20/09/2024 Daily Reports
Oil was on track for the biggest weekly advance since February after a steep interest-rate cut by the Federal Reserve, while traders continued to monitor simmering tensions in the Middle East.
Brent traded below $75 a barrel on Friday, with futures more than 4% higher for the week, while West Texas Intermediate was near $72. Optimism the Fed can engineer a soft landing for the US economy has sparked a risk-on tone across broader financial and commodity markets.
A series of walkie-talkie and pager explosions this week has raised fears of a full-blown war between Iranian-backed Hezbollah and Israel, which neither confirmed or denied responsibility for the attacks. There are concerns that a wider conflict could involve Iran and threaten crude flows from the region.
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Yen Strengthens as BOJ Holds Rates Steady Amid Inflation Pressures and Global Market Dynamics
The Japanese yen strengthened to around 142 per dollar after the Bank of Japan (BOJ) kept its policy rate unchanged at 0.25%, as expected. The central bank reiterated that the economy is making steady progress toward a modest recovery. Markets are now looking to BOJ Governor Kazuo Ueda’s remarks for further clarity on the bank’s decision and potential future actions.
Despite keeping rates steady, the BOJ raised rates earlier in the year due to ongoing inflation pressures. Japan’s core inflation rate increased to 2.8% in August from 2.7% in July, signaling continued inflation concerns and supporting expectations of another rate hike before the year ends. However, the yen is facing external pressure from a global rally in risk assets, fueled by the Federal Reserve’s significant rate cut, which has bolstered global economic confidence.
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