Oil prices resume plunge? "April 28 Highlights and Event Schedule"
Yesterday the Bank of Japan announced further easing at the Monetary Policy Meeting, but the content was as expected: expansion of the purchase framework and expansion of the purchase range.
The reaction in the currency market was limited.
In the stock market, perhaps due to the added easing or because risk-off is retreating, the Nikkei Average rose significantly and global stock prices are also rising.
Stock prices, bonds, and the VIX index all seem to be showing that risk-off is retreating.
I think concerns about the coronavirus have largely been priced in.
◎ Today's points of focus
1) Crude oil price
There are concerns that crude oil prices may fall to single digits or even become negative.
When a decline begins, it is expected that there will be a rush to dump, leading to a sequence where selling begets more selling.
If the crude futures market becomes volatile, it could trigger risk-off, so caution is required.
2) GW (Golden Week)
With the BOJ behind us and ahead of the FOMC and ECB meetings, it is difficult to discern direction.
Moreover, tomorrow is a Tokyo market holiday and we will enter Golden Week.
Markets will be thin, with few trading materials available.
If trading materials are scarce and the market is quiet, risk-off moves can cause rapid price changes, so I want to manage risk carefully.
◎ Today's Event Schedule
Tuesday, April 28
16:30 SEK — Swedish Policy Rate Announcement
23:00 USD — U.S. Consumer Confidence Index
Wednesday, April 29
Showa Day (Tokyo market closed)
07:45 NZD — Employment Change and Unemployment RateRecommended Analysis Tool by Okachan-man
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