Japanese Finance Minister Shunichi Suzuki said on Monday that there are some speculative movements in the currency market that do not reflect economic fundamentals. Suzuki told parliament: “We will monitor currency market developments and respond appropriately to excessive movements without ruling out any options”.
Oil prices also rose on Monday, bolstering recent gains amid expectations of supply contraction from OPEC+ cuts and attacks on Russian refineries, along with optimistic Chinese manufacturing data that supported expectations of improved demand in Europe. Demand for oil was stronger than expected, with an increase of 100,000 barrels per day on an annual basis in February, according to data from the Energy Information Administration on Friday showing that US crude oil production, the world’s largest producer, fell by 6% in January compared to the record high level recorded in December.
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Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.
