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On April 7th, a senior Iranian security official, responding to US President Trumps remarks on Monday, stated that Iran had inflicted a strategic defeat on Trump, and that his escalating rhetoric towards the Iranians reflected a loss of control over the conflict. The source stated, "The military failure of Trumps coordination with Netanyahu in the southern city of Isfahan is a strategic failure, and his increased insults and offensive rhetoric towards the Iranian people indicates that he has lost control of the war management." The official added that even if attacks on Iran completely cease, the Strait of Hormuz will only reopen under an agreement linked to the extent to which the other side fulfills its commitments.European Council President Costa stated that escalating the war against Iran will not bring a ceasefire or peace.With just over 24 hours remaining before Trumps ultimatum to strike Iranian power plants, power plant number 123 in the northeastern Iranian city of Mashhad was attacked by airstrikes.On April 7, the Israel Defense Forces (IDF) issued a statement on April 6, announcing an airstrike on a large petrochemical complex in the southern Iranian region of Al-Saluyeh. This facility is Irans largest petrochemical complex. The statement said that the IDF has already struck two major Iranian petrochemical complexes, severely damaging more than 85% of Irans petrochemical export capacity. The statement further stated that the Al-Saluyeh facility houses critical infrastructure for the production of materials such as explosives and ballistic missile propellants, making it a vital raw material supply hub for Irans missile industry. The IDF will continue to intensify its strikes against Irans core weapons production infrastructure, aiming to cause "widespread and sustained damage" to its military manufacturing capabilities.Iranian Foreign Ministry Spokesperson: The American people should know that what their government has done to Iran in West Asia is a huge injustice, an unfair and aggressive war. The American people must hold their government accountable for the actions and crimes committed in their name.

USD/JPY falls to 146.00 as the DXY weakens and interest in BOJ policy rises

Alina Haynes

Oct 27, 2022 15:28

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During the Asian session, in response to negative signals from the US dollar index, the USD/JPY pair plunged below 146.00. (DXY). Following Wednesday's low of 146.22, the asset's two-day downward trend has extended. The main index is reaching the bottom of Monday's knee-jerk reaction near 145.77 as it continues to decline.

 

The dollar bears are facing a severe sell-off due to the positive market sentiment. The risk-sensitive currencies have benefited from an increase in risk appetite. The US dollar index (DXY) has struck a new monthly low of 109.56 and is anticipated to stay volatile until the release of crucial US economic data.

 

The increased demand for U.S. government bonds has resulted in a decline in yields. This is due to the global markets' increased confidence. The yield on 10-year United States Treasury notes has decreased to 4%.

 

According to estimates, the Gross Domestic Product of the United States expanded by 2.4% in the third quarter. Despite the ultra-hawkish monetary policies of the Federal Reserve (Fed) and the previously disclosed 0.6% fall in growth, forecasts indicate a positive growth rate.

 

In addition, US Durable Goods Orders data will continue to be a key point. Compared to a reduction of 0.2%, it is projected that economic statistics will increase by 0.6%. Notable is the increase in core inflation, which includes oil and food prices. In spite of this, the predicted increase in demand for durable goods in the United States demonstrates healthy household demand.

 

Investors in Tokyo are anticipating the Bank of Japan's (BOJ) interest rate decision on Friday. In view of the shocks to foreign demand, BOJ Governor Haruhiko Kuroda will continue an ultra-loose monetary policy to stimulate the outlook for economic development. In addition, Japanese policymakers are anxious that the inflation rate could go below 2%; hence, an extremely liberal policy is the best alternative.

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