JPY

Happy Monday. Long-term bond yields are climbing and the dollar is advancing as a rebound in global energy prices raises the stakes ahead of central bank decisions later this week. Brent crude is trading for nearly $108 a barrel after Houthi militants seized a Red Sea port, threatening oil shipments through the Bab el-Mandeb strait, and drones struck at least two pumping stations on Saudi Arabia’s East-West pipeline, forcing a system-wide shutdown. Equity futures are pointing to losses at the open after US artificial intelligence companies led by OpenAI argued that development should be slowed to allow a better understanding...

Good morning. The US dollar is trading near a seven-month low ahead of key inflation data today and tomorrow that could determine the outcome of next week’s Federal Reserve meeting. Flows through the Strait of Hormuz have slowed to a trickle after a series of American and Iranian attacks on ships and energy infrastructure, forcing global oil prices back above $100 a barrel. Ten-year Treasury yields are holding near a three-year high after the Treasury said yesterday it would buy just $6bn of long-dated bonds in its buyback operation, disappointing investors who had expected a purchase volume closer to $10bn....