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On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.On November 30th, three OPEC+ representatives indicated that OPEC+ is likely to maintain its first-quarter 2026 oil production levels at its Sunday meeting, a move that would moderate its efforts to regain market share amid growing market concerns about oversupply. Similar comments were made by other sources this week. The organization had been cutting production for years until April of this year, when eight member countries began increasing output to restore market share.November 30th - The 2026 national civil service examination for central government agencies and their affiliated institutions was held today. The Administrative Aptitude Test was held from 9:00 AM to 11:00 AM, and the Essay Writing Test was held from 2:00 PM to 5:00 PM. The 2026 national civil service examination plans to recruit 38,100 people, a decrease of 1,600 from last year. Although the number of recruits has decreased slightly compared to last year, the number of applicants has reached a record high. According to data released by the State Administration of Civil Service, 3.718 million people passed the qualification review by employing units, with a ratio of approximately 98:1 between those who passed the qualification review and the planned recruitment number.On November 30, Venezuelan Foreign Minister Silva issued a statement via social media on the 29th, strongly condemning the US governments actions that threatened Venezuelas airspace sovereignty, calling it a "colonial threat" and "illegal aggression," and announcing that the US actions had forced the suspension of flights for Venezuelan migrants to return home. The statement noted that US President Trump posted a message on social media that day attempting to exercise "illegal extraterritorial jurisdiction" over Venezuela, issuing "orders" over Venezuelan airspace. The Venezuelan government firmly opposes this, believing that it seriously infringes upon Venezuelas airspace sovereignty, territorial integrity, and aviation safety, and is a "hostile, unilateral, and arbitrary act" that violates the purposes and principles of the UN Charter.

In ahead of US NFP and Eurozone Inflation data, EUR/USD seeks a range break near 1.0600

Alina Haynes

Jan 05, 2023 15:11

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During the Asian session, the EUR/USD pair attempted to break out of the consolidation range it formed above the round-level support of 1.0600. Given the risk-on market mentality, it is expected that the major currency pair will continue its upward trend.

 

In Asia, S&P500 futures are indicating a modest retracement, but the overall risk profile remains sturdy following Wednesday's strong advances. The US Dollar Index (DXY) is languishing below 104.00 and is likely to continue on edge as further reduction of inflation expectations in the United States is expected to keep safe-haven assets under pressure in the short term.

 

According to the Federal Open Market Committee (FOMC) minutes, all Federal Reserve (Fed) policymakers favored a more gradual rate of policy tightening. For Fed members to abandon their hawkish view on monetary policy, greater evidence of inflation moderation is required.

 

According to Reuters, the president of the Minneapolis Fed, Neel Kashkari, emphasized on Wednesday that the Fed must avoid hastily lowering the policy rate and reigniting inflation. In order to attain the inflation target of 2%, he suggested that the interest rate should peak at approximately 5.4% and then remain stable.

 

This week, investors will closely monitor the second catalyst considered by the Federal Reserve when crafting monetary policy. Friday's Nonfarm Payrolls (NFP) are projected to be 200K, a decrease from the previous report's 263K. In addition, investors will pay attention to the Average Hourly Earnings (Dec) data, which is expected to be 5% lower. Given that consumers will continue to have more discretionary spending, a rise in wage expenses may cause the Consumer Price Index to grow (CPI).

 

Investors anticipate the release of the Eurozone's Harmonized Index of Consumer Prices (HICP) on Friday. According to the consensus, the headline HICP is projected to decrease from 10.1% to 9.7%. Consensus has diminished as a result of falling energy prices and the government's one-time reimbursement of family energy expenses. Certainly, the European Central Bank (ECB) will be fascinated by this in the future.

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