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On April 27, Huawei Qiankun Intelligent Automotive Solutions officially released the "Intelligent Assisted Driving Safety Initiative" today. In the initiative, a total of 11 auto brands executives signed, including GAC, SAIC, JAC, Audi, Dongfeng Mengshi, Lantu, Deep Blue Auto, BAIC, Avita, Seres, Chery Automobile, etc.On April 27, the official website of the State Financial Supervision and Administration showed that Xu Xiaozheng, deputy director of the Inclusive Finance Department, has been appointed as member of the Party Committee and deputy director of the Shenzhen Regulatory Bureau of the Financial Supervision Administration.On April 27, since February this year, the tariff increase policies issued by the United States have caused fluctuations in the cross-border e-commerce industry. Mai Li Ni, a senior practitioner in cross-border e-commerce, talked about the recent tariff policy of the United States with obvious helplessness in his tone. He said that his most personal feeling is that this directly hit the survival space of e-commerce companies, freezing the entire industry and even the supply chain. The price comparison platform "Smart Exploration" said that they monitored 930 Amazon products that have increased in price since April 9. With the sharp increase in tariffs, the average price increase of these products reached 29%, covering multiple categories such as clothing, household goods, electronic products and toys. There are also several e-commerce platforms that announced that due to the increase in operating costs caused by "recent changes in global trade rules and tariffs", price adjustments will be implemented from April 25. Commodity prices have soared, and consumers and companies are under double pressure. In this regard, Mai Li Ni said that it is difficult for the US government to achieve its desired "manufacturing return" so simply by imposing tariffs.Conflict situation: 1. According to the Ukrainian Pravda: Russia lost 1,110 soldiers in the past 24 hours. 2. The Russian Chief of General Staff said that the Kursk region has been completely recovered, and the Ukrainian side said that this statement is untrue. 3. The Ukrainian military: Our troops continue to operate in the Belgorod Oblast of Russia. 4. According to the Ukrainian National News Agency: The Russian army launched 414 attacks in the Zaporizhia region at night. 5. A Russian drone attacked a nine-story residential building in the industrial area of Dnipropetrovsk, Ukraine, killing one person and injuring at least three people, including a child. 6. According to the Polish Armed Forces, a Russian military helicopter crossed Polish airspace and entered the Baltic territorial waters. The nature of the incident shows that Russia is testing the defense readiness of Polands air defense system. Peace talks: 1. Ukraine said it still takes time to finalize the text of the Ukrainian-US mineral agreement. 2. Zelensky announced a meeting with Trump and emphasized the realization of a comprehensive and unconditional ceasefire. 3. Russian Foreign Minister: Russia will not disclose the progress of the negotiations before the conclusion of the Russian-US negotiations on Ukraine. 4. Ukrainian President Zelensky is reportedly scheduled to meet with European Commission President von der Leyen on Saturday. 5. Ukrainian Presidential Office: Ukrainian President Zelensky met with French President Macron. 6. According to Interfax: Russian President Putin confirmed during a meeting with US Special Envoy Vitkov that Russia is ready to negotiate with Ukraine without preconditions. April 27, a person familiar with the matter said on Saturday that the European Central Bank has set up a special task force led by Vice President Guindos, which will seek ways to simplify European banking rules. The source said that the central bank governors of Germany, France, Italy and Finland also participated in the working group. However, the European Central Bank has no right to amend the rules-this is the prerogative of the European legislature in Brussels, so any recommendations of the special task force must be submitted to Brussels for review. It is reported that this action stems from a letter jointly sent by the governors of the central banks of Germany, France, Italy and Spain to the European Commission this year, calling for the simplification of "overly complex" European banking rules.

The USD/JPY is nearing 144.00 on rising rates and decreased risk appetite ahead of Powell's speech

Daniel Rogers

Sep 26, 2022 14:34

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The US dollar rose against the Japanese yen to a new intraday high of 143.60 as trading began in Tokyo on Monday, adding to the recovery gains seen on Friday. By doing so, the yen pair has reversed its decline from the 24-year high the day before, which had been brought about by Japan's action to protect the national currency.

 

The recent rise in the value of the yen may be attributable to Naoyuki Shinohara, Japan's former top currency ambassador. Shinohara told Reuters that Japan would focus on smoothing operations to reduce volatility rather than intervening in the currency market to protect a symbolic level, such as 145 yen per dollar.

 

From Thursday's highest levels since 1998, the USD/JPY quickly reversed course as Japan's senior currency ambassador Masato Kanda confirmed that they had intervened in the FX market. As he put it, the government "took significant action in the foreign exchange market."

 

Positive USD/JPY buyers are buoyed by rising US PMIs, rising Russia-Ukraine tensions, and hawkish central bankers other than the Bank of Japan (BOJ).

 

Recent US S&P Global PMIs for August, issued on Friday, showed an increase in the Manufacturing index to 51.8 from 51.5, and an increase in the Services index to 49.0 from 44.6. In a statement released on Friday, Federal Reserve Chair Jerome Powell said, "We are committed to employ our capabilities." Fed Vice Chair Lael Brainard then added that low-income people are feeling the effects of "hard" inflation. Despite the economy's continuing speed, Atlanta Federal Reserve President Raphael Bostic told CBS' "Face the Nation" over the weekend that he still believes the central bank can cut inflation without substantial job losses.

 

As President Zelenskiy of Ukraine was quoted as saying in a CBS interview, "Putin's nuclear threats may have been a bluff, but now it may be a reality," While Russia's foreign minister said annexing territory hosting widely criticized referendums would be met with complete protection from Moscow, the United States warned of "catastrophic ramifications" if Moscow utilized nuclear weapons in Ukraine.

 

As yields backed the US currency to remain strong despite aggressive Fedspeak and a rate hike, market fears caused Wall Street to close in the red. Although this occurs, S&P 500 Futures only fall by a few points as 10-year US Treasury yields climb by four basis points to 3.74 percent.

 

Going forward, USD/JPY buyers are expected to keep their upper hand while keeping a careful eye on any signs from Japan's engagement and words by Fed Chairman Jerome Powell, both of which are due out on Tuesday and Wednesday.

 

Although the recent higher lows and firmer RSI, which is not overbought, favor USD/JPY buyers, conviction requires a daily closing above the 13-day-old resistance line, now at 144.00 as of press time. Conversely, the downside is capped by the 21-day moving average around 142.25.

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