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On October 3rd, gold futures prices once again broke through the $3,900 per troy ounce mark this week. Saxo Bank analyst Hansen said that the US government shutdown has injected new safe-haven demand for precious metals. Hansen said in a report: "Typically, when parts of Asia are on holiday, physical demand tends to ease, and there is usually a risk of a price decline, but this has not yet occurred."U.S. House Speaker Johnson: We can discuss medical subsidies in October.On October 3rd, European Commission President Ursula von der Leyen stated: "Meetings with Stellantis and Ferraris Johan Elkann went well. The growth of the electric vehicle market is an encouraging sign. We have developed an action plan for the automotive industry. From a €1.8 billion plan to increase battery production to initiatives specifically targeting affordable electric vehicles, we aim to reduce costs and increase production in Europe."On October 3rd, Japans Liberal Democratic Party (LDP) will hold voting for its presidential election on the afternoon of the 4th, local time. There are five candidates: current Minister of Agriculture, Forestry and Fisheries Shinjiro Koizumi; current Chief Cabinet Secretary Yoshimasa Hayashi; former Ministers of Economic Security Sanae Takaichi and Takayuki Kobayashi; and former LDP Secretary-General Toshimitsu Motegi. The LDP previously announced the voting schedule for the day: voting by party members of parliament will begin at 1:00 PM local time on the 4th, with the results of the first round announced around 2:10 PM. If no candidate secures a majority in the first round, the final round will proceed, with the results expected to be announced around 3:20 PM. A press conference for the new LDP president is scheduled for the evening of the same day.Canada Post: Due to the companys financial situation, employee signing bonuses are no longer considered. Laid-off employees will retain the right to be recalled within two years, continue to accrue seniority, and use the Supplemental Employment Benefits Program.

As investors await fresh cues from the US ISM PMI, the USD/JPY pair fails to surpass 131.00

Alina Haynes

Jan 03, 2023 15:26

As the USD/JPY pair strives to surpass the critical level of 131.00 in the early Tokyo session, it is facing increasing resistance. The asset is trading near its 12-day low, therefore investors are likely to maintain a state of apprehension.

 

Due to the market's need for sufficient time to settle after the holiday fervor and long weekend, the risk profile is still uncertain. As the U.S. equity market awaits the International Monetary Fund's economic estimates, S&P500 futures perform modestly (IMF).

 

On a CBS Sunday morning news broadcast, IMF Managing Director Kristalina Georgieva warned, "2023 will be a difficult year for the majority of the global economy, as the three engines of global expansion — the United States, Europe, and China – may all experience declining activity."

 

In the future, the sentiment of the market will be reflected in the trading volume of the US Dollar Index (DXY). The ISM Manufacturing PMI data from the United States will be the most crucial element on the USD Index. Predictions indicate that the US ISM Manufacturing PMI will increase to 49.6 from 49.0 in the most recent report. In addition, investors will monitor the New Orders Index, which provides insight into future demand in the United States. The economic data is projected to increase to 48.1, up from 47.2 in the previous release.

 

A continuation of Tokyo's ultra-lax monetary policy could have an impact on the Japanese Yen. The Bank of Japan (BOJ) has already established inflation targets close to 2% for fiscal years 2023 and 2024, necessitating further increases in pay rates and a steady flow of market liquidity to underpin aggregate demand.

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