Reuters conveying comments from a Senior US official:
- failure to implement proposed oil price cap on Russian oil, with exemption for purchases below cap, could see oil price rise to around $140/barrel
- Yellen to discuss proposed cap on Russian oil price with Japan's Suzuki, goal is to minimize negative impact on Japan, others, while curtailing russian revenues
- Japan has expressed concerns about proposed price cap being set too low, has not rejected range of $40-$60/barrel
And:
- U.S. Treasury Secretary Janet Yellen will emphasize the strength of the U.S. economy despite high inflation and a 1.6% annualized drop in first quarter gross domestic product when she meets with Japanese Finance Minister Shunichi Suzuki on Tuesday
- Yellen will describe steps Washington is taking to address inflation
- She will note the challenges facing the global economy, with the fallout of Russia's war in Ukraine and its impact on global commodity prices expected to hit some developing countries and emerging markets as well as Europe's economy, especially hard, the official added.
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Meanwhile, USD/JPY update, well off its overnight high:
