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On September 8th, Iran unveiled a new missile on the 7th local time. Iran stated that the debut of the ballistic missile, named "Qassem Bashir," is a milestone in the countrys defense strategy. This missile boasts a longer range and higher accuracy, symbolizing Irans shift "from passive deterrence to active deterrence." Iran claims that the "Qassem Bashir" missile uses solid fuel, electro-optical guidance, and a half-ton warhead, sending a clear message to adversaries: Iran is no longer merely reacting passively, but actively defending itself.September 8th - According to sources, Deutsche Telekom, Orange, Vodafone, and Telefonica are in preliminary discussions to form an alliance to jointly bid for EU satellite spectrum and provide "satellite direct-connect mobile" services, competing with Elon Musks Starlink. No final decision has been made yet. The EU is considering new rules for 2GHz satellite spectrum. After existing licenses expire in 2027, approximately one-third of the spectrum will be reserved for domestic operators controlled by European companies to enhance Europes independent satellite communication capabilities; another third is intended for sovereign communication services provided by the European IRIS² satellite constellation; and the remaining third will be open to international companies for bidding. Starlink currently provides satellite broadband in most parts of Europe and collaborates with companies like Deutsche Telekom to develop direct-connect services, but it does not yet have the right to independently utilize relevant EU spectrum to provide such services.According to AXIOS: Ukrainian President Zelensky said on Monday that the United States is exploring whether Ukraine and Russia can take steps to de-escalate the war during the winter, while restarting negotiations to reach a broader peace agreement.September 8th - Downing Street announced that the British Prime Minister spoke by phone with US President Donald Trump this afternoon local time. The two discussed the economy, Ukraine, and the Middle East. The Prime Minister congratulated Trump on the latest US jobs data and noted positive signs of growth in the British economy. He stated that the government is working to improve public perception of the UK, and while progress has been made, more work remains to be done. On Ukraine, both leaders agreed to continue pushing for a ceasefire to avoid further casualties; the Prime Minister reiterated his support for Ukraine and the recent US-led peace negotiations. On the Middle East, the Prime Minister stated that the UK is committed to promoting regional peace and security and emphasized the importance of implementing the two-state solution, reopening the Strait of Hormuz, and ensuring that Iran can never acquire nuclear weapons.On September 8th, OpenAI Chief Scientist Jakub Pachocki warned that artificial intelligence is developing too rapidly and is becoming increasingly difficult for humans to understand and control, stating that "extreme caution is now necessary." He pointed out that AI models can already operate computers, collaborate with humans and other AI to conduct research, and may soon achieve "recursive self-improvement" without human intervention. Pachocki expressed concern that no one is prepared for the potential consequences of the continued rapid increase in machine intelligence. Developers can make AI more aligned with human interests and can also slow down future development when necessary. He anticipates and hopes that "voluntary slowdowns" in AI lab development will become the norm until common safety standards are established in the industry. Currently, OpenAI has adopted a limited release approach due to the advanced cybersecurity capabilities of GPT-6 Astra.

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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