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On August 24th, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post titled "From the Saudi Super Cup" stating that the number of visitors to Hong Kong from Gulf countries increased by 70% year-on-year last year, and increased by more than half again in the first seven months of this year. Bilateral trade between Hong Kong and the Gulf region reached HK$150 billion last year, with an average annual growth of approximately 11% over the past five years. Hong Kong is the UAEs seventh-largest trading partner. In addition to an economic and trade office in Dubai, UAE, and InvestHK advisory offices in Cairo, Egypt, and Izmir, Turkey, Hong Kong is accelerating the establishment of an economic and trade office in Riyadh, Saudi Arabia.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.

USD / JPY Traces Recovery In Yields To Rebound From a One-Month Low To 135.00, US Inflation, And BoJ Minutes Are Anticipated

Alina Haynes

Mar 13, 2023 11:42

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USD / JPY reverses course from the one-month low noted earlier in Asia, gaining bids to 134.50 during the first hour of Tokyo open on Monday. Despite this, the retirement of Bank of Japan (BoJ) Governor Haruhiko Kuroda has provoked hawkish demands for the Japanese central bank's next steps. The cautious tone preceding this week's top-tier data/events, such as the BoJ Minutes and the US consumer-centric numbers, such as the Consumer Price Index (CPI) and Retail Sales for February, may also present a challenge to pair purchasers.

 

The Yen pair's recent recovery may be attributable to recently higher US Treasury bond yields and a risk-on market sentiment, primarily driven by US regulators' efforts to contain the financial market risks posed by Silicon Valley Bank (SVB) and Signature Bank. However, US 10-year Treasury bond yields recover from their largest daily loss in four months to near 3.75%, while S&P 500 Futures recover from a nine-week low.

 

Over the weekend, the US Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation (FDIC) collaborated to reduce the risks posed by SVB and Signature Bank. In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected."

 

In a joint statement released minutes ago, the authorities stated that "all depositors of Silicon Valley Bank and Signature Bank will be fully protected." Following the US government's late plan to contain the financial crisis, the S&P 500 Futures and US Treasury bond yields consolidate their losses from the previous day.

 

Despite the risk-on sentiment, rising hawkish bets on the Bank of Japan's next move, especially after Kuroda's retirement, appear to exert downward pressure on USD / JPY prices. Observers of the Federal Reserve (Fed) may be similarly undecided following Friday's conflicting US employment data. As a result, the US Nonfarm Payrolls (NFP) increased by more than 205K in February, to 311K, compared to 504K (revised), while the Unemployment Rate increased to 3.6% for the month, compared to 3.5% expected and previously. In February, Average Hourly Earnings increased year-over-year but decreased month-over-month, while Labor Force Participation increased.

 

In the future, Wednesday's BoJ Minutes will be crucial in affirming the latest hawkish bias for the Japanese central bank's next move, which, if in accordance with market expectations, could impact USD / JPY prices. If US consumer-centric data is stronger than anticipated ahead of the crucial March Fed Open Market Committee, USD / JPY investors may return (FOMC).

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