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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

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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