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On February 24, the article stated that innovation is endless and policy support also needs to be continuously optimized. There is still room for improvement in the intensity and efficiency of fiscal and taxation forces to support scientific and technological innovation. In terms of intensity, we will coordinate financial resources, increase investment in science and technology, further focus on basic research and national strategic scientific and technological tasks, and fully support the key core technology research. In terms of efficiency, we will deepen the reform of the mechanism for the allocation and use of fiscal science and technology funds, improve the performance of fund use, and give full play to the leverage effect of fiscal funds. Research and improve the structural tax reduction and fee reduction policies that focus on supporting scientific and technological innovation and the development of the manufacturing industry, study the tax system that is compatible with the new business format, promote policies that are more in line with the demands of the market and enterprises, improve the accuracy of policies, promote the direct and quick enjoyment of policy dividends, and help enterprises innovate and develop.According to German news today: Lindner, chairman of the German Free Democratic Party, announced his withdrawal from politics.Ukrainian President Volodymyr Zelensky congratulated the CDU/CSU and Merz on their victory in the German Bundestag election.On February 24, the leaders of the 27 EU countries will hold an emergency summit on March 6 to discuss the Ukraine issue and the next steps regarding European security. European Council President Costa announced on Sunday that he would hold the summit in Brussels. Costa posted on social media: "We are at a decisive moment for Ukraine and European security." European Commission President von der Leyen and other members of the EU executive will visit Kiev on Monday to express support for Ukraine on the third anniversary of the outbreak of the Russian-Ukrainian conflict.February 24th news, on the evening of the 23rd local time, the chairman of the German Free Democratic Party, Lindner, announced that if the party ultimately fails to enter the Bundestag because it receives less than 5% of the votes, he will withdraw from politics.

USD / JPY fluctuates above 133.00, and a decline appears likely as the Fed continues its gradual rate hikes

Daniel Rogers

Mar 14, 2023 14:07

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The USD / JPY currency pair is fluctuating above 133.00 during the Asian session. The asset has recovered from 132.50 but is unable to extend gains due to the lack of strength in the US Dollar Index (DXY) following the Silicon Valley Bank (SVB) debacle. The loss of market participants' confidence in the United States banking system has drastically diminished the appeal of safe-haven assets.

 

Futures for the S&P 500 have recovered a portion of Monday's losses, indicating a slight improvement in market sentiment. The USD Index is attempting to reclaim the immediate resistance level of 103.80, but the upside appears constrained due to expectations that the Federal Reserve will continue its modest rate increase cycle (Fed). The USD Index has been impacted by the market's reduction of 50 basis points (bps) in expected rate increases.

 

In the meantime, the demand for U.S. government bonds is declining, which may indicate a transition away from safe-haven assets. The yield on 10-year US Treasury bonds has risen above 3.56 percent.

 

Tuesday's release of United States Consumer Price Index (CPI) data would be a major market mover. Analysts at Wells Fargo anticipate "another 0.4% monthly increase in the aggregate CPI in February, bringing the annual rate to 6.0%." We still anticipate a decline in inflation, but the process is likely to be irregular and lengthy. Despite some direction improvement over the past few quarters, prices continue to rise well above the Fed's 2% objective, and the constrained labor market suggests that inflationary pressures may prevent a full return to 2%.

 

Hirokazu Matsuno, the chief cabinet secretary of Japan, stated on Monday that they do not anticipate the SVB fallout to have a significant impact on the country's financial institutions. He added, "Japan's financial institutions have adequate liquidity and capital base overall."

 

The minutes of the Bank of Japan's (BoJ) most recent monetary policy meeting, which was conducted by former BoJ Governor Haruhiko Kuroda, will be attentively examined going forward.


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