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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

The Japanese Yen at the Pump Again, as PMI Friday commences. Where can I buy USD/JPY?

Larissa Barlow

Apr 02, 2022 09:54

Tips 

  • The Japanese Yen resumed its unbroken downward march.

  • In a rather calm session, APAC equities were mixed.

  • Prior to the US non-farm payrolls, a series of PMIs will be released.

 

The Japanese yen fell more today, but the other G-10 currencies remained relatively stable. It was left to its own devices in the absence of any commentary/jawboning from Bank of Japan (BOJ) officials.

 

Japan's Jibun Bank PMI increased from 54.1 last month to 54.1, while China's Caixin PMI fell short of expectations at 48.1.

 

APAC equities markets remained quiet following a more than 1.5 percent decline in Wall Street's three major indices. Hong Kong and Japan ended slightly down, the Chinese mainland ended slightly higher, and the Australian share market ended flat heading into the weekend.

 

Crude oil appears to be vulnerable, with the WTI futures contract trading below US$ 100 a barrel. Brent is currently trading at roughly US$ 104.50. Gold has been relatively stable, selling about US$ 1,937 an ounce.

 

Government bond yields have increased marginally in Asia, with the benchmark 10-year Treasury note nearing 2.4 percent. The carefully studied 2-10's segment of that curve momentarily dropped into negative territory and remains close to inversion at 0.005 percent.

 

Following European PMIs and the Eurozone's aggregate CPI figure, the US will receive March non-farm payrolls data, with predictions of 490,000 jobs added, according to a Bloomberg survey. Later this week, the US and Canadian PMIs will be issued, followed by the ISM manufacturing survey for the United States.

 

Additionally, a number of ECB and Fed speakers will cross the wires.

Technical Analysis of the USD/JPY

USD/JPY began the week on a strong note, surging to its highest level since 2015.

 

The August 2015 and June 2015 peaks of 125.28 and 125.86, respectively, fell barely shy of the 125.108 record. These levels may continue to act as a barrier.

 

The explosion in volatility can be observed in the breadth of the Bollinger Band based on the 21-day simple moving average (SMA), which expanded considerably throughout the move.

 

It has since returned within the band's confines, initially testing support at the 10-day SMA at 121.317, which held. If tried again, that level may provide support.

 

As expected, all short, medium, and long-term SMAs are pointing upward. A persistent move below the 10-day SMA may provide insight into whether or not that momentum is about to stall.

 

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