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The US representative to the United Nations stated that any easing of sanctions on Iranian oil would be "very short-lived" and limited in duration.March 21 – According to the Financial Times, the European Commission has urged member states to lower their natural gas storage targets and adopt a gradual approach to replenishing reserves in order to alleviate market demand pressures. This comes after the war with Iran impacted key suppliers and triggered a surge in energy prices. EU Energy Commissioner Jorgensen instructed EU energy ministers not to rush to replenish their depleted gas reserves in the face of supply shortages, but to utilize flexibility to reduce demand from households and industry. Member states should reduce their gas injection targets at 80% capacity as early as possible during the injection season, 10 percentage points lower than the official EU target, to provide certainty and assurance to market participants. He suggested that countries begin replenishing reserves gradually to avoid a late-summer buying spree that could put pressure on the market, while postponing the deadline for meeting storage targets to December 1st. This is a month later than the deadline stipulated in legislation passed after the Russia-Ukraine conflict.According to the Financial Times, EU Energy Commissioner Jorgensen said that EU member states should reduce their gas injection targets for gas storage facilities to 80% of capacity, 10 percentage points lower than the official EU target.Irans Islamic Revolutionary Guard Corps: The 70th wave of retaliatory strikes against U.S. and Israeli interests in the Gulf region and elsewhere has targeted more than 55 locations.Japanese Prime Minister Sanae Takaichi: Going forward, we will actively pursue strong diplomacy to maximize Japans national interests and create world peace and prosperity.

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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