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Futures News, May 27th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes: 1. Pulp futures warehouse receipts: 207,266 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 45,160 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.Bank of Japan: Potential profits from ETFs held by the Bank of Japan total ¥1.7409 trillion in fiscal year 2025 and ¥1.3826 trillion in fiscal year 2024.At the close of trading on the 27th, apart from the CCB Energy and Chemical Futures ETF and the Huaxia Feed Soybean Meal Futures ETF which saw slight gains, commodity funds such as the Southern Shanghai Gold ETF, E Fund Gold ETF, and Bosera Gold ETF all fell, generally by more than 1%, while Guotou UBS Silver Futures (LOF) fell by more than 4%.According to Futures News on May 27, as of 15:00 Beijing time, spot platinum fell 1.82% and spot palladium fell 1.41%.On May 27th, it was learned from the Traffic Management Bureau of the Ministry of Public Security that the recommended standard for the public security industry, "Rules for Determining Fatigue Driving by Motor Vehicle Drivers," will be implemented on June 1st. The person in charge of drafting the standard explained that this standard is for traffic accident investigations, specifically applicable to the determination of fatigue driving by motor vehicle drivers during the investigation and handling of road traffic accidents. After confirmation with the Ministry of Transport, the two scenarios for determining fatigue driving by passenger vehicle drivers in the standard apply to road passenger transport enterprises, as well as drivers and vehicles engaged in road passenger transport (i.e., scheduled passenger transport, chartered passenger transport, and tourist passenger transport), but do not involve taxi (including ride-hailing) operations. Meanwhile, the standard does not have specific provisions for the continuous driving time of truck drivers, applying the general provisions for motor vehicles, namely, a driver who has driven continuously for more than 4 hours without stopping for rest or whose rest time is less than 20 minutes.

At the Tokyo open, the USD/JPY bulls pick up speed and aim for 138.00

Alina Haynes

Jul 14, 2022 12:00

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The USD/JPY pair is now trading at 138.00, up 0.44 percent from the day's beginning price of 137.28 and reaching a high of 137.96. The dollar is benefiting from central bank divergence at play.

 

The US dollar hit a 20-year high, according to the DXY index, which compares the dollar to a basket of currencies. After figures on Wednesday showed that US consumer price inflation hit a 40-and-a-half-year high in June, the euro dropped below parity. As gasoline and food costs continued to rise, the Consumer Price Index (CPI) increased to 3% last month, above the 1.1 percent forecast by the experts surveyed by Reuters.

 

However, "several Districts reported growing symptoms of a slowdown in demand, and contacts in five Districts voiced worries about the increased probability of a recession," according to data from the Fed's Beige Book on regional economic conditions. Bostic, the president of the Atlanta Fed, said that "everything is on the table" for the July policy decision, which may indicate a 100bp increase. The rising rate of inflation worries him.

 

Rates on the US bond market fluctuated after inflation data that was greater than expected. The long end increased while the short end decreased. The US 2-10yr curve is currently 22bps inverted, according to analysts at Westpac, "given the expectation of aggressive Fed tightening and the risks to the long-term economic outlook." While yields on 10-year government bonds declined from 2.95 percent to 2.90 percent, rates on 2-year bonds rose from 3.05 percent to 3.21 percent before leveling off at 3.13 percent.

 

Additionally, JPY net short positions increased significantly last week. The hawkish stances of other central banks have prompted speculation that the BoJ may have been obliged to alter its YCC policy as early as last month's meeting, according to Rabobank analysts. The BoJ kept its dovish approach, although there will probably be more talk of a shift in the coming months. This has given the JPY some support, along with inflows into safe havens.


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