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On September 18, Bloomberg reported on the 17th that a Spirit Airlines passenger plane had an "uncomfortably close encounter" with Air Force One, the plane carrying President Trump, on the 16th. The report said that Trumps plane was en route to London when it encountered the Spirit Airlines plane over New York City. The two planes were approximately 10 to 13 kilometers apart, about to exceed the safe distance limit, and their flight paths intersected. A recording of an air-to-ground conversation cited in the report showed that the air traffic controller urgently called out to the pilot of the budget airliner, asking him to adjust his course, but the pilot did not respond in time. The air traffic controller then reminded the pilot, "Pay attention to the 747 a few miles away. I believe you can recognize it." Because the pilot did not respond in time, the air traffic controller also scolded the pilot, "Be careful, stop playing with your iPad!"Futures data from September 18th showed a significant downward pressure on copper prices, likely driven by risk aversion ahead of the Federal Reserves interest rate meeting. With expectations of a rate cut materializing and the Feds overall neutral stance, copper prices retreated from their highs during the US trading session. The Fed cut rates as expected, but Powell, in a post-meeting statement, stated the move was a risk management decision, adding that he saw no need for a rapid rate adjustment. While global raw material tightening has eased, supply-side pressures have yet to materialize. Demand for end-consumption remains uncertain, along with the macroeconomic environment. In the short term, copper prices are looking for a breakout driver after hitting the upper limit of volatility, with the market fluctuating between "recession" and soft landing scenarios. The September Fed meeting was uneventful, and while a major upward macro driver has yet to materialize, the long-term supply-demand imbalance remains the primary concern. For now, high volatility is likely to persist until real conditions improve. Trading remains cautious regarding changes in demand and the overseas macroeconomic environment.On September 18th, Meta Platforms (META.O) announced the launch of a new generation of Ray-Ban smart glasses, with significantly longer battery life and 3K video recording capabilities. The technical name of this new pair of glasses is Ray-Ban Meta Gen 2, with a starting price of US$379. At the same time, Meta also launched its first glasses with a built-in display. The latest model is Meta Ray-Ban Display, with a starting price of US$799. The glasses have a built-in screen in the right lens, which can display text messages, video calls, turn-by-turn map navigation, and visual query results of Meta AI services. These glasses also introduce a new control system. Although users can still operate them by swiping along the frame like previous models, the main interface is controlled by a wristband worn on the hand that recognizes gestures. At the same time, Meta also announced the launch of Oakley Vanguard smart glasses, which are targeted at athletes.Meta Platforms (META.O) announced the establishment of Meta Horizon Studio.Meta Platforms (META.O): Ray-Ban Display smart glasses start at $799 and will be available starting September 30.

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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