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July 22nd - Driven by overnight gains in US tech stocks, South Koreas semiconductor sector surged in early trading. As of 9:11 AM local time (8:11 AM Beijing time), Samsung Electronics rose 5.79% to 274,000 won; SK Hynix rose 8.50%, briefly touching 2 million won, its first such move since July 15th. Overnight in the US, Nvidia rose 1.97% as its next-generation AI server platform, Vera Rubin, entered mass production and began supplying major customers; Micron surged 12.17%, and Broadcom rose 2.21%, driving the Philadelphia Semiconductor Index up 5.21%. Additionally, SK Hynixs ADR rose 13.75% overnight, closing at $171.94. In terms of fund flows, foreign investors are currently net buyers of 717.6 billion won in the South Korean electrical and electronics sector, while individual and institutional investors are net sellers of 370.6 billion won and 345.8 billion won, respectively.July 22 (Futures News) – Crude oil continued its upward trend, boosting confidence among fuel oil market participants to support higher prices. Refineries increased supply and were reluctant to sell at low prices, but downstream traders moderately replenished their inventories and remained cautious in their purchases. Market buying activity was slow, and fuel oil prices steadily climbed. It is expected that todays trading will see some areas remain stable while others may see slight increases.Futures News, July 22nd - According to foreign media reports, Brent crude oil futures rose on Tuesday, hitting a five-week high, influenced by the US-Iran conflict and the Houthi threat to impose a naval blockade on Saudi Arabia. This will help boost the early performance of Malaysian crude palm oil futures. The El Niño phenomenon, which may threaten palm oil production in Southeast Asia, also provides support for prices. The Malaysian Meteorological Department stated that with the strengthening of El Niño, Malaysia will experience record-breaking high temperatures next year, raising concerns about declining palm oil production. However, weak demand for Malaysian palm oil exports will limit the markets rebound momentum.Spot gold touched the $4,100/ounce mark for the first time in a week.July 22 – According to the South Korean media outlet *Chosun Ilbo*, the South Korean government stated that it has held a meeting with major exporters to discuss stabilizing the exchange rate through strengthened government-business cooperation. Heo Jang, the Second Vice Minister of Strategy and Finance, held the meeting on July 21 at the Seoul Government Building with major exporters including Samsung Electronics, SK Hynix, Hyundai Motor & Kia, HD Korea Shipbuilding & Marine Engineering, Hanwha Marine, and Samsung Heavy Industries. Heo Jang stated that prior to the exporters meeting in June, the Korean won had depreciated to around 1550 won against the US dollar. However, with exporters increasing foreign exchange settlements, shipbuilding companies increasing forward foreign exchange sales, and capital inflows from SK Hynixs ADR issuance, the won has recently fallen back to the high range of 1400 won against the US dollar, alleviating the imbalance between foreign exchange supply and demand. He predicts that with continued strong semiconductor exports in the second half of the year, South Koreas foreign exchange supply and demand situation will further improve. Participating companies stated that they will further cooperate with the government to stabilize foreign exchange supply and demand, promote the continued improvement in the recent supply and demand trend, and contribute to maintaining stability in the foreign exchange market.

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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