by China. The dynamic in the rates market is helping equities overnight, with the US 10y yield retreating as investors' second read on the US CPI details hints that US inflation might have peaked.
While the prompt market is a bit more balanced due to the globally coordinated emergency reserve releases, still, the oil market does not just operate in a short-term vacuum, especially with the prospects of a protracted war in Ukraine that will continue to profoundly reduce the Russian supply coming to market via logistics, self sanctions, or official sanctions.
The Bank of Japan continued with its persistent dovish messaging yesterday. In his speech, Bank of Japan Governormentions continuing with "powerful easing persistently." USDJPY immediately sliced through 126.