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On March 18, South Korean Presidential Chief of Staff Kang Hoon-sik announced at a press conference that the United Arab Emirates (UAE) has pledged to prioritize crude oil supplies to South Korea. The two sides have reached an agreement to sign a Memorandum of Understanding on crude oil supply chain cooperation, which includes exploring alternative supply routes, and is expected to be signed soon. Kang, who recently visited the UAE as President Lee Jae-myungs special envoy for strategic economic cooperation, returned to South Korea. Kang stated that an agreement has been reached allowing South Korea to make emergency crude oil purchases through the UAE, with a confirmed emergency import of 18 million barrels of crude oil from the UAE. Furthermore, Kang noted that no discussions regarding the Strait of Hormuz were held with the UAE during his visit.March 18 - Trade statistics released by Japans Ministry of Finance on the 18th showed that Japans exports to the United States declined for the third consecutive month year-on-year in February. Data showed that, dragged down by reduced exports of pharmaceuticals, automobiles, and auto parts, Japans exports to the United States fell 8% year-on-year to 1.75 trillion yen (approximately 155.65 yen to 1 US dollar) in February, with automobile exports declining by 14.8% year-on-year.On March 18th, Chery Automobile (09973.HK) announced that its revenue for 2025 will reach RMB 300.287 billion, a year-on-year increase of 11.3%; net profit for the year will be RMB 19.507 billion, a year-on-year increase of 36.1%; and net profit margin will be 6.5%, compared to 5.3% in the same period last year. The Board of Directors has resolved to recommend a final cash dividend of RMB 0.86 per share (inclusive of tax) for the current year.Geely Automobile (00175.HK): Sales target for 2026 is 3.45 million vehicles.Geely Automobile (00175.HK) expects its full-year revenue in 2025 to be RMB 345.23 billion, compared with RMB 240.2 billion in the same period of the previous year.

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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