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The governor of the Central Bank of the Philippines said: "But if oil prices reach $100 a barrel, we may start to exceed the so-called tolerance range. If we exceed the 4% inflation rate, we will have to take measures to regulate monetary policy."On March 6th, the Zhengzhou Municipal Bureau of Urban and Rural Construction issued a notice soliciting public opinions on the "Implementation Opinions of the Zhengzhou Municipal Peoples Government on Vigorously Promoting the Development of Prefabricated Buildings (Draft)". The consultation period is from March 6th to April 6th, 2026. The draft proposes, in accordance with relevant notices, to cooperate with relevant provincial departments to support financial institutions in establishing a "green" channel for eligible enterprises engaged in the construction of prefabricated building industrial bases (parks), projects, and technological research and development. This includes increasing credit support, expanding the types and scope of collateral, and providing preferential treatment in loan amounts, terms, and interest rates. For those using housing provident fund loans to purchase prefabricated commercial housing, support will be provided according to differentiated housing credit policies, with loan amounts potentially increasing by up to 20%.NIO (NIO.N) officially launched its premium all-electric compact car brand Firefly in Thailand on Thursday, as part of its global market expansion strategy.March 6th - The policy outlook for central banks in developing Asian countries is shifting as traders increase bets that a war in Iran will trigger an oil price shock. Overnight index swaps show significant changes in interest rate pricing across Asia. The most notable changes are in India and the Philippines, where the market now expects rate hikes rather than cuts; while in Thailand and Indonesia, although rate cuts are still expected, the probability is rapidly declining. Selena Ling, Head of Research at OCBC Bank, said on Friday, "Given the potential for continued conflict in Iran, Asian central banks will remain highly sensitive to oil price movements and will likely closely monitor whether the room for monetary easing has disappeared in the short term." Indonesia and the Philippines saw accelerated CPI growth in February and are expected to rise further. Both countries are heavily reliant on fuel imports, and a weaker currency further increases import costs. Investors are also preparing for higher interest rates in Malaysia, whose economy is among the fastest growing in the region. Even in Thailand, where inflation has been in negative territory for nearly a year, the Ministry of Commerce has warned that the index could begin to rise this month as the Middle East conflict pushes up food and fuel prices.Malaysian Deputy Minister of Trade: Malaysia and ASEAN have an opportunity to demonstrate to the world their status as a stable, neutral and peaceful region.

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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