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Oil Weakness Spills Over Into FX Space, Yen Goes Offered Again

FOREX

Major oil-tied currencies came under pressure as crude prices plunged on the back of a BBG source report suggesting that the Biden administration is considering a major release of oil from the U.S. Strategic Petroleum Reserve (SPR). The release could total 180mn barrels, or around 1mn barrels a day, amid rising fuel prices and supply shortages related to Russia's war on Ukraine.

  • The yen resumed losses with the BoJ showing resolve in enforcing its official cap on 10-Year JGB yield. Some suggested that month-/FY-end flows amplified pressure to the yen, with USD/JPY adding ~50 pips as a result. The pair's RSI stayed below the 70 ("overbought") threshold, just. The index fell below that level Wednesday as a corrective pullback in USD/JPY seen earlier this week occurred amid the unwinding of overbought technical conditions.
  • The U.S. dollar edged higher amid lower oil prices. The gauge of broader greenback strength (DXY) moved away from a four-week low lodged on Wednesday.
  • U.S. PCE data & MNI Chicago PMI, EZ unemployment as well as UK & Canadian GDPs take focus on the data front. Central bank speaker slate features Fed's Williams as well as ECB's Lane & de Guindos.
Energy BulletsCommodities
Energy BulletsCommodities

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