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According to the Wall Street Journal: An explosion at a U.S. Steel (XN) plant killed two people and injured ten.Futures News, August 12th: Crude oil prices have recently stabilized and fluctuated after declining from high levels. The market awaits the US-Russia negotiations, with investors cautiously viewing the talks. There are divergent views on the negotiations, with bulls and bears remaining divided, and the market is generally on the sidelines. As the date of the talks approaches, more and more details are being released. Russia and Ukraine are likely to use territory as a bargaining chip, but this increases the difficulty of the negotiations. Therefore, against this backdrop, crude oil prices are showing resistance to declines, with clear support below, and a volatile market in the short term.On August 12th, US President Trump stated at a White House press conference on the 11th that his meeting with Russian President Vladimir Putin in Alaska on the 15th would be an "exploratory meeting" with "a better or worse outcome," but expressed confidence that the two sides would engage in "constructive dialogue." Trump said he would know the outcome two minutes into the meeting because he was a "dealer." Trump stated that after the Alaska summit, he hoped to "eventually" arrange a meeting between Ukrainian President Volodymyr Zelensky and Putin, and that a trilateral meeting between the US, Russia, and Ukraine could be held if necessary. Trump also stated that US-Russia trade could increase after the Russia-Ukraine agreement.Japans Ministry of Finance will auction 800 billion yen of 20-year government bonds on August 19.Fitch: Singapore banks earnings remain solid despite margin pressure.

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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