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May 16th - The meeting between the Chinese and US leaders has drawn significant global attention. International figures expressed their expectation that, under the strategic guidance of head-of-state diplomacy, China and the US will forge a new path for proper relations between major powers in the new era, jointly creating a bright future for bilateral relations while bringing more stability and certainty to a world fraught with uncertainty. William Jones, former White House correspondent for the US magazine *Global Strategy Information*, stated that as the most important bilateral relationship in the world today, the smooth progress of the US-China relationship depends on the two leaders ability to "see the direction, grasp the overall situation, and stabilize the course." He emphasized that effective dialogue and communication are especially crucial at critical moments. "This meeting has drawn a clear roadmap for the future development of bilateral relations, once again demonstrating the stabilizing force of head-of-state diplomacy in US-China relations."On May 16, Iraqs newly appointed Oil Minister, Bassim Mohammed, stated at a press conference that Iraq exported 10 million barrels of oil via the Strait of Hormuz in April. Mohammed indicated that Iraq plans to engage in discussions with OPEC to increase the countrys crude oil production and export capacity, adding that Baghdads goal is to increase crude oil production capacity to 5 million barrels per day.Iraqs oil minister said Iraq is seeking discussions with OPEC to increase its crude oil production and export capacity, and hopes to increase production capacity to 5 million barrels per day.On May 16th, it was reported that on May 15th, 2026, Nvidia CEO Jensen Huang ordered a "Peach Four Seasons Spring" drink at a Mixue Ice Cream store in Nanluoguxiang, Beijing, sparking attention. A Mixue Ice Cream staff member responded that after the "Celebrity Endorsement" feature was launched on their mini-program, sales of the Peach Four Seasons Spring drink increased by nearly 140% compared to the previous day and by over 90% compared to the previous Friday. At the Nanluoguxiang store visited by Huang, sales of the Peach Four Seasons Spring drink increased by over 90% compared to the previous day.Iraqi Oil Minister: We exported 10 million barrels of oil through the Strait of Hormuz in April.

Prior to Japan's inflation data and BoJ Ueda's speech, EUR/JPY is anticipated to fall below 143.00

Daniel Rogers

Feb 23, 2023 15:00

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During the Asian trading session, the EUR/JPY is fluctuating around 143.00. The Japanese Yen bulls are attempting for the third time to drive the cross below the immediate support of 143.00, as investors anticipate that BoJ Governor nominee Kazuo Ueda will discuss an exit from the decade-long ultra-loose monetary policy managed by the Bank of Japan (BoJ).

 

The Japanese government has reiterated that the administration will pursue a change in the Bank of Japan's monetary policy under new leadership in order to increase the yen's competitiveness against other foreign exchange currencies. Therefore, BoJ Ueda's speech on Friday is expected to include additional yield-widening discussions.

 

Aside from this, Japan's National Consumer Price Index (CPI) (Jan) data will remain a focal point. The headline CPI is expected to rise to 4.5% from 4.0% in the previous release. And the core CPI, which excludes the cost of fuel and food, is anticipated to increase to 3.2% from 3.0% in the previous report. By increasing wages and consumer spending, the Japanese economy is gradually attaining a higher inflation rate.

 

According to Commerzbank economists, "patience is the name of the game." If Kuroda genuinely intended to pave the way for his successor by expanding the yield range, the BoJ's decision in early March, while Kuroda is still in charge, will be the first indication of how monetary policy will evolve. If not, we will have to wait until the end of April, when Ueda will conduct his first meeting. Even then, it is extremely unlikely that Ueda would immediately reverse monetary policy."

 

In the meantime, despite Christine Lagarde's hawkish remarks as president of the European Central Bank (ECB), the Euro is struggling to gain traction. According to ECB Lagarde, "headline inflation has begun to decelerate, but they intend to raise key rates by 50 basis points (bps) at the next policy meeting." In addition, she stated that the European Central Bank does not foresee a wage-price spiral in the Eurozone.

 

It is important to observe that the ECB has increased interest rates by 50 basis points over the past two monetary policy meetings, and a further 50 basis point increase will bring rates to 3.5%.

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