Oil was mover yet again during the session here (US evening trade for Wednesday). The price had dropped during the US
Oil was mover yet again during the session here (US evening trade for Wednesday). The price had dropped during the US session and continued to decline in early Asia. It was given another pouch lower when the Financial Times reported that Saudi Arabia is ready to pump more should Russian output decline substantially. See the bullets above for more on this.
New flow apart from this was barely noticeable, nothing of impact.
Data flow was much the same.
We had a speaker from the Bank of Japan. Policy-maker Adachi offered nothing much different than we have been hearing lately from the Bank of Japan. Separately, Japan’s chief cabinet secretary Matsuno said the government wants to raise the average minimum hourly wage to 1,000 yen (its currently just above 900 yen).
The People’s Bank of China set the USD/CNY reference rate more than 400 points away from yesterday’s (6.7095 today vs. 6.6651 on Wednesday, a devaluation of the CNY mid-rate on the day).
Major FX rates are little changed on the session. CAD has lost a few points with the lower oil price, but not much at all.
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