Will High Crude Oil Prices Keep Oceania Currencies on the Rise?
13.01.2022
- U.S. Weekly Natural Gas Inventories
- U.S. - Birkin: Remarks by the President of the Richmond Federal Reserve Bank
Yesterday, in the U.S. market, the three major stock indices all rose slightly, resulting in a market environment characterized by higher stock prices, higher interest rates, and higher crude oil prices.The fear index (VIX) fell by about 4% to around 17.6. WTI crude oil rose to the $82.4 range, approaching its October 2021 high, as the view spread that the decline in demand due to the resurgence of COVID-19 infections would be limited.
In the foreign exchange market, cross-yen pairs are trading sideways, and due to the US dollar’s decline, the AUD/USD pair has surged from 0.720 to this month’s high of 0.729.From a technical perspective, the AUD/USD pair has already hit a new recent high on the 4-hour chart, and with the next target at 0.744, we will be watching to see if it continues to rise without being held back by the moving average.
Today, at 16:00 European time, Turkey’s industrial production figures will be released, followed by remarks by a UKremarks by MPC member Mann, and during U.S. trading hours at 22:30, U.S. initial jobless claims and the U.S. Producer Price Index; at 24:00, the confirmation hearing for Fed Governor Brainard’s nomination as Vice Chair of the Federal Reserve;at 24:30, U.S. weekly natural gas inventories; at 26:00, remarks by U.S. Richmond Fed President Barkin; and at 27:00, a U.S. 30-year Treasury auction and remarks by U.S. Chicago Fed President Evans.We will be watching closely to see if the rise in commodity-linked currencies continues.
Author: Keisuke Sakurai
