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On September 11, the Algerian Ministry of Defense announced that, effective from midnight on September 11, all civilian and military aircraft registered in the United Arab Emirates (including inbound and outbound flights) would be prohibited from entering Algerian airspace. However, commercial flights operated by the United Arab Emirates to and from Algiers Houari Boumediene International Airport are exempt and can continue operating until the end of 2026 (the expiration date of existing contracts). Earlier that day, the Algerian Ministry of Foreign Affairs announced that the country had decided to sever diplomatic relations with the United Arab Emirates, effective immediately.On September 11, it was reported that on the morning of September 10 local time, certain members of the UN Security Council, disregarding the significant differences remaining within the Council on related issues, insisted on pushing for the reinstatement of sanctions against Iran and for the Council to hold a meeting on an agenda that had already been terminated. Sun Lei, Chinas Deputy Permanent Representative to the UN, expressed serious concern and strong opposition to this in his statement. Sun Lei pointed out that currently, the US is intensifying unilateral sanctions against Iran, launching a new round of military strikes against Iran, and engaging in mutual attacks between the US and Iran, leading to renewed tensions in the region and severely hindering efforts by all parties to promote peace talks. China is highly concerned and deeply worried about this situation and calls on the US to commit to refraining from military action and to engage in sincere negotiations with Iran. The parties involved should abandon the use of force or the threat of force, and push the Iranian nuclear issue back onto the track of political and diplomatic resolution, seeking the greatest common denominator that takes into account the reasonable demands of all parties, such as achieving a comprehensive and lasting ceasefire, reaching a peace agreement, and resolving the Iranian nuclear issue through political and diplomatic means.September 11th - As of 2:30 PM closing, the Shanghai Gold futures contract fell 1.47% to 941 yuan/gram, the Shanghai Silver futures contract fell 5.07% to 15,593 yuan/kilogram, and the SC Crude Oil futures contract rose 6.19% to 816 yuan/barrel.The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a whistleblower notice seeking information on support for illicit financing activities in Iran.The U.S. Treasury Department has updated its statement on license applications related to Iran, presuming to deny them; it will reject most pending license applications related to Iran.

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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