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May 5th - The China Federation of Logistics and Purchasing (CFLP) released the April China Bulk Commodity Price Index today (May 5th). The index showed that, influenced by improved supply and demand in some domestic industries and external factors, the index continued to rise in April, although the increase was narrower than the previous month, indicating that the bulk commodity market remained generally stable and continued its positive development trend. The April China Bulk Commodity Price Index was 132.1 points, up 1.7% month-on-month and 20.2% year-on-year. Among the 50 key bulk commodities monitored by the CFLP, 38 saw month-on-month price increases in April. Paraxylene, methanol, and polypropylene saw the largest increases, rising by 22.4%, 14.5%, and 11.8% respectively compared to the previous month.According to the Wall Street Journal, OpenAI CEO Sam Altman discussed spinning off the company’s robotics and consumer hardware division late last year.U.S. Secretary of State Marco Rubio will hold a press conference at the White House at 3 a.m. Beijing time on Wednesday.The U.S. Supreme Court granted a request from Louisiana Republicans, allowing a key ruling on redistricting to take effect immediately, without waiting for the usual 32-day formal process. This decision means Louisiana can suspend its ongoing primary process and expedite the redrawing of congressional district maps for this years midterm elections. The new ruling effectively allows states to eliminate "Black majority districts" established to comply with the 1965 Voting Rights Act under certain conditions. Currently, Louisiana has six congressional seats, two of which are Black majority districts controlled by Democrats, while the remaining four are Republican. This redistricting could have a significant impact on the electoral landscape.On May 5th, at approximately 8:54 AM local time, an earthquake with a maximum intensity of 3 was observed in Iwate Prefecture, Japan. The Japan Meteorological Agency stated that the epicenter was located off the coast of the Sanriku region, at a depth of approximately 30 kilometers, and the estimated magnitude was 5.2. There is no risk of a tsunami.

GBP/JPY is above 163.00 as investors anticipate BOJ and BOE monetary policy decisions

Daniel Rogers

Sep 19, 2022 14:51

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The British pound to Japanese yen exchange rate has been all over the place throughout the Tokyo trading session, hovering between 163.12 and 163.34. The asset has continued its baffling weeklong price swing. Investors are trying to gather as much information as possible before making a decision, which is leading the cross to drift sideways before the results of the BOJ and BoE monetary policy meetings (BOE).

 

The weakening yen is a worry for the Japanese economy since it necessitates the shutdown or reduction of manufacturing capacity that relies heavily on global imports. Since this is the case, the Bank of Japan will have to take a stand of neutrality and refrain from pumping more money into the economy. The case for switching to a 'neutral' policy is bolstered by the fact that Japanese officials believe the yen's current value does not reflect its fundamentals and are prepared to intervene in FX fluctuations.

 

Japan's markets are closed today in observance of Respect for the Aged Day, while British markets are also closed today in observance of the Bank Holiday. In light of this, the cross's expected performance is middling at best.

 

UK inflation figures reported last week will aid the BOE, but it won't be enough to prevent an interest rate hike. The headline Consumer Price Index (CPI) for the United Kingdom came in at 9.9% less than the expected 10.2%, despite rising energy prices. Andrew Bailey, Governor of the Bank of England, is expected to announce a rate increase of 50 basis points (bps).

 

The BOE won't soften its aggressive position in response to a one-time drop in inflation. A shift in policy strategy will be warranted by a string of declining inflation rates.

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