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Will continue to communicate closely with the governmentNeed to pay attention to possibility that higher oil prices could affect inflation more than in 2021-22Cannot say how long it would take to judge whether energy supply shocks affect underlying pricesNo comment on how Middle East conflict is affecting forex levelsBut carefully watching the impact of forex movements on pricesPersonally want more time to decide how Middle East conflict will impact prices, be it upward or downwardWill reexamine our central view on prices at the April meeting nextOverall, I don’t see anything that really stands out from Ueda thus far. The BOJ had little choice but to keep interest rates unchanged today and his comments reflect that steadier choice. The fact is that the central bank, much like its peers, need time to digest and make sense of the US-Iran conflict and how that will impact the inflation outlook.While the BOJ might on the rate hike train, they want to move forward with wage-driven price pressures. Higher oil prices are the opposite of that, driving up cost-push inflation instead. So, there’s that to consider.As for the Japanese yen in itself, it remains a complicated issue with USD/JPY near the 160 mark. Not least because Japan is one of the biggest losers in the whole US-Iran war, being a bystander victim.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
With ETH sitting at $2,170.77, traders need to keep an eye on inflation signals tied to rising oil prices. The ongoing geopolitical tensions and potential energy supply shocks could create volatility in both crypto and forex markets. If oil prices continue to rise, we might see inflationary pressures that could impact ETH’s price action, especially if it leads to a broader risk-off sentiment. For now, ETH’s support level around $2,100 is crucial; a break below could trigger further selling. Conversely, if it holds, it might attract buyers looking for a dip. It’s also worth noting that the lack of clarity on how the Middle East conflict is influencing forex levels could lead to unpredictable movements in currency pairs, which might indirectly affect crypto trading strategies. Keep an eye on oil price trends and inflation reports as they could dictate market sentiment in the coming weeks.
📮 Takeaway
Watch for ETH to maintain above $2,100; a drop below could signal further downside risk amid rising oil prices.
