OLOXF - Riksbank Cuts Oil Slips And The Yen Remains Under Pressure

2024-05-08 07:40:00 ET

Summary

• Sweden's Riksbank became the second G10 central bank to cut rates this year.
• June WTI is straddling the $77 area, its lowest level since mid-March.
• The market pushed the dollar higher and challenged Japan's efforts on the yen.

Overview

Sweden's Riksbank became the second G10 central bank to cut rates this year. The Swiss National Bank cut its deposit rate in March. A couple other large central banks, including the European Central Bank, and possibly the Bank of Canada, may cut rates next month. The Swedish krona is the weakest of the G10 currencies today, off by about 0.45%, but the Australian dollar and yen are down nearly as much. The market has taken the dollar up by about 0.5% against the in each of the past two sessions and is up by about the same amount today. Most emerging market currencies are softer too, with the Indonesian rupiah and Turkish lira hovering around unchanged....

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