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March 30th - According to the New York Times, a knowledgeable U.S. official revealed that the U.S. Coast Guard has allowed a Russian oil tanker fully loaded with crude oil to proceed to Cuba, providing Cuba with a much-needed energy supply. This comes months after the Trump administration implemented an effective oil blockade. According to marine data provider Ocean Traffic, the Russian-owned tanker, carrying approximately 730,000 barrels of oil, was less than 15 miles from Cuban territorial waters on Sunday afternoon. Sailing at 12 knots, the ship was expected to enter Cuban waters Sunday evening. The tanker is expected to arrive at the Cuban port of Matanzas on Tuesday.According to the New York Times: The United States will allow Russian oil tankers to travel to Cuba.March 30 - According to the New York Times, the arrival of 2,500 Marines and another 2,500 Navy personnel brings the total number of U.S. troops in the Middle East to over 50,000, about 10,000 more than usual. While the specific missions of the Marines from the 31st Naval Expeditionary Unit are currently unclear, U.S. officials have indicated that Trump is considering a larger offensive, such as an attempt to seize an island or other land, as part of his efforts to open the Strait of Hormuz.Two oilfield engineers said production at Libya’s Sharara oil field is expected to return to normal levels within 48 hours.According to Irans Mehr News Agency, the Iranian Deputy Energy Minister stated that the power outage in eastern Tehran has been resolved.

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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