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OMV's Schwechat Refinery Out Till Q3


1.75% May-24 BTP Short Term


Reverses the early gains


ARA Gasoil Stocks 70% Below Normal


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What to watch

  • The overnight session saw USDJPY come off its highs as the BoJ failed to act as 10-year JGB yields hit 0.23%. As our overnight team wrote, a break above that level triggered BoJ fixed rate operations back in Feb as the central bank sought to defend the upper end of permitted 10-Year yield trading range (-/+0.25%). There was speculation that the level could again act as a trigger for BoJ intervention but the central bank chose to stay on the sidelines.
  • The highlight of the calendar today will be the German IFO, this follows the PMI surveys yesterday which showed confidence for 12-months ahead pulling back with inflationary pressures close to record highs.
  • We will also hear from Fed's Williams, Barkin and Waller as well as Bank of Canada's Kozicki and Norges Bank's Bache.
MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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