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Macro/FX Watch: Crude oil gains expose EUR and JPY further
Markets are in a risk-off with the rip higher in crude oil prices highlighting stagflation concerns. EUR remains exposed not just to higher energy prices but also the widening BTP-Bund spreads that would be another headache for the ECB. Focus turns to inflation prints out from Eurozone economies over the next two days. Meanwhile, intervention risks in Japan could bring in opportunities while AUD remains under pressure due to the souring risk sentiment. chart The oil price rally took a leg further yesterday on concerns originating from the inventory data that showed a key hub starting to run dry. WTI prices are now ... (full story)