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February 7th - This morning (February 7th), the Shanghai Municipal Peoples Government held a press conference. Yang Jiaying, Director of the Shanghai Municipal Human Resources and Social Security Bureau, stated that employment is a top priority for peoples livelihood. The bureau is making every effort to promote employment for college graduates and other young people. Shanghai is the top choice for many young students to pursue their dreams. We are strengthening policy support and implementing a comprehensive employment service campaign tailored to the characteristics of this youth group. We are fully leveraging the synergistic effect of "One Station (the first stop for employment in Shanghai), One Circle (a 15-minute employment service circle), and One Action (the Employment in Shanghai Plus Action)" to increase employment assistance for young people.According to the real-time flight tracking website FLIGHTRADAR24, airspace in southeastern Poland has been closed again in the past few hours.February 7th - U.S. Ambassador to the United Nations Mike Walz stated that the United States will pay part of the billions of dollars in arrears owed to the UN within weeks, while emphasizing the need for continued UN reform. This comes after UN Secretary-General António Guterres warned of the UNs financial situation, stating that the UN faces the risk of "imminent financial collapse" due to member states unpaid dues. In a telephone interview, Walz said the first payment would be seen soon, and while the final amount has not yet been determined, he believes it will be finalized within weeks.The China Earthquake Networks Center officially determined that a 3.2-magnitude earthquake occurred in Tengchong City, Baoshan City, Yunnan Province at 12:00 on February 7, with a focal depth of 10 kilometers.On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."

Even as the BoJ vs. Fed Difference Remains in the Spotlight, USD/JPY Tracks Below 134.00 on Lackluster Yields

Alina Haynes

Apr 17, 2023 14:02

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As Monday begins in Tokyo, USD/JPY falls from its intraday high and stabilizes around 133.80. As a consequence, the Yen pair is unable to extend its previous day's gains due to lax market conditions preceding this week's key data/events. In addition to a paucity of significant data or events, USD/JPY traders have recently struggled with inconsistent triggers and sluggish returns.

 

The previous day, USD/JPY reached its highest level in a week as primarily positive US data dampened expectations for a policy shift and rate cut by the Federal Reserve (Fed) in 2023. Despite this, US retail sales decreased by 1.0% in March compared to the predicted -0.4% decline and February's -0.2% decline. As opposed to the 0.2% market consensus and previous reading, Industrial Production increased by 0.4% in the month in question. The preliminary result of the University of Michigan's (UoM) Consumer Confidence Index for April, which increased to 63.5 from 62.0 analysts' expectations and previous readings, was also encouraging. In addition, inflation forecasts for the next year increased from 3.6% in March to 4.6% in April, while inflation forecasts for the next five years decreased by 2.9% during the same month.

 

Previously, the USD/JPY pair increased due to hawkish Fed discussions. In an interview with Reuters on Friday, Raphael Bostic, president of the Atlanta Federal Reserve (Fed), stated that "recent developments are consistent with one more rate hike." According to Reuters, Fed Governor Christopher Waller discussed this topic and stated that additional rate hikes are necessary because the Fed has not made significant progress toward its inflation objective. In an interview with CNBC on Friday, Austan Goolsbee, president of the Federal Reserve Bank of Chicago, stated that he still needs to examine the statistics. The lawmaker said, "However, let's keep in mind that we've raised a lot of money; some of the delay may be reflected in today's retail sales number."

 

In contrast, the USD/JPY pair was able to maintain its strength due to the new Governor of the Bank of Japan (BoJ), Kazuo Ueda, who supports the Japanese central bank's easy-money policy.

 

Recent geopolitical tensions between China and the United States over Taiwan, as well as China's desire to collaborate with Russia to enhance regional and global security, have weighed on the USD/JPY pair and agitated the market.

 

S&P 500 Futures struggle to find a clear direction amidst these wagers following Wall Street's pessimistic close, as bond yields remain neutral despite weekly gains.

 

The preliminary readings of the US PMIs for April and the Japanese National Consumer Price Index (CPI) for March will be crucial to monitor going forward. The previously mentioned risk factors and central banker comments are also significant.


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