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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."

Despite Japan's holiday, the USD/JPY has recovered to 143.00 while the Fed and BOJ remain vigilant

Daniel Rogers

Sep 19, 2022 14:48

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In spite of Monday's limited USD/JPY action due to Japan's vacation, the USD/JPY has recovered from intraday lows and is moving closer to recovering 143.00. The gold market is widely predicted to react strongly to the monetary policy meeting between the US Federal Reserve (Fed) and the Bank of Japan (BoJ) this week (BOJ).

 

Wall Street's major indexes ended the day on a down note, but the S&P 500 Futures are showing slight gains.

 

US Vice President Joe Biden's recent upbeat comments could be to blame. The head of state has also assured the public that inflation will be reduced. Covid developments from China include the unlocking of the city of Dalian in the province of Liaoning, the continued absence of coronavirus cases in Beijing, and the discovery of one such case outside of the Shanghai quarantine zone, up from the absence of any the day before.

 

USD/JPY purchasers appear to be bullish ahead of the significant monetary policy declarations due to President Biden's commitment to help Taiwan in the event that China strikes Taiwan and hawkish expectations for the Fed. It should be noted, however, that speculation over the BOJ's intervention appears to have halted the recent bull market.

 

The University of Michigan's preliminary September consumer sentiment index of 59.5 was up from the preliminary reading of 58.5 in August but still below market estimates of 60.0. The market's expectations of a full one percentage point increase in the Fed rate rose to 18% in light of the improved US statistics, while the probability of a 75 basis point (bps) boost by the Fed increased to above 80%, or 82% at the time of publication.

 

This session of USD/JPY could be slow due to the Japanese holiday and the relatively empty economic calendar. The Fed versus BOJ clash will be key for pair traders to observe this week. The economic forecasts and pronouncements of the various central bank heads are crucial, in addition to the interest rate announcements, which are generally factored in. It's possible that the USD/JPY might drop if Fed Chair Powell disillusions US dollar bulls and the BOJ shows it's willing to defend the yen through intervention.


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