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On August 13, Ukrainian President Zelensky is leading his team to do their utmost to influence Trumps thinking before the Trump-Putin meeting. According to U.S. officials, because a series of phone calls in the past six months have yielded little results, Trump is eager to communicate face to face with Putin to judge his willingness for peace talks. U.S. officials believe that if Trumps words sometimes seem pro-Russian, it is because he believes that such public statements will help to facilitate an agreement. One official said that Trump is still "annoyed with Putin" and said: "For several months, the general view has been that we can destroy the Russian economy tomorrow. Of course, there are more ways to destroy Ukraine. But if he chooses sides, he will hit the Russian economy first. He is really fed up." The official added that even if diplomatic efforts fail, Trump will still support Ukraine by selling weapons to NATO countries. "Maybe Trump cant do it, but he will try his best."Russia announced a monthly production cut of 85,000 barrels per day from July to November, with an additional cut of 9,000 barrels per day in December.The U.S. MBA mortgage application activity index was 281.1 in the week ending August 8, compared with 253.4 in the previous week.The U.S. MBA 30-year fixed mortgage rate was 6.67% in the week ending August 8, compared with 6.77% in the previous week.The MBA mortgage refinancing activity index in the United States for the week ending August 8 was 956.2, compared with 777.4 in the previous week.

As investors anticipate US Services PMI, the USD/JPY pair falls to around 134.00

Daniel Rogers

Dec 05, 2022 14:09

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The USD/JPY pair attempted to surpass the immediate barrier of 134.50 during the Tokyo session. As investors anticipate fresh momentum from U.S. Services PMI data, the asset is expected to remain on tenterhooks. As Federal Reserve (Fed) policymakers do not expect the current rate of interest rate hikes to continue, the risk profile remains favorable.

 

Charles Evans, president of the Chicago Fed, was quoted by Reuters as saying on Friday, "We will likely have a little higher Fed policy rate peak even as we slow the pace of rate hikes."

 

The US Dollar Index (DXY) is hovering near its immediate support level of 104.50 and is likely to test Friday's low at 104.40. In the context of a significant decline in the desirability of safe-haven assets, the risk appetite theme is likely to continue exerting pressure on US Dollar bulls.

 

In the interim, 10-year US Treasury rates have increased after falling below 3.50 percent during the Asian session, as market sentiment turns cautious prior to the release of US Services PMI data. The projected economic statistics is 55.6, a decline from the previous report of 54.4.

 

The New Orders Index is expected to rise from 56.5 to 58.5 on the US Services PMI spectrum. This indicates that future demand will be robust, which might de-anchor short-term inflation expectations and ruin the risk-on profile.

 

On the Tokyo front, Governor of the Bank of Japan (BOJ) Haruhiko Kuroda stressed the potential of a decrease in inflation beginning in CY2023. This may encourage the BOJ to continue easing monetary policy in order to keep inflation near the 2% target. Total Household Expenditures statistics will be of the utmost relevance in the future. The economic data are projected to increase annually by 3.4%, up from 2.3% in the previous report.

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