, with the Supreme Leaders military advisor stating that Iran would respond if the blockade continued. Dennis Kisler, Senior Vice President of BOK Financial, stated, "The longer the blockade lasts, the more oil prices will rise. In the long run, this waiting situation may be a driving force for short-term increases in crude oil prices, but it could also be the condition needed to finally end this conflict."Trump praised the rise in Intels (INTC.O) stock price.Meta Platforms (META.O) CEO: We believe users will pay for the target-oriented AI features of the "high-end or high-computing-power version".

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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