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Israel Defense Forces: Recently, the Israel Defense Forces detected a missile launched from Iran heading towards Israeli territory. Defense systems are operational to intercept the threat.March 19th - Amid escalating tensions in Iran, the Bank of Japan maintained its benchmark interest rate. The yen rose 0.1% against the dollar to 159.64. The Iranian conflict has pushed up oil prices, exacerbating inflationary pressures in Japan, which is heavily reliant on Middle Eastern oil. The yen weakened overnight after Federal Reserve Chairman Jerome Powell stated that there would be no further rate cuts until inflation begins to decline. Sources familiar with the matter indicated that the Bank of Japan is still likely to raise rates, with the possibility of an April hike not ruled out. Market focus will shift to the press conference held by Governor Kazuo Ueda at 2:30 PM today for any clues regarding the timing of a rate hike. The recent depreciation of the yen has prompted warnings from Japanese officials. The Finance Minister stated that the authorities are fully prepared to act if necessary. However, strategists believe the threshold for intervention is high, as rising oil prices and robust US data fundamentally pushing the dollar higher may make it more difficult for authorities to find a reason to intervene.On March 19th, a press conference was held in Shenyang to announce the optimization and adjustment of housing provident fund usage policies. Li Zan, Deputy Director of the Shenyang Housing Provident Fund Management Center, introduced the changes. The Shenyang Housing Provident Fund Management Committee has reviewed and approved five optimization and adjustment policies for housing provident fund loans and withdrawals. These include: temporarily increasing the maximum housing provident fund loan amount; expanding the scope of support for "commercial-to-provident fund" loans; temporarily removing the limit on the number of housing provident fund loans; temporarily supporting contributors in purchasing parking spaces (garages); and increasing the maximum amount of housing provident fund that can be withdrawn for rent. These five policy measures will be implemented from March 15, 2026, and withdrawals for purchasing parking spaces and garages will be accepted from April 10, 2026. The increase in the maximum housing provident fund loan amount, the removal of the limit on the number of housing provident fund loans, and the support for contributors in purchasing parking spaces and garages are temporary policies, valid until December 31, 2026.Bank of Japan: Japans economy is recovering moderately, but some sectors remain weak.Bank of Japan: We must pay attention to market trends and rising oil prices.

WTI falls below $80 as attention goes to US Inflation for additional advice

Alina Haynes

Feb 13, 2023 14:27

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During the Asian session, West Texas Intermediate (WTI) futures on the New York Mercantile Exchange (NYMEX) have felt selling pressure while seeking to surpass the crucial $80.00 resistance level. Tuesday's announcement of the United States Consumer Price Index (CPI) data has caused investors to divert their attention away from the price of oil.

 

The oil price increased on Friday as Russia announced a reduction in oil production in retaliation for price limitations imposed by G7 nations to prevent Russia from supporting its war necessities against Ukraine. Alexander Novak, Russia's energy minister, indicated that the country would reduce oil production by 500,000 barrels per day (bpd), or 5% of its output in March.

 

The United States Treasury Department has reiterated that it intends to limit the Kremlin's revenues per barrel in order to stifle Moscow's support for the war in Ukraine, while ensuring that Russian oil shipments reach necessary markets.

 

In the meantime, the US Dollar Index (DXY) is on the verge of extending its three-day high above 103.35 during the Asian session due to predictions that the US inflation data would show an unexpected increase in light of the tight labor market. The consensus, however, favors a reduction in annual headline inflation to 5.8% from the previous report of 6.5%, and in core inflation to 5.4% from 5.85.

 

Aside from that, the expression of deflation in China's CPI report published last week indicates that the method of economic recovery in the world's second-largest economy following the removal of price controls is somewhat slow. It will take adequate time for the economy to return to its pre-pandemic growth rate. This might dampen hopes for a rapid revival in oil demand.



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