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According to Business Insider, Google (GOOG.O) is quietly laying off employees in its cloud division.On June 5th, a Pakistani government official told Nikkei Asian Review, "Pakistan plans to initially establish oil reserves sufficient for 45 days of needs, which can be gradually increased to 90 days in the future." The official revealed that the Ministry of Energy plans to adopt a multi-mode strategic petroleum reserve system, including state-supported emergency stockpiles, industry-mandated stockpiles, and bonded commercial warehousing. Among these reserve systems, bonded commercial warehousing has sparked discussion. This refers to storage facilities under customs supervision where imported oil or other fuels can be stored for re-export by domestic and foreign traders without immediate payment of customs duties and taxes. In case of emergency, these stored fuels can be used domestically in Pakistan. Nikkei Asian Review, citing another informed government official, reported that Pakistan is negotiating with Saudi Arabia, Kuwait, Qatar, the UAE, and China to establish bonded terminals within Pakistan. "Gwadar Port could be one of the locations for such a terminal," the official stated.On June 5th, CME Group CEO Terry Duffy expressed "deep concern" about the rise of so-called "perpetual futures," a type of increasingly popular financial contract that recently received crucial approval from US regulators. Duffy pointed out that "perpetual contracts" offer little practical use for institutional investors while simultaneously exposing retail traders to excessive risk. Duffy stated, "I have serious concerns about the structure of these contracts. I dont want to see people who lack understanding of the product ultimately forced out by contract liquidations; after all, they shouldnt be involved in these types of contracts in the first place."British Prime Ministers spokesperson: Starmer has no intention of resigning.US President Trump: Cuba is facing food shortages and lacks energy and oil.

USD/JPY Surpasses 131.80 As Concern Grows Prior To BoJ Governor Selections

Alina Haynes

Feb 09, 2023 15:08

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During the Tokyo trading session, the USD/JPY pair jumped past the key resistance level of 131.80. The asset has demonstrated significant increases as investors become anxious in advance of the announcement of the list of candidates to replace Bank of Japan (BoJ) Governor Haruhiko Kuroda. The BoJ's Kuroda has maintained an ultra-loose monetary policy for an extended length of time, and the Japanese government wishes to arrange an exit from the expansionary policy with his successor.

 

The statement by Vice President Joe Biden that the United States will not experience a recession in 2023 and 2024 has bolstered risky assets. S&P500 futures are showing moderate gains in the Asian session following a decline on Wednesday, indicating a modest revival in investor risk appetite.

 

The US Dollar Index (DXY) is failing to hold above 103.00 despite Federal Reserve (Fed) chair Jerome Powell and his team's commitment to raising interest rates higher and maintaining them at elevated levels for a longer period of time.

 

As reported by CNBC, Fed Governor Christopher Waller stated that the central bank will maintain its present plan of action, which has resulted in eight interest rate increases since March 2022. Regarding the labor market, the Fed official finds it to be relatively solid and anticipates that it will promote future consumer spending.

 

On the Japanese Yen front, investors are focusing mostly on the list of candidates for the position of next BoJ Governor. Wednesday, Japanese Prime Minister Fumio Kishida stated, "In the process of selecting the next Bank of Japan (BoJ) Governor nominee, they are aware of the market's keen emphasis on the decision."

 

In the meantime, OCBC has issued the following statement: "This week, the focus will be on the list of BoJ nominees that is anticipated to be presented to parliament on 10 February, but rumors predict a delay until next week. The appointment of Amamiya would be most beneficial for the USD/uptrend, JPY's but Yamaguchi's appointment might weaken the Japanese Yen.


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