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According to the National Bureau of Statistics, the output of flat glass in April was 72.83 million weight boxes, a year-on-year decrease of 7.9%, and the output of flat glass from January to April was 296.39 million weight boxes, a year-on-year decrease of 5.8%.According to the National Bureau of Statistics, cement production in April was 145.71 million tons, a year-on-year decrease of 10.8%, and cement production from January to April was 443.28 million tons, a year-on-year decrease of 8.6%.According to the National Bureau of Statistics, sulfuric acid (100% purity) production in April was 8.95 million tons, a year-on-year decrease of 2.2%. From January to April, sulfuric acid (100% purity) production was 37.08 million tons, a year-on-year increase of 2.6%.On May 18th, the National Bureau of Statistics released data on the national economic performance for January-April. The average urban surveyed unemployment rate nationwide was 5.3% for the period. In April, the national urban surveyed unemployment rate was 5.2%, a decrease of 0.2 percentage points from the previous month. The surveyed unemployment rate for local registered labor force was 5.3%; the surveyed unemployment rate for migrant workers was 5.0%, including a 5.0% rate for migrant agricultural workers. The urban surveyed unemployment rate in 31 major cities was 5.2%, a decrease of 0.1 percentage points from the previous month. The average weekly working hours for employees in enterprises nationwide was 48.0 hours.On May 18th, it was reported that from January to April, the sales area of newly built commercial housing reached 252.58 million square meters, a year-on-year decrease of 10.2%, with the decline narrowing by 0.2 percentage points compared to January-March; among which, the sales area of residential housing decreased by 12.2%. The sales value of newly built commercial housing reached 2.3 trillion yuan, a decrease of 14.6%, with the decline narrowing by 2.1 percentage points; among which, the sales value of residential housing decreased by 15.7%. At the end of April, the unsold area of commercial housing was 778.01 million square meters, a year-on-year decrease of 0.5%. Among which, the area unsold for less than 3 years was 579.03 million square meters, a decrease of 2.6%. From January to April, the funds available to real estate development enterprises totaled 2.6697 trillion yuan, a year-on-year decrease of 18.4%. Among which, domestic loans amounted to 419.9 billion yuan, a decrease of 25.9%; self-raised funds amounted to 983.8 billion yuan, a decrease of 10.5%; deposits and advance payments amounted to 797.5 billion yuan, a decrease of 17.6%; and personal mortgage loans amounted to 308.7 billion yuan, a decrease of 31.7%.

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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