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On August 24th, Novak, a professor of international relations at the Wisla School of Finance and Business in Poland, stated that he believes the United States will be the biggest loser from the tariffs. In the current trade system, countries will eventually restructure the global trade landscape through various means, placing the United States at a significant disadvantage. Other countries will not maintain this high-tariff trade system with the United States, which will inevitably lead to a restructuring of the global trade landscape. A review of Trumps first presidency shows that tariffs did not lead to job growth. Therefore, he believes that American consumers will pay the price for these tariffs, and the United States will inevitably be the loser.On August 24, local time on August 23, US President Trump plans to deploy troops in Chicago. Military officials said that a plan is being drafted that may deploy thousands of National Guard members. The issue of mobilizing active-duty troops has also been discussed. Officials familiar with the matter said that the US Department of Defense has been planning to deploy troops to Chicago for weeks as Trump is trying to crack down on crime, homelessness and undocumented immigrants. It is understood that this model may be extended to other major cities later. This previously undisclosed plan includes a variety of options, including the deployment of at least thousands of National Guard members to Chicago as early as September. Two officials said that plans to deploy thousands of active-duty soldiers to Chicago have also been discussed, but this possibility is currently considered small.1. Russias Northern Fleet conducted special support exercises. 2. NATO officials stated they would continue to provide military aid to Ukraine. 3. South Africas president called for maintaining momentum to end the Russia-Ukraine conflict. 4. Zelenskyy met with the NATO Secretary-General and demanded "genuine and effective" security guarantees. 5. Russias Ministry of Defense announced it had taken control of the towns of Krebanbek and Sredny in eastern Ukraine. 6. Russian Defense Ministry: Russian forces launched cluster strikes against Ukrainian troops temporary bases in the Donetsk Peoples Republic. 7. A fire broke out in a transformer group outside the Kursk Nuclear Power Plant in Russia; the plant stated it posed no security threat. 8. Zelenskyy stated he was willing to discuss territorial issues under specific conditions, but would not cede territory. He stated that Russia was prepared to take steps to achieve peace and would be cautious about Russian signals.On August 24th, firefighters were reportedly investigating a fire at the Kursk Nuclear Power Plant in Russia. The fire occurred in a transformer unit located outside the plant, not within the plant itself. Power supply to the city of Kurchatov is currently normal, and the plant stressed that the incident does not pose a security threat.On August 23, the Italian Postal Service announced that the company will officially suspend the delivery of packages to the United States from August 23, but can continue to receive mail without goods sent to the United States.

As the BOJ advocates a dovish approach, AUD/JPY is receiving buying activity near 90.50

Daniel Rogers

Dec 29, 2022 11:50

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In the early Asian session, the AUD/JPY pair is anticipating a respite in the corrective move to about 90.50. Previously, the risk barometer sank progressively after failing to continue its advance past the crucial resistance level of 91.00. As the continuing of the Bank of Japan's (BOJ) supportive stance has caused volatility in the Japanese yen, it is anticipated that the cross would experience a recovery move.

 

Meanwhile, the AUD/USD is exhibiting symptoms of abandoning its downward momentum, and the AUD/JPY is expected to follow suit.

 

As numerous nations enforce Covid safety restrictions on Chinese travelers, the Australian Dollar is expected to suffer complex price changes. After the lifting of lockdown restrictions and rapid reopening of the economy, the incidence of covid infections in China has grown dramatically. Health officials in the United States indicated that travelers from China will be forced to undergo COVID-19 testing.

 

The Chinese economy has already abandoned traveler quarantine laws. The hospital staff considers the current period as the busiest they have ever witnessed, citing the sharp spike in Covid-19 cases. The goal of the economy's reopening was to eliminate supply chain interruptions; yet, it appears that the economy's quick recovery has increased supply chain bottlenecks.

 

As reported by Reuters, on the Tokyo front the BOJ reiterated that the broadening of the yield band was meant to resolve market inefficiencies in 10-year Japanese Government Bonds (JGBs) and is not a prelude toward an exit from ultra-accommodative policy. This may result in greater yen depreciation in the future.


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