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On May 11, local time, Trump said he watched CBS News "60 Minutes" interview with Israeli Prime Minister Netanyahu, calling the program "quite good," but disagreed with Netanyahus statement that "no one could have fully predicted Irans blockade of the Strait of Hormuz." Trump responded, "I could have predicted it. I knew they would close the Strait. It was their only weapon. Now its not much of a weapon anymore, but its still their only weapon." He also stated that the US could have kept the Strait open through the "Freedom of Navigation Program" if it werent for previous assistance to certain countries and in response to their requests. He added that the US could restart similar operations, or even take "tougher measures," if necessary.US President Trump: (Regarding Iran) They agreed with us, and then they changed their minds.US President Trump: Iran has no equipment to handle nuclear fallout.US President Trump: Iranians say the US can have nuclear materials, but they must be taken away.On May 11, US President Trump stated in a CBS News phone interview Monday morning that he plans to temporarily suspend the federal gasoline tax. He said, "I think its a good idea. Well take off the gasoline tax for a while, and then gradually reinstate it as prices drop." Data from the American Automobile Association shows that gasoline prices have risen by more than 50% since the start of the Iran-Iraq war on February 28, exceeding $4.52 per gallon on Sunday. Analysts believe that oil prices may remain high due to Irans blockade of the Strait of Hormuz. However, suspending the fuel tax requires congressional approval. The current federal fuel tax is 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel. Suspending it would cost the federal government approximately $500 million in revenue per week. Some Democratic lawmakers have introduced related bills suggesting suspending or reducing the fuel tax.

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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