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On September 5, U.S. Central Command issued a statement saying that on September 5, after the Iranian Islamic Revolutionary Guard Corps (IRGC) launched ballistic missiles at two U.S. Navy warships patrolling in regional waters, U.S. Central Command forces attacked three Iranian oil tankers. A U.S. aircraft carrier and a guided-missile destroyer successfully evaded multiple unprovoked attacks by Iran. There were no U.S. casualties. Following the failed Iranian attacks, U.S. Central Command permanently sank the IRGC oil tanker "Downy" near Harqa Island and the oil tanker "Stark 1" near Jask. The U.S. military also completely destroyed the unloaded oil tanker "Kailo" (also known as "Noxson") in the Gulf of Oman. After the crew was ordered to abandon ship, the U.S. military struck several key parts of the ship, rendering it unable to continue sailing. These three Iranian oil tankers belonged to a secret network worth billions of dollars that financed the IRGC and its regional proxies. Iran was unable to protect these tankers.U.S. Central Command: The United States retaliated against Irans ballistic missile attack on two U.S. Navy warships.U.S. Central Command: U.S. forces attacked three Iranian oil tankers.September 5th - According to tanker tracking agency Tankertrackers, satellite images released today show that the VLCC supertanker "DOWNY," owned by the National Iranian Tanker Company (NITC), was attacked. The vessel was currently empty of oil cargo and in a ballast-less state. This type of vessel is typically targeted by the US Central Command in retaliation for Iranian attacks on tankers passing through the Strait of Hormuz. Satellite images show frequent activity from multiple tugboats around the vessel, a finding corroborated by Automatic Identification System (AIS) data, with the activity beginning around 12:45 PM Beijing time today. This activity was concentrated on the port stern (lower left corner of the vessel), suggesting an attack on the engine room, most likely by a US Hellfire missile. No signs of fire or smoke were observed in thermal imaging.September 5th - According to Axios, Republican confidence in the economy has plummeted at an unprecedented rate since the pandemic began over the past six months, a decline comparable to that during the global financial crisis nearly two decades ago. Typically, the ruling party is more optimistic about the economy, while the opposition is far more pessimistic. However, the current situation is unusual; even with Republicans in the White House, Republican voters are increasingly negative about the economy this year. With only two months left until Election Day, this adds another ominous sign for Trump. The director of the University of Michigans consumer survey stated that most of the time, Republican and Democratic confidence in the economy moves roughly in parallel, but this is not the case now. Republicans initially had very positive expectations for the governments economic policies (including tariffs), but they have seen neither a slowdown in inflation, let alone the price reductions promised by Trump.

With BOJ intervention a possibility and US PMI in focus, USD/JPY is pushing toward 141.00

Daniel Rogers

Sep 23, 2022 14:22

截屏2022-09-23 上午9.44.59.png 

 

The US dollar/Japanese yen exchange rate stands between 142.27 and 142.58 during the Tokyo trading session. Having dropped to a low of less than 141.00, the asset has since reversed course. The major is likely to re-test the 141.00 support level due to the possibility of increased intervention by the Bank of Japan (BOJ) in currency markets to bolster the yen.

 

Due to the BOJ's intention to engage in the currency markets for the first time since 1998, the USD/JPY pair dropped significantly below 141.00. The BOJ has significant tools to maintain support for the yen as the world's second-largest foreign exchange reserve. Since the current price does not reflect the yen's true value, the Bank of Japan decided to step in to prevent further depreciation.

 

After the BOJ made its monetary policy pronouncement, it began intervening in the currency market. To no one's surprise, Bank of Japan Governor Haruhiko Kuroda stayed dovish on interest rates and said that the aggressive approach taken by the Federal Reserve (Fed) will have minimal impact on Japan's economy. He also said that the Japanese economy, which is still recuperating from the consequences of the Covid-19 outbreak, needs more policy easing.

 

Investors are waiting for volatility to diminish after the Fed's extraordinary hawkish attitude, keeping the US dollar index (DXY) stable around 111.30. On Thursday, after the DXY hit a fresh 20-year high of 111.81, sellers emerged and smashed the prevailing bullish pattern.

 

In the future, the S&P Global PMI data will be crucial. It is expected that the Manufacturing PMI would drop to 51.1 from 51.5 in the previous report. The Services PMI will go up to 45.0 from 43.7.


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