Oil prices hit seven-week lows on Tuesday as a softening demand outlook weighed on commodities, while bond, currency and stock markets traded cautiously ahead of central bank meetings in the U.S. and Japan and a slew of major corporate earnings reports.
“The consensus is that the U.S. economy is going to be softer this quarter and maybe next quarter as well and you can’t really rely on the euro area to offer any compensation for that. China has got its own problems and doesn’t look like it’s going to snap into gear,” Daiwa Capital economist Chris Scicluna said.
“The term ‘calm before the storm’ has been heard across the floors,” said Chris Weston, head of research at Pepperstone in Melbourne. “This is a day for position management and to review broad exposures.” “We are at an interesting intersection for yen here,” said Nathan Swami, head of currency trading at Citi in Singapore, with this week’s central bank meetings possibly sketching a shift in the rates outlook and the yen’s trajectory.
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