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ECB Executive Board member Cipolo Nee: Confidence in enacting legislation for a digital euro by 2026 is “growing daily.”On December 4th, sources familiar with the matter revealed that the restructuring plan for Country Gardens (02007.HK) "H16 Tengyue 2" bond was approved by the creditors meeting. This brings the total number of bonds involved in Country Gardens domestic debt restructuring that have had their restructuring plans approved by creditors, with a total outstanding balance of RMB 13.85828 billion. Regarding the cash prepayment arrangement, i.e., the consent fee, the plan shows that for holders who voted in favor of all proposals at the bondholders meeting, 0.1% of their bonds will be prepaid and cancelled, with all interest waived. Country Gardens adjusted principal and interest repayment arrangement shows that principal repayment has been extended to September 2, 2035. Taking H16 Country Garden 5 as an example, repayment will be made in nine installments starting from September 2, 2031, every six months. The repayment amounts for the first four years are 1%, 2%, 3%, and 4% respectively, and from March 2, 2034, the repayment proportions will be 15%, 15%, 20%, and 30% respectively. Unpaid interest as of September 2, 2025 (the base date) will be recalculated at an annual interest rate of 1%; interest will be calculated at a simple interest rate of 1% per annum from the base date, and the interest will be paid in a lump sum on September 2, 2035.ECB Executive Board member Cipollone: We are ready to respond to any shocks.ECB Executive Board member Cipolo Nee: The economy has shown resilience.ECB Executive Board member Cipollone: Many risks are still brewing.

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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