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On May 5, Japans attitude towards using U.S. debt as a negotiating tool with the United States reversed again. According to Nikkei News, Japanese Finance Minister Katsunobu Kato said on Sunday (May 4) that Japan has no intention of using the possibility of selling its holdings of U.S. Treasury bonds to gain an advantage in trade negotiations with the United States, and Japan does not consider the sale of U.S. Treasury bonds to be a tool for Japan-U.S. negotiations. Katsunobu Kato said last Friday that although Japan would not easily sell its holdings of U.S. Treasury bonds, they were a "card" for negotiations with the United States on trade issues; he overturned this statement at a press conference on Sunday. The Japanese Ministry of Finance reported that as of the end of March, Japan held $1.27 trillion in foreign exchange reserves, most of which were U.S. Treasury bonds. Foreign exchange reserves can be used to intervene in the foreign exchange market. In April, Katsunobu Kato ruled out the possibility of using Japans holdings of U.S. Treasury bonds as a negotiating tool.On May 5, the Israeli Prime Ministers Office issued a statement on the evening of May 4 local time, saying that Israel will retaliate against the Houthi armed forces and their ally Iran in response to the missile attack on Tel Avivs Ben-Gurion International Airport earlier that day. The statement said that the attack by the Houthi armed forces in Yemen "originated from Iran" and Israel will choose the time and place to take action against Iran, the force behind the Houthi armed forces. Iran has not responded to this yet.On May 5, according to the Yemeni Houthi armed forces, the US military once again launched large-scale air strikes on Ras Issa Port and Kamalan Island in Hodeidah Province, Yemen, on the evening of May 4 local time. In addition, the US military also carried out three air strikes in the southern part of Sanaa, the capital of Yemen.Yemens Houthi armed forces: are striving to implement a "total air blockade" by repeatedly attacking Israeli airports.Citi: Raised McDonalds (MCD.N) target price from $353 to $364 and maintained buy rating.

Prior to UK/US PMI, GBP/USD Justifies Monday's Bearish Doji to Drop to 1.2000

Alina Haynes

Feb 21, 2023 15:18

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In the early hours of Tuesday morning, GBP/USD retests intraday lows at 1.2020 as traders celebrate the return of Western traders after a lengthy weekend owing to American holidays. In addition to the return of the entire market, the traders of the Cable pair express concern over the Brexit deal negotiations and worries regarding the trust of small industries.

 

Late on Monday, the UK Times claimed that British Ministers are willing to resign over (Prime Minister) Rishi Sunak's Brexit proposal if it undermines Northern Ireland's position inside the United Kingdom. The Times said that "the hostility of euroskeptic Tory lawmakers to the accord is rising."

 

In another article, The Times quotes a Barclay's industrial poll to show that small business owners are becoming more hopeful about the future. The same adds to evidence that the United Kingdom's economic outlook may not be as grim as feared and stated in the press.

 

Concerns of a monetary policy divergence between the Federal Reserve and the Bank of England (BoE) appear to be weighing on the GBP/USD exchange rate, as seen by the week's mixed British results and the robust American data.

 

Notwithstanding this, yields on 10-year U.S. Treasury notes are near their highest levels since early November 2022, with bids hanging around 3.86 percent.

 

Meanwhile, geopolitical concerns emanating from China and Russia appear to enhance the safe-haven demand for the US Dollar and weigh on the GBP/USD exchange rate.

 

The initial figures of the S&P Global PMIs for February will be crucial for GBP/USD traders. To stabilize prices, however, favorable news from the United Kingdom is essential, since recent US Treasury bond yield movements have favored the US Dollar ahead of the most critical US PMIs.


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