News

PA Market Report: Overview (April 04–April 08) & Upcoming Events April’22

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April 4, 2022

Saudi Aramco raises all oil prices (all)

Saudi Aramco raised official selling prices across the board for May-loading cargoes, with Asia-bound barrels seeing the largest increases, between $2.70/b and $4.40/b, according to a pricing document Aramco released on April 4.

April 5, 2022

ISM Services PMI (USA)

Economic activity in the services sector grew in March for the 22nd month in a row — with the Services PMI® registering 58.3 percent — say the nation’s purchasing and supply executives in the latest Services ISM® Report On Business®.

Cash Rate (Australia)

At its meeting today, the Board decided to maintain the cash rate target at 10 basis points and the interest rate on exchange settlement balances at zero percent. The global economy is continuing to recover from the pandemic.

Kuroda Speaks on the Forex Market (Japan)

Bank of Japan Gov. Haruhiko Kuroda said on Tuesday the yen’s recent moves were “somewhat rapid,” joining a chorus of policymakers who have warned that sharp falls in the currency could hurt the country’s import-reliant economy.

April 6, 2022

Treasury Sec Yellen Speaks (USA)

Treasury Secretary Janet Yellen said the Biden administration would be prepared to use all its sanctions against China if Beijing moved aggressively toward Taiwan.

Caixin China General Services PMI (China)

The recent rise in COVID-19 cases in China and restrictions to limit the spread of the virus led to a marked drop in service sector activity at the end of the first quarter of 2022. The fall coincided with a steep decline in new work, which was often linked to restrictions on mobility and reduced customer numbers.

Fed Officials plan to shrink the balance sheet (USA)

Fed officials reached consensus at their March meeting that they would begin reducing the central bank’s balance sheet by $95 billion a month, likely beginning in May. There were also strong indications that half-percentage point, or 50 basis point, interest rate increases are ahead.

April 7, 2022

FOMC Meeting Minutes (USA)

The manager turned first to a review of global financial market developments. Following the Russian invasion of Ukraine and the subsequent imposition of an array of sanctions, the ruble depreciated roughly 40 percent against the dollar. Prices of dollar-denominated Russian bonds plunged 80 to 90 percent, and local trading of Russian equities was suspended after a precipitous decline in Russian stock price indexes.

Levrou speaks: Ukraine presented new proposals today (Russia)

Russian Foreign Minister Sergei Lavrov said on Thursday that Ukraine had presented Moscow with a draft peace deal containing “unacceptable” elements at variance with a previous agreement, comments that Kyiv dismissed as “pure propaganda”.

April 8, 2022

Employment Change (Canada)

Employment rose by 73,000 (+0.4%) in March. The unemployment rate fell 0.2 percentage points to 5.3%, the lowest rate on record since comparable data became available in 1976. Employment gains were driven by women aged 55 and older and men aged 25 to 54.

USD/JPY: Clean through 124 (All)