Yen Stands Tall as Dollar Wobbles, Oil's Run Towards $100 Chills Sentiment
Brent crude rose 1.48% to $99.37 a barrel as Middle East fighting lifted the yen and kept the dollar under pressure, traders said.
- On Wednesday, the Japanese yen steadied near its strongest level since February as Brent crude futures surged over 1.48% to $99.37 per barrel amid escalating Middle East conflict.
- Iranian-Backed Houthis in Yemen launched strikes on Saudi cities, while U.S. forces hit multiple Iranian oil tankers and Iran targeted a U.S. base in Jordan, deepening the over six-month-long conflict.
- The yen gained 4% in September, shifting the popular carry trade calculus as the Japanese currency strengthened against the euro and sterling alongside carry-trade targets like the Mexican peso and Turkish lira.
- Aninda Mitra, head of Asia macro and investment strategy at BNY Investments, noted "much depends on the market's pricing of the Fed's trajectory of interest rates as well." Traders expect the BOJ to raise rates by 25 basis points at its September 17–18 meeting.
- Friday's U.S. inflation report will set the stage for central bank meetings next week involving the Federal Reserve and Japan, with market direction hinging on policy confirmation amid geopolitical uncertainty.
16 Articles
16 Articles
Oil tops $100, stocks slide as Middle East tensions escalate
Sept 9 : Brent crude prices surged past $100 a barrel on Wednesday, as escalating conflict in the Middle East fuelled worries about energy-driven inflation and sent global stocks tumbling ahead of several major central bank decisions.Brent crude futures rose as much as 3 per cent to a session high of $100.95
Crude Oil Surges Towards $100 As Iran-US Conflict Fuels Supply Concerns
Oil prices jumped more than one percent towards $100 Wednesday and stocks struggled as a fresh flare-up in the Middle East crisis stoked supply concerns, putting upward pressure on inflation ahead of key data at the end of the week.
Yen stands tall as dollar wobbles, oil's run towards $100 chills ...
Oil prices climb as Mideast war flares - Economy
The yen strengthened towards the nearly seven-month high touched against the dollar on Tuesday as traders exited short positions in the Japanese currency amid expectations for faster Bank of Japan interest rate hikes and a potential rush of repatriation of Japanese capital.
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