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On April 27, Huawei Qiankun Intelligent Automotive Solutions officially released the "Intelligent Assisted Driving Safety Initiative" today. In the initiative, a total of 11 auto brands executives signed, including GAC, SAIC, JAC, Audi, Dongfeng Mengshi, Lantu, Deep Blue Auto, BAIC, Avita, Seres, Chery Automobile, etc.On April 27, the official website of the State Financial Supervision and Administration showed that Xu Xiaozheng, deputy director of the Inclusive Finance Department, has been appointed as member of the Party Committee and deputy director of the Shenzhen Regulatory Bureau of the Financial Supervision Administration.On April 27, since February this year, the tariff increase policies issued by the United States have caused fluctuations in the cross-border e-commerce industry. Mai Li Ni, a senior practitioner in cross-border e-commerce, talked about the recent tariff policy of the United States with obvious helplessness in his tone. He said that his most personal feeling is that this directly hit the survival space of e-commerce companies, freezing the entire industry and even the supply chain. The price comparison platform "Smart Exploration" said that they monitored 930 Amazon products that have increased in price since April 9. With the sharp increase in tariffs, the average price increase of these products reached 29%, covering multiple categories such as clothing, household goods, electronic products and toys. There are also several e-commerce platforms that announced that due to the increase in operating costs caused by "recent changes in global trade rules and tariffs", price adjustments will be implemented from April 25. Commodity prices have soared, and consumers and companies are under double pressure. In this regard, Mai Li Ni said that it is difficult for the US government to achieve its desired "manufacturing return" so simply by imposing tariffs.Conflict situation: 1. According to the Ukrainian Pravda: Russia lost 1,110 soldiers in the past 24 hours. 2. The Russian Chief of General Staff said that the Kursk region has been completely recovered, and the Ukrainian side said that this statement is untrue. 3. The Ukrainian military: Our troops continue to operate in the Belgorod Oblast of Russia. 4. According to the Ukrainian National News Agency: The Russian army launched 414 attacks in the Zaporizhia region at night. 5. A Russian drone attacked a nine-story residential building in the industrial area of Dnipropetrovsk, Ukraine, killing one person and injuring at least three people, including a child. 6. According to the Polish Armed Forces, a Russian military helicopter crossed Polish airspace and entered the Baltic territorial waters. The nature of the incident shows that Russia is testing the defense readiness of Polands air defense system. Peace talks: 1. Ukraine said it still takes time to finalize the text of the Ukrainian-US mineral agreement. 2. Zelensky announced a meeting with Trump and emphasized the realization of a comprehensive and unconditional ceasefire. 3. Russian Foreign Minister: Russia will not disclose the progress of the negotiations before the conclusion of the Russian-US negotiations on Ukraine. 4. Ukrainian President Zelensky is reportedly scheduled to meet with European Commission President von der Leyen on Saturday. 5. Ukrainian Presidential Office: Ukrainian President Zelensky met with French President Macron. 6. According to Interfax: Russian President Putin confirmed during a meeting with US Special Envoy Vitkov that Russia is ready to negotiate with Ukraine without preconditions. April 27, a person familiar with the matter said on Saturday that the European Central Bank has set up a special task force led by Vice President Guindos, which will seek ways to simplify European banking rules. The source said that the central bank governors of Germany, France, Italy and Finland also participated in the working group. However, the European Central Bank has no right to amend the rules-this is the prerogative of the European legislature in Brussels, so any recommendations of the special task force must be submitted to Brussels for review. It is reported that this action stems from a letter jointly sent by the governors of the central banks of Germany, France, Italy and Spain to the European Commission this year, calling for the simplification of "overly complex" European banking rules.

With rates rising, the GBP/JPY continues to recover to 164.00, and focus shifts to Downing Street

Alina Haynes

Jul 08, 2022 11:30

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GBP/JPY maintains its gains from the previous day at about 163.60 during the opening hour of Friday's Tokyo trading session. The cross-currency pair recently celebrated declining political unrest in Downing Street, rising US Treasury rates, as well as the depreciation of the US dollar, recalling buyers during the dull Asian session.

 

The day before, under intense pressure from his cabinet and many resignations, UK Prime Minister Boris Johnson finally announced his resignation as leader of the UK Conservative Party. The rebels are relieved by the action, and it ensures little political damage. The risk-taking nature is still being challenged by the search for a replacement and a novice cabinet with numerous new appointees, though.

 

The day before, risk aversion also diminished as well-known figures repeated previous pronouncements in an effort to allay concerns about a recession. News regarding China and conflicting statistics from the United States also helped the market.

 

According to Bloomberg, China will raise $220 billion through unprecedented bond sales as stimulus. Officials from the United States and China will meet in person after their most recent video session, the same source states. Analysts, on the other hand, are less thrilled. Beijing is hoping that by fixing the supply-chain dilemma, it would be able to help the United States mitigate its inflation problem.

 

Notably, the GBP/JPY pair is able to maintain its strength due to the recently reduced Japan Current Account balance for May, which was 128.4 billion vs the expected 185.6 billion. The market's expectation of today's US jobs report and the broad dollar slide may also be cited as reasons driving up the price of the pair recently.

 

These transactions result in a resumption of the rising trend in US Treasury rates and a higher closing price for Wall Street benchmarks. But as of the time of publication, S&P 500 Futures are slightly down.

 

GBP/JPY traders should monitor UK politics and Brexit news, as well as economic worries, for fresh inspiration.

 

GBP/JPY buyers are propelled toward a two-week-old resistance line around 164.15 at the latest if there is a clear break over the 50-day simple moving average, which is currently at 162.85 at the time of publishing.


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