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According to the Financial Times, the EU is demanding that the "Farachy clause" be included in negotiations with the UK to "reopen" Brexit.January 11th - According to the Xian-Kunming High-Speed Railway Company, on the morning of January 10th, after more than 1,500 days of arduous work by the construction team, the Huashansong Tunnel, a key control project of the Chongqing-Kunming High-Speed Railway undertaken by China Railway 12th Bureau Group, was safely completed. With this, only the last of the 53 tunnels in Yunnan Province remains, laying a solid foundation for the completion and opening of the entire line and marking the final sprint stage of the Chongqing-Kunming High-Speed Railway construction.January 11 - According to the Japan Meteorological Agency, a 5.1-magnitude earthquake struck the northern Pacific coast of Iwate Prefecture, Japan, at approximately 1:15 p.m. local time on January 11. The maximum intensity of the tremor was 4, and the focal depth was 60 kilometers.January 11 - Recently, the Hainan Provincial Department of Natural Resources and Planning and the Hainan Provincial Forestry Bureau jointly issued the "Implementation Opinions (Trial, Revised) on Promoting the Joint Approval System for Land Use, Forestry Use and Sea Use in the Province". The reform will promote the joint approval system for land use, forestry use and sea use throughout the province, deepen the integration of the departments business, further improve the efficiency of land use, forestry use and sea use factor guarantee for major projects, and reduce the cost of doing business for enterprises.On January 11th, US President Trump claimed on the 9th that the US needs Greenland, and if a deal cannot be reached "easily" on Greenland, he will have to take "difficult measures." These remarks have sparked concern among some NATO member states and European countries. According to reports from British media outlets such as the Daily Telegraph, military leaders from several European countries are drafting a possible NATO mission plan to counter Trumps threats. However, the reports also mention that the EU is drafting sanctions against US companies in case Trump rejects NATO deployment proposals. Tech giants like Meta, Google, Microsoft, and X, as well as US banks and financial companies, could be restricted from operating in Europe. Furthermore, a more extreme option could be expelling US troops from their bases in Europe, depriving them of key transit points for operations in the Middle East and elsewhere.

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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