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On December 30, the Eastern Theater Command of the Chinese Peoples Liberation Army organized amphibious assault ship formations, destroyer and frigate formations, and drones in the waters east of Taiwan Island to conduct drills on three-dimensional deployment, elite troop raids, and seizure and control of key ports, testing the formations coordination, system-of-systems operations, and precision strike capabilities.On December 30, Foreign Ministry Spokesperson Lin Jian held a regular press conference. Lin Jian announced that at the invitation of President Xi Jinping, South Korean President Lee Jae-myung will pay a state visit to China from January 4 to 7, 2026. This will be President Lee Jae-myungs first visit to China since taking office. Lin Jian stated that China and South Korea are important neighbors and partners, and he expects this visit, under the strategic guidance of the two heads of state, to play a positive role in further developing the China-South Korea strategic cooperative partnership.On December 30, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to US President Trumps comments regarding the "Justice Mission-2025" exercise conducted by the Eastern Theater Command, Lin Jian pointed out that Taiwan is an inseparable part of Chinas territory. The Peoples Liberation Armys military exercises are a severe punishment for the "Taiwan independence" separatist forces attempts to seek independence through force, and a necessary action to safeguard national sovereignty and territorial integrity.Futures News, December 30th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on December 30th: 1. Low-sulfur fuel oil futures warehouse receipts: 20,040 tons, unchanged from the previous trading day; 2. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day; 3. Fuel oil futures warehouse receipts: 201,390 tons, a decrease of 10,000 tons from the previous trading day; 4. Medium-sulfur crude oil futures warehouse receipts: 3,464,000 barrels, unchanged from the previous trading day; 5. Petroleum asphalt futures warehouse receipts: 8,260 tons, an increase of 4,080 tons from the previous trading day; 6. Petroleum asphalt futures factory warehouse receipts: 16,660 tons, unchanged from the previous trading day; 7. Pulp futures warehouse receipts: 97,990 tons, an increase of 1,010 tons from the previous trading day; 8. Pulp futures factory warehouse receipts: 6,000 tons, unchanged from the previous trading day; 9. The warehouse receipts for offset paper futures were 0 tons, unchanged from the previous trading day; the factory warehouse receipts for offset paper futures were 1120 tons, unchanged from the previous trading day.On December 30th, Yang Zongkai, Director of the Expert Advisory Committee on Digital Education of the Ministry of Education, stated at a press conference that maintaining a leading edge and expanding international influence during the 15th Five-Year Plan period and beyond hinges on the consistency of platforms, data, AI tools, and policies. Only in this way can we continuously deepen educational reform and reshape the new educational ecosystem. He emphasized the need to accelerate the construction of a large-scale, independently controllable educational AI model in China and promote its application in typical scenarios such as teaching, student management, and administration. He also stressed leveraging institutional advantages to establish and improve long-term mechanisms for data management, collaborative responsibility, and safety ethics.

GBP/JPY Buyers Approach 159.00 on Cautionary Optimism and Mixed Brexit Concerns

Alina Haynes

May 16, 2022 10:55

GBP/JPY receives bids to re-establish an intraday high near 158.75, extending the previous day's rebound, as Tokyo opens for trading on Monday. Recent gains in the cross-currency pair may be attributable to improved sentiment and generally favorable Brexit-related news.

 

Boris Johnson, prime minister of the United Kingdom, prepares to revise the Northern Ireland Protocol (NIP) in the hopes of influencing the European Union's (EU) stance. On Tuesday, the UK government is anticipated to announce plans for unilateral changes to NIP. However, the bloc had already warned of such acts resulting in a trade deal reduction with the United Kingdom.

 

On the other side, the Financial Times (FT) reported that British manufacturers are optimistic as they compete to alleviate supply chain issues. In the previous two years, three-quarters of enterprises have boosted the number of British suppliers, according to a poll by Make UK, the manufacturers' trade organization.

 

In addition to Fed Chairman Jerome Powell's unchanged view of a 50 basis point (bps) rate hike in the next two meetings, the recent market's cautious optimism has been bolstered by the gloomy US mood data.

 

Notably, the continued virus-induced activity constraints in China and the deteriorating geopolitical conditions in Donbas are being used to investigate GBP/JPY buyers.

 

After Wall Street benchmarks rallied the previous day, the S&P 500 Futures reflect the sentiment with modest gains. In addition, 10-year US Treasury rates continue Friday's rebound gains, rising 1.5 basis points (bps) to 2.95 percent as of press time.

 

Amid a sparse domestic calendar, GBP/JPY traders may look to risk catalysts for directional cues in the near future. However, Tuesday's U.K. job data and Brexit updates will be essential for establishing direction.

Technical Evaluation

A one-month-old descending trend channel formation limits the GBP/short-term JPY's price range to 160.60 to 154.85.

GBP/JPY

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