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Sources: Japan and the United States have agreed to reduce Japanese auto tariffs to 15%.Japans 5-year government bond yield continued to rise, up 9 basis points to 1.11%, the highest level since April 1.Japans two-year government bond yield rose 6 basis points to 0.81%, the highest level since April 2.July 23, Christopher Wong, foreign exchange strategist at OCBC Bank in Singapore: The US-Japan trade agreement has triggered some knee-jerk reactions, but these fluctuations have basically stabilized as USD/JPY trades near 10 or 11-day lows. With the elimination of uncertainty about Japanese tariffs, we are closely watching the two major risks facing USD/JPY in the future - the political risk of Shigeru Ishiba staying in office, and whether the credit rating, which depends on Japans fiscal situation, will change.July 23, Charu Chanana, chief investment strategist at Saxo Bank in Singapore: Expectations for a breakthrough in the negotiations were low, so Trumps statement brought a mild upside surprise - providing short-term relief for Japanese stocks. The reduction in tariffs from the previous 25% to 15% is meaningful and should boost sentiment in export-driven industries, even if the details, especially in automobiles, remain crucial. The market will largely view the $550 billion foreign direct investment news as a political theater rather than a tradable catalyst. Strategically, the agreement allows Japan to avoid an immediate escalation in tariffs while Trumps attention is diverted elsewhere.

S&P 500 (SPY) Rallies As Dollar Pulls Back From Highs

Cory Russell

Sep 29, 2022 14:34

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Technical Analysis of the S&P 500

Throughout electronic trading overnight in Asia, the S&P 500 originally declined, but the E-mini contract proved to be durable during trade, and now it seems that we are attempting to build some sort of support. Having said that, the fact that we have reached a "lower low" indicates that the overall structure is still highly unfavorable. Because of this, I believe it's just a matter of time until we see new lows, but in the meanwhile, let's have a little rebound to shake a few folks about.


At this point, I would consider any rise to be a possible selling opportunity, at the very least at the first indications of tiredness. As the 50-Day EMA is falling and moving toward the market, the 3800 level makes a lot of sense as a barrier.


I do believe that traders will continue to sell off short-term gains in this scenario, but the odd relief rally does make a lot of sense. We have, after all, moved too quickly and drastically to the negative in this circumstance. So be it if the market gains. Although I won't be participating, I'll be on the lookout for a chance to go short once again. The Bank of England has opted to increase its bond purchases, and while it's probably important to note that they are rising rates concurrently, the Federal Reserve is nothing near relaxing monetary policy at this moment, so you probably have a lot of people purchasing.


Today on Wall Street, the story will almost certainly go something like this: "If the Bank of England is prepared to change course, then the Federal Reserve must be prepared as well!" These idiots are the ones that incur losses. Nothing has changed, and as of right now, the higher it rises, the more interested I am in selling.


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