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February 10th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 1.00% to 1127 yuan/gram, the Shanghai Silver futures contract rose 5.24% to 20934 yuan/kilogram, and the SC Crude Oil futures contract rose 2.13% to 471 yuan/barrel.The White House: The United States and Bangladesh have pledged to address non-tariff barriers in Bangladesh.The White House: The United States has pledged to establish a mechanism that would allow certain textile and apparel products from Bangladesh to enjoy zero-reciprocal tariffs.The White House announced that the United States and Bangladesh have reached an agreement on a reciprocal trade deal. The United States will reduce tariffs on goods originating from Bangladesh to 19%.February 10th - According to the Wall Street Journal, the White House is locked in a stalemate with Congress over a housing proposal by President Trump that would ban Wall Street investors from buying single-family homes. Trump administration officials have been pressuring Republicans in recent weeks to include the investor ban as an amendment to the Century 21 Housing Act, currently progressing in both houses of Congress, but lawmakers in both houses are resisting its inclusion. Any such amendment could undermine the Century 21 Housing Act and these two months-long, bipartisan housing legislations. The bill in Congress focuses on stimulating housing supply, but Trump has reservations about expanding supply, and his housing plan announced this year focuses more on stimulating demand. However, key Republican lawmakers are not currently inclined to do so. Representative Hill, chairman of the House Financial Services Committee, rejected the White Houses request to include the amendment in the Century 21 Housing Act. Republicans on the Financial Services Committee are also generally skeptical of the investor ban proposal, arguing that it violates free market principles and property rights.

A decrease in the EUR/JPY exchange rate is about to occur as recession fears grow. It is now over 138.00

Alina Haynes

Jul 07, 2022 14:43

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The EUR/JPY currency pair is doing poorly during the Tokyo session. The cross is bouncing around a narrow range of 138.26-138.60 after recovering from its low of 137.27 on Wednesday. Generally speaking, bears are in charge of the asset. The pair has fallen during the last week as a result of failing to overcome the 144.00 resistance level, which has been a barrier for four weeks.

 

The chance of a recession in the eurozone has significantly increased as a result of the Bank of England's (BOE) negative assessment of the global economy. The BOE believes that price volatility in raw materials and energy might lead to economic disruptions in the future. The negative outlook of a Western central bank is fundamentally harmful to the FX market. The shocks to the economy would undoubtedly harm the eurozone as well because it forbids the import of Russian oil.

 

Along with fears of a recession, the common currency's bulls are also plagued by disputes over gas supplies between the economies of Europe and the United Kingdom. The British government has said that it would stop exporting gas to Europe if shortages develop there in the upcoming months.

 

The underperformance of the wage-price notion in Tokyo worries the Bank of Japan (BOJ). In order to keep inflation rates close to target levels, according to the BOJ, pay increases are required. If not, families would face greater price pressures, which would result in a decrease in the overall volume of demand.


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