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On August 3, U.S. Treasury Secretary Bessant posted on social media on the evening of August 2 that "the coordinated U.S.-Japan foreign exchange intervention effectively curbed the disorderly fluctuations in the yen exchange rate," and the Trump administration strongly supports "Japans market and monetary policy measures to correct the significant undervaluation of the yen." Bessant stated that the U.S. Treasury is closely monitoring the situation and will "not hesitate to participate in further joint intervention." Japanese Finance Minister Satsuki Katayama also confirmed on August 3 that Japan and the U.S. jointly implemented foreign exchange market intervention. She also stated, "We will not hesitate to further jointly implement foreign exchange market intervention in the future." It is understood that to curb the historic depreciation of the yen, the monetary authorities of Japan and the United States jointly implemented a foreign exchange market intervention last week, buying yen. In the international foreign exchange market, the trend of buying yen and selling dollars dominated, and the yen exchange rate once rose to the range of 156 yen to the dollar—the first time it has reached this level in about three months since early May of this year.According to foreign media reports, CBOT soybean futures fell in the week ending July 31, with the benchmark contract closing down 5.27%, retreating from a more than two-year high reached the previous week. This decline mainly reflected favorable rainfall expected in the Midwest in the coming days. Crude oil futures also fell, with funds liquidating positions at the end of the month. However, strong demand for US soybeans provided bottom support. Weather factors were the core factor suppressing soybean prices this week. The USDAs crop progress report showed that as of July 26, the US soybean condition rating had fallen to 63%, down from 66% a week earlier and also at a relatively low level for the same period in recent years, reflecting the stress that previous high temperatures and drought had placed on crops. Demand continued to provide important support. The USDAs weekly export sales report showed that as of the week ending July 23, US net soybean sales were 1.63 million tons (300,000 tons of old crop and 1.33 million tons of new crop), up from 1.59 million tons a week earlier (50,000 tons of old crop and 1.54 million tons of new crop). The soybean market was also affected by the sharp fluctuations in the energy market. The sharp decline in international crude oil prices weakened the energy premium of soybean oil and dragged down soybean futures prices.Lenovo Holdings (03396.HK): It expects its net profit for the first half of this year to be no less than RMB 2 billion, an increase of 186% year-on-year.August 3rd - According to foreign media reports, Malaysia is considering allowing some exports of unprocessed rare earth elements to solidify its position in supply chains across industries ranging from automobile manufacturing to defense and consumer goods. Malaysia suspended unprocessed rare earth exports in 2024 to stimulate investment in domestic processing industries—a common strategy among resource-rich developing countries. However, according to a senior government official, authorities are currently assessing the feasibility of relaxing restrictions as competition surrounding these minerals intensifies. Syed, Malaysias Deputy Minister of Natural Resources and Sustainable Environment, stated, "Any new exports will come with conditions, including being linked to inbound investment and technology transfer." He declined to provide a timeline for adjusting export regulations. Syed stated that Malaysia possesses 16.1 million tons of "inferred reserves" of rare earth elements. The government has previously indicated that these reserves could be worth 970 billion ringgit (US$237 billion).Japans Ministry of Finance: We remain vigilant and maintain close contact with the U.S. Treasury Department.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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