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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.1 occurred near Beichuan County, Mianyang City, Sichuan Province at 11:01 on February 8. The final result is subject to the official rapid report.February 8th - Danish officials stated on the 7th that despite the commencement of diplomatic dialogue with the United States, negotiations between Denmark and the US regarding Greenland have not met expectations. On the same day, Danish Foreign Minister Rasmussen, Greenlandic Foreign Minister Vivian Mozfeldt, and Canadian Foreign Minister Anita Anand held a joint press conference in Nuuk, the capital of Greenland, to celebrate the official opening of the Canadian Consulate in Nuuk on the 6th. Mozfeldt said that the current situation has "improved somewhat" compared to a month ago, mainly due to the establishment of direct diplomatic channels of dialogue with the United States, but Greenland has not achieved the expected results in the negotiations. She said, "There is still a long way to go, so it is too early to say what the outcome will be."On February 8th, Lu Zhe, chief economist at Dongwu Securities, pointed out that from a medium- to long-term price structure perspective, gold has been in a continuous upward trend since 2020, but the recent price movement has changed. The time it took for London gold to rise from $2,000/ounce to $3,000/ounce, from $3,000/ounce to $4,000/ounce, and from $4,000/ounce to $5,000/ounce has shortened, and the price increase slope shows an accelerating characteristic. He believes this phenomenon reflects that against the backdrop of rising macroeconomic uncertainty and increased risk premiums, the way funds price gold has gradually shifted from "trend-driven allocation" to "emotion and expectation-driven," and the price is reacting to positive factors faster than in previous periods. This accelerated price movement, while strengthening the medium- to long-term upward trend, also means increased sensitivity to external disturbances in the short term.Conflict Status: 1. Russian troops have captured the settlement of Chukyuevka in eastern Ukraine. 2. Ukrainian General Staff: Attacked an oil depot in Russias Saratov region. 3. Russian Ministry of Defense: Russian forces launched a large-scale attack on Ukrainian military energy and transportation infrastructure. 4. Zelensky: Russia launched more than 400 drones and about 40 missiles to attack Ukraines energy sector. 5. The governor of the Kursk region of Russia stated that 47 Ukrainian drones were shot down in the region in the past 24 hours. 6. Ukrainian General Staff: Ukrainian forces are continuously wearing down Russian forces along the entire front and in the rear, repelling multiple Russian attacks in the Leman and Pokrovsk directions. Peace Negotiations: 1. Trump said the US-Russia-Ukraine talks "could go wrong." 2. Zelensky: Does not support a peace agreement that violates the Ukrainian constitution. 3. Zelensky: The US seeks to push for a ceasefire agreement between Russia and Ukraine by June. 4. Zelensky: The possibility of holding a trilateral summit to discuss thorny issues has been proposed. 5. Zelensky: The US proposed a meeting between Russian and Ukrainian delegations in Miami in a week, and Ukraine has agreed. Other developments: 1. Energy facilities attacked; Ukraine says it has requested emergency electricity assistance from Poland. 2. Two suspects arrested in the attack on the Russian lieutenant general; the Ukrainian Foreign Minister denies any Ukrainian involvement in the attack. 3. International Atomic Energy Agency: Following a new round of military activity affecting power substations, Ukrainian nuclear power plants again reduced power output this morning. 4. Ukrainian Foreign Minister: Ukraine supports calls for a truce with Russia during the Winter Olympics, following proposals from Italy and the Pope. 5. Polish Army Operations Command: Polish air operations related to Russian airstrikes on Ukraine have ended. No violations of Polish airspace occurred. Southeastern Polish airspace was briefly closed previously.On February 8th, Fujian Province issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes to systematically advance the construction of "good houses." This includes accelerating the construction of a new real estate development model and improving the "market + guarantee" housing supply system. The document also calls for implementing a housing quality improvement project to enhance the entire housing chain, from design and construction to maintenance and services, and vigorously promoting the construction of safe, comfortable, green, and smart "good houses." Furthermore, it aims to build a modern industrial system for residential construction. The document also emphasizes steadily advancing the renovation of urban villages and dilapidated housing, supporting the independent renewal and reconstruction of old housing, continuously promoting the renovation of old urban residential communities, and implementing an action plan to improve the quality of property services.

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.