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The Brazilian government announced that it will extend gasoline subsidies until September 9th, local time.On August 25th, according to Russian sources, a Ukrainian drone attack injured two workers at the Zaporizhia nuclear power plant. The plants press office reported that the attack occurred near the plants hydraulic structures while workers in the maintenance and construction workshop were working. The report did not specify the exact time of the attack. It is understood that the target of the attack was personnel responsible for ensuring the operation of the nuclear power plant. Both injured workers have been hospitalized, one seriously. The power plant stated that it has informed experts from the International Atomic Energy Agency (IAEA) about the attack. Ukraine has not yet responded to this report.U.S. Treasury yields continued to decline, with the 10-year yield falling 6 basis points to 4.64%.The German DAX 30 index closed up 155.76 points, or 0.60%, at 26,274.75 on Tuesday, August 25; the UK FTSE 100 index closed up 33.60 points, or 0.31%, at 10,887.92 on Tuesday, August 25; and the French CAC 40 index closed down 13.81 points, or 0.16%, at 8,439.20 on Tuesday, August 25. The Stoxx 50 index closed up 10.77 points, or 0.17%, at 6458.75 on Tuesday, August 25; the Spanish IBEX 35 index closed down 33.01 points, or 0.16%, at 20065.59 on Tuesday, August 25; and the Italian FTSE MIB index closed up 209.82 points, or 0.40%, at 52752.00 on Tuesday, August 25.On August 25, a joint statement from Iran and Oman stated: "His Excellency Omani Foreign Minister Bousaidi, during a working visit to Iran, held constructive consultations with Iranian Foreign Minister Araqchi. The consultations focused on an issue of paramount importance to both countries: restoring safe navigation through the Strait of Hormuz while upholding their respective sovereignty and sovereign rights. Given the recent war and its disastrous consequences that have altered the current situation in the Strait, the two foreign ministers discussed a phased framework that can provide a practical and implementable foundation for moving the situation forward. The proposed framework includes establishing a temporary joint maritime passage through the Strait of Hormuz and agreeing to implement a joint mine-clearing project. Both sides will continue technical discussions with the aim of reaching an agreement on establishing a permanent maritime passage, future management of the Strait, and mechanisms for exchanging traffic management information and providing related maritime and security services. In this regard, both sides emphasized the need for joint dialogue with the littoral states of the Persian Gulf. They also stressed the necessity of adhering to applicable international law and respecting the sovereign rights of the littoral states."

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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