Brent crude oil remained above $91 per barrel even as the International Energy Agency agreed to the largest-ever discharge of oil reserves in an effort to contain oil prices.
- The Bloomberg Dollar Spot Index is up 0.2%, reaching a daily high during the morning session in New York, after data showed underlying US inflation slowed in February from a month earlier
- Treasury 10-year yields are up 5bp at 4.20%
- “Given that inflationary concerns have been abundant over the last couple of weeks, this is a breath of fresh air,” said Andrew Hazlett, a foreign-exchange trader at Monex Inc. “Next month’s figure will be more interesting to me, since that should see some kind of impact from the war in Iran, but today’s print helps calm the fears that inflation was getting away from us”
- The IEA said it would release a record 400 million barrels from its emergency oil reserves
- USD/JPY rises 0.5% to 158.80
- EUR/USD falls 0.3% to 1.1575; it earlier rose to 1.1645 after Governing Council member Peter Kazimir said the Iran war and its impact on inflation risk forcing the European Central Bank to raise interest rates sooner than anticipated
- AUD/USD rallies 0.6% to 0.7163, earlier reaching 0.7186, the highest since June 2022
