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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."

GBP/JPY Buyers Approach 159.00 on Cautionary Optimism and Mixed Brexit Concerns

Alina Haynes

May 16, 2022 10:55

GBP/JPY receives bids to re-establish an intraday high near 158.75, extending the previous day's rebound, as Tokyo opens for trading on Monday. Recent gains in the cross-currency pair may be attributable to improved sentiment and generally favorable Brexit-related news.

 

Boris Johnson, prime minister of the United Kingdom, prepares to revise the Northern Ireland Protocol (NIP) in the hopes of influencing the European Union's (EU) stance. On Tuesday, the UK government is anticipated to announce plans for unilateral changes to NIP. However, the bloc had already warned of such acts resulting in a trade deal reduction with the United Kingdom.

 

On the other side, the Financial Times (FT) reported that British manufacturers are optimistic as they compete to alleviate supply chain issues. In the previous two years, three-quarters of enterprises have boosted the number of British suppliers, according to a poll by Make UK, the manufacturers' trade organization.

 

In addition to Fed Chairman Jerome Powell's unchanged view of a 50 basis point (bps) rate hike in the next two meetings, the recent market's cautious optimism has been bolstered by the gloomy US mood data.

 

Notably, the continued virus-induced activity constraints in China and the deteriorating geopolitical conditions in Donbas are being used to investigate GBP/JPY buyers.

 

After Wall Street benchmarks rallied the previous day, the S&P 500 Futures reflect the sentiment with modest gains. In addition, 10-year US Treasury rates continue Friday's rebound gains, rising 1.5 basis points (bps) to 2.95 percent as of press time.

 

Amid a sparse domestic calendar, GBP/JPY traders may look to risk catalysts for directional cues in the near future. However, Tuesday's U.K. job data and Brexit updates will be essential for establishing direction.

Technical Evaluation

A one-month-old descending trend channel formation limits the GBP/short-term JPY's price range to 160.60 to 154.85.

GBP/JPY

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