Globally, Oil prices rose on Wednesday, extending the previous session's gains, driven by optimism that a relaxation of China's strict COVID-19 curbs will lead to a recovery in fuel demand in the world's top oil importer.Brent futures were up 52 cents, or 0.6%, at $86.44 a barrel, following a 1.7% rally in the previous session. U.S. WTI crude futures gained 55 cents, or 0.7%, to $80.73 a barrel, having risen 0.4% on Tuesday.The Bank of Japan on Wednesday maintained ultra-low interest rates, including its 0.5% cap for the 10-year bond yield, defying market expectations it would phase out its massive stimulus programme in the wake of rising inflationary pressure.At a two-day policy meeting, the BOJ kept intact its yield curve control (YCC) targets, set at -0.1% for short-term interest rates and around 0% for the 10-year yield, by a unanimous vote.dollar surges after BOJ decision.Asian shares were mixed on Wednesday,S&P 500 futures and Nasdaq futures both dipped 0.2% on Wednesday. Overnight, the S&P 500 was 0.2% lower and the Nasdaq Composite rose 0.14%.The Dow fell more than 1% on Tuesday as weak earnings from Goldman Sachs dragged the index lower.A new year rally in gold prices appeared to have run out of steam, with the yellow metal hovering below an eight-month high on Wednesday as markets hunkered down before a slew of Federal Reserve speakers and U.S. economic data due this week. Spot gold was flat at $1,908.74 an ounce,it fell 0.5% on Tuesday.Rupee continued to fall further after a recent rally in the last two months. Domestic currency remains under pressure ahead of the upcoming budget and concern on fiscal deficit.
With Inputs from Reuters
Chart 1- US Markets
Chart 2- Commodities
Chart 3- USDJPY reaction after BOJ Policy decision.
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