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August 25th - According to the latest Reuters/Ipsos poll, public support for a war with Iran in the United States has fallen to its lowest level since the conflict began, at 31%, keeping Trumps approval rating at a historic low of 33%. Only 31% of Americans support military action against Iran, down from 37% in March and 34% earlier this month. The main reason for the decline is the decrease in support for the war among self-identified Republicans. Trumps popularity is clearly hampered by public dissatisfaction with the war with Iran, with his approval rating hitting a historic low for the second consecutive time, with only 33% of respondents approving of the presidents performance. The survey also shows that about 83% of Americans believe the war will "last a long time," up from 80% in a survey earlier this month.On August 25th, Iranian Economy and Finance Minister Madanizadeh stated on the evening of the 24th local time that the Iranian government has long been planning to counter US sanctions and is fully prepared to respond to new sanctions. He stated that the worlds financial and economic lifelines are not so simple, and the US cannot "completely sever Irans financial and trade ties." Madanizadeh said that if the US dares to take any action, it should expect a retaliation from Iran. On the afternoon of the 24th Eastern Time, US Treasury Secretary Bessenter held a press conference, announcing several economic sanctions against Iran to further increase pressure on the country. Bessenter stated that the US is launching an economic offensive against Irans global financial network, aiming to cut off all of Irans economic lifelines. The sanctions cover areas such as digital assets, technology, gold, aviation, and shipping.According to Iranian media outlet Fars News, Irans Minister of Economy stated that the current depreciation of the Iranian currency stems from tensions in the media environment. We are working to restore the foreign exchange market to normalcy.U.S. Defense Secretary Hergsays: Iran’s kinetic strikes have not been suspended, and we will act decisively if necessary.U.S. Defense Secretary Hergsays: Iran still has some capabilities, but its only option is to return to the negotiating table.

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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