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On September 21, Citigroup CEO Jane Fraser stated that as artificial intelligence models become increasingly capable, companies are accelerating the construction of defense systems to address the potential increase in cyberattack risks. "Currently, all companies globally are patching numerous systems, creating a defense race," Fraser said at the Qatar Economic Forum in New York. Fraser noted that earlier this year, Anthropics Mythos model raised concerns about the cyber risks of next-generation AI. Subsequently, US Treasury Secretary Scott Bessant and then-Federal Reserve Chairman Jerome Powell convened Wall Street executives to discuss the risks posed by the model and urged companies to strengthen system security. Recently, AI systems, including those from Google and Anthropic, have been found to have infiltrated corporate systems during testing, further fueling security concerns. Fraser stated that the bottleneck in AI development has shifted from chips to energy supply, with global energy demand increasing significantly. Qatari Prime Minister Mohammed bin Abdulrahman Al Thani stated that Qatar is collaborating with AI companies on responsible investments, and that security measures surrounding the technology are still being refined.September 21st - On September 20th, Germany held two local elections: one in the capital Berlin and the other in the eastern state of Mecklenburg-Western Pomerania (Megrenburg-Western Po). The latest exit polls indicate that the far-right Alternative for Germany (AfD) is projected to win 37% of the vote in the Mecklenburg-Western Po state election; the center-left Social Democratic Party (SPD) in the ruling coalition is projected to win 35.5%; and the Christian Democratic Union (CDU), led by Chancellor Merz, is projected to win 5.5%, barely crossing the threshold to enter the state parliament—the CDUs worst performance in any state election since 1949. With other major parties refusing to cooperate, the AfDs chances of forming a government in Mecklenburg-Western Po are extremely slim. However, this far-right party has become the largest party in the state parliaments of both German states in the past two weeks. In the Berlin city council elections, the Christian Democratic Union (CDU) is projected to win 20% of the vote; the Social Democratic Party (SPD) is expected to win 12%; the Alternative for Germany (AfD) is projected to win 16%, increasing its seat count; and the Left Party is projected to win 24.5%, currently leading. Germany has 16 states, and Berlin is one of three city-states. In the eastern Saxony-Anhalt state elections on September 6th, Merzs CDU suffered a crushing defeat, with its vote share plummeting to around 17%; the AfD won approximately 44% of the vote, becoming the largest party in the state.The U.S. Mission to Saudi Arabia: Due to the ongoing security situation in Saudi Arabia, all U.S. government employees working in Saudi Arabia now require special authorization to travel to the cities of Taif and Yanbu for both official and private purposes.German Chancellor Merz: We need determination, resolve, and patience; as party leader and chancellor, I am ready to do that. I take responsibility because I want to push the country forward.German Chancellor Merz: Germany must become a country that ushers in a new era. We cannot go back to the "good old days".

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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