Brent crude hit US$94.26 per barrel, up 30% in three months as Saudi Arabia and Russia extended supply cuts.
Traders await the US central bank’s economic projections and Jerome Powell’s press conference, as the odds of a hike are minimal.
Higher energy costs led to a bigger-than-expected spike in Canadian inflation, overnight data showed, lifting the loonie and triggering selling in the Treasury market. Futures pricing implies almost no chance of a Fed hike at 1800 GMT, but traders, who have begun winding back bets on cuts in 2024 and will be closely focused on the US central bank’s economic projections and chair Jerome Powell’s news conference.
The Fed meeting leads a week jammed with central bank meetings and data over the next few days. British inflation figures are due on Wednesday, followed by central bank meetings in Sweden, Switzerland, Norway, Britain and Japan on Thursday.Foreign exchange markets have largely been in a holding pattern ahead of the Fed meeting, though the yen has continued to face pressure which early on Wednesday prompted a riposte from Japan’s top financial diplomat.
Benchmark 10-year Japanese government bonds remain hemmed around 0% but at 0.72% have been creeping towards the Bank of Japan’s adjusted tolerance for yields 1% either side of zero.
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