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Japans core CPI annual rate in September was 2.9%, in line with expectations of 2.90% and the previous value of 2.70%.1. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.31%, the S&P 500 up 0.58%, and the Nasdaq up 0.89%. Honeywell International rose over 6%, and 3M Company rose over 2%, leading the Dow Jones Industrial Average higher. The Wind US Tech 7 Index rose 0.7%, with Tesla up over 2% and Amazon up over 1%. Most Chinese concept stocks rose, with Tiger Brokers up nearly 6% and Hesai Technology up nearly 4%. 2. The three major European stock indices closed slightly higher, with Germanys DAX up 0.23%, Frances CAC 40 up 0.23%, and the UKs FTSE 100 up 0.67%, hitting a record high. European stocks were driven by strong performance in energy stocks, as U.S. sanctions on Russian oil giants pushed up oil prices, leading to gains for stocks like Shell. The UKs FTSE 100 hit a record high, benefiting from growing expectations of interest rate cuts and a rebound in bank stocks. 3. U.S. Treasury yields rose across the board, with the 2-year Treasury yield up 4.82 basis points to 3.489%, the 3-year Treasury yield up 5.84 basis points to 3.497%, the 5-year Treasury yield up 5.90 basis points to 3.605%, the 10-year Treasury yield up 5.35 basis points to 4.001%, and the 30-year Treasury yield up 4.90 basis points to 4.578%. 4. International precious metal futures generally closed higher, with COMEX gold futures up 1.91% to $4,143.2 per ounce and COMEX silver futures up 2.03% to $48.65 per ounce. 5. The main U.S. oil contract closed up 5.56% at $61.75 per barrel, while the main Brent crude oil contract rose 5.38% to $65.96 per barrel. 6. Most of the base metals in London rose, with LME aluminum futures up 2.07% to $2,865.00/ton, LME copper futures up 1.44% to $10,817.00/ton, LME nickel futures up 1.13% to $15,335.00/ton, LME lead futures up 1.08% to $2,012.00/ton, LME tin futures up 1.02% to $35,725.00/ton and LME zinc futures down 0.21% to $3,022.50/ton.On October 24th, German Chancellor Angela Merz expressed optimism that the United States would grant an exemption to the German subsidiary of Russian oil company Rosneft. The chancellor added that it was unclear whether the German subsidiary "needed" an exemption, as sanctions require Rosneft to own at least 50% of the business. "It currently owns exactly 50% of the subsidiary," he said. There are concerns that Rosnefts German subsidiary could be cut off from business by major clients if it does not receive a waiver from US sanctions. Oil traders, banks, and oil companies have already threatened to terminate their partnerships with the company.Japans September core CPI annual rate will be released in ten minutes.On October 24th, UK consumer confidence recorded a reading of -17, climbing to its highest level since August 2024, driven primarily by consumers taking advantage of promotions from Amazon and other major retailers. Neil Bellamy, consumer director at GfK, said: "This rise was partly driven by promotions from major retailers. After years of high inflation, savvy consumers have adjusted their purchasing strategies to maximize their money. The rebound in overall confidence masked growing anxiety about personal finances. While households assessment of the overall economic situation improved, their outlook for their own finances over the coming year deteriorated." Analyst Eamonn Sheridan said the report undermined optimism about a strong recovery in the retail sector and could continue to put pressure on the pound as it reinforces the view that households are preparing for financial tightening, which could curb consumption even during the upcoming crucial Black Friday shopping season.

The USD/JPY exchange rate reaches 133.50 as the BOJ's summary of viewpoints bolsters the outlook for loose policy

Alina Haynes

Dec 28, 2022 10:59

USD:JPY.png 

 

After fluctuating around 133.50 during the Asian session, the USD/JPY pair has breached to the upside. The Japanese Yen is volatile due to expectations that the Bank of Japan (BOJ) will retain its ultra-lax monetary policy.

 

The USD Index has maintained a range-bound performance near 103.80 despite the volatility of risk-sensitive assets. The selling pressure on the S&P 500 on Tuesday was caused by weakness in technology companies. In addition, a decline in economic activity, as recorded by the Trade Balance figures of the United States Census Bureau, caused uncertainty to US markets.

 

In November, the US international interest rate gap dropped by $15.5 billion, from $98.8 billion in October to $83.3 billion. The drop in the trade deficit is not attributable to a rise in exports, but rather to a general decline in economic activity. The United States economy has begun to feel the effects of the Federal Reserve's (Fed) decision to boost interest rates to combat inflation.

 

In the interim, the decline in US Durable Goods Orders and household consumption spending has begun to raise red flags regarding the Federal Reserve's aggressive monetary policy. The economists at ING anticipate that the recession will hasten inflation's reduction, allowing the Fed to reduce interest rates by the end of CY2023.

 

Reuters shared the Bank of Japan (BOJ) Summary of Opinions for the most recent monetary policy meeting, which underlined that the central bank must sustain its easy monetary policy because Japan is in a vital phase for achieving its price target. In addition, the economy is exhibiting signs of wage increases, which is a positive economic cycle; yet, it is prudent to maintain a loose monetary policy for the time being.


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