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November 16th - According to Russian state media reports on Sunday, Russian President Vladimir Putin met with Rosneft CEO Igor Sechin during the visit of the Kazakh president to Moscow this week. Sechin, who has headed Rosneft since 2012, previously worked with Putin in St. Petersburg and later served under Putin at the Kremlin. Last month, US President Donald Trump imposed sanctions on Russia for the first time during his second term regarding Ukraine, including Rosneft and Lukoil on the sanctions list.The Russian Ministry of Defense stated that Russian forces shot down six Ukrainian drones in the Bryansk, Belgorod, and Kursk regions.Ukrainian President Zelensky: Ukraine is working to resume prisoner exchanges with Russia.On November 16th, according to a report by the US-based "Defense News" website on November 14th, US Army Secretary Driscoll stated on the 12th that the US defense industry, especially major arms contractors, has "deceived" the American people, the Department of Defense, and the Army, resulting in damage to the interests of the US military. Reuters pointed out that for a long time, US government accountability officials and some members of Congress have believed that contractors are overcharging the military. Under the current supply method, the US Army cannot purchase a single screen control knob for a Black Hawk helicopter separately; it must spend $47,000 to purchase the entire set including the knob, while manufacturing the knob separately would only cost $15. The report noted that it is rare for a current US government official to use "unusually blunt" language to publicly criticize arms contractors.On November 16, it was reported that the U.S. Navy, together with the forces of Trinidad and Tobago, will conduct military exercises in waters near Venezuela from November 16 to 21. Venezuelan President Maduro stated on November 15 that this move was "irresponsible" and called on the public to mobilize against the U.S. military threat.

As investors await fresh cues from the US ISM PMI, the USD/JPY pair fails to surpass 131.00

Alina Haynes

Jan 03, 2023 15:26

As the USD/JPY pair strives to surpass the critical level of 131.00 in the early Tokyo session, it is facing increasing resistance. The asset is trading near its 12-day low, therefore investors are likely to maintain a state of apprehension.

 

Due to the market's need for sufficient time to settle after the holiday fervor and long weekend, the risk profile is still uncertain. As the U.S. equity market awaits the International Monetary Fund's economic estimates, S&P500 futures perform modestly (IMF).

 

On a CBS Sunday morning news broadcast, IMF Managing Director Kristalina Georgieva warned, "2023 will be a difficult year for the majority of the global economy, as the three engines of global expansion — the United States, Europe, and China – may all experience declining activity."

 

In the future, the sentiment of the market will be reflected in the trading volume of the US Dollar Index (DXY). The ISM Manufacturing PMI data from the United States will be the most crucial element on the USD Index. Predictions indicate that the US ISM Manufacturing PMI will increase to 49.6 from 49.0 in the most recent report. In addition, investors will monitor the New Orders Index, which provides insight into future demand in the United States. The economic data is projected to increase to 48.1, up from 47.2 in the previous release.

 

A continuation of Tokyo's ultra-lax monetary policy could have an impact on the Japanese Yen. The Bank of Japan (BOJ) has already established inflation targets close to 2% for fiscal years 2023 and 2024, necessitating further increases in pay rates and a steady flow of market liquidity to underpin aggregate demand.

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