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On May 10th, Canadian Prime Minister Mark Carney stated at a political conference in Toronto on Saturday that Canada is willing to establish closer trade ties with the United States and Mexico in specific industries to boost the North American economy. He mentioned the "North American Fortress" initiative but did not specify any particular sectors. Carney indicated that if this approach fails, Canada will invest heavily in new markets and new products. The United States, Mexico, and Canada are scheduled to begin reviewing a trade agreement this year. Trump has already imposed tariffs on products such as automobiles and steel, disrupting the closely intertwined supply chains among the three countries. Carney had previously set a goal of doubling exports to countries outside the United States within ten years.The Bahraini Foreign Minister demanded that Iran cease its aggressive and provocative actions against Bahrain and other countries in the region, as well as its egregious interference in their internal affairs.Bahrains Foreign Minister: Bahrain condemns and strongly condemns Irans continued interference in its internal affairs and its actions that threaten the security and stability of the Gulf states.Commander of the Aerospace Force of the Iranian Islamic Revolutionary Guard Corps: The Aerospace Forces missiles and drones have locked onto the enemy, and we are awaiting the order to launch.On May 10th, local time, the final vote count for the 136th Local Council of England was released, completing the election results for the English Local Council, as well as the Scottish and Welsh Parliaments. In this election, both of Britains traditional two major parties, the Labour Party and the Conservative Party, suffered significant setbacks, while the Reform Party, the Green Party, and other parties saw a marked increase in strength, further highlighting the trend of "fragmentation" in British politics. Data shows that in the English Local Council elections, the Reform Party won 1453 seats, becoming one of the biggest winners; the Labour Party won 1063 seats; and the Conservative Party won 801 seats. Analysts believe that this British local election demonstrates that the traditional two-party (Labour and Conservative) dominance in Britain is being significantly challenged. British politics is further developing towards multi-party competition and political fragmentation.

There was a bearish prognosis for the USD/JPY at the Tokyo open

Alina Haynes

Jul 06, 2022 11:29

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The USD/JPY is trading at 135.51, up 0.25 percent, as Tokyo's stock market starts. In a risk-off climate, bears lurk, and lower US rates encourage yen demand..

 

The yield on the U.S. 10-year Treasury decreased by 6 basis points in the early Asian trading session, although it is now attempting to stabilize at 2.818%. With the exception of the US dollar, the Japanese yen outperformed the rest of the major currencies overnight, with the USD/JPY rate rising only 20 basis points to 135.85. For the first time in over three weeks, the US 10-year and two-year yields have crossed. This was one of numerous instances this year. According to some economists, an inversion of the yield curve is a sign of an imminent economic crisis. The margin between the two-year and five-year interest rates was likewise negative on Tuesday.

 

Tuesday was a day of risk aversion, with the dollar rising to its highest level in two years and putting pressure on global markets and commodities. There is a high danger of future economic shocks being amplified by volatility in the cost of energy and raw materials, according to the Bank of England, which made the statement at the beginning Asian trade.

 

As a result of the ongoing COVID testing in Shanghai, analysts have expressed concern about the possibility of more lockdowns in China, which might have a ripple effect on other markets.

 

US stock markets reversed course on Tuesday, after a three-day holiday weekend and big gains on Friday, as investors await economic data expected later this week in Nonfarm Payrolls and ahead of today' monetary policy minutes from the Federal Open Market Committee. The Nikkei began the day with a gap, which suggests that the yen will climb.

 

US Nonfarm Payrolls data is likely to show that employment grew robustly in June, albeit at a slower rate than the nearly 400k jobs gained in March through May.

 

There will also be an examination of the Federal Reserve's June meeting minutes. Due to rising CPI inflation and signs of inflation expectations de-anchoring, the Federal Reserve accelerated the pace of rate-tightening. According to analysts at TD Securities, the Fed's more aggressive reaction function is expected to be revealed in the meeting minutes.

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