The Pakistani rupee was trading at 278.42 against the US dollar, showing a minor decline of Re0.01 compared to the previous day’s close of 278.41.
State Bank of Pakistan (SBP) Calendar Announcement
- The SBP has finally released the advance calendar for Monetary Policy Committee (MPC) meetings from July to December 2024.
- The first MPC meeting is scheduled for July 29 (Monday).
Global Currency and Commodity Update
- Commodity Currencies: Hit multi-week lows due to weak Chinese demand.
- Japanese Yen: Strengthened significantly as short-sellers exited positions before the central bank meeting. The yen traded at 155.78 against the dollar after falling nearly 1% to 155.55 overnight.
European Economic Indicators
- Purchasing Managers’ Index (PMI) figures to be closely monitored to determine the likelihood of two European rate cuts by the end of January.
Japanese Market Speculation
- Markets are pricing a 44% chance of a 10 basis point rate hike in Japan next week.
- Speculators are closing carry trades funded in yen due to suspected currency intervention by Japan.
Oil Market
- Oil Prices: Rebounded on Wednesday after three consecutive sessions of decline.
- Brent Crude Futures: Up by 37 cents (0.5%) to $81.38 per barrel.
- U.S. West Texas Intermediate (WTI) Crude: Increased by 38 cents (0.5%) to $77.34 per barrel.
- Previous three sessions saw WTI decline by 7% and Brent by nearly 5%.
This update provides an overview of key financial and commodity markets as of the latest trading hours.
