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On January 27th, European Central Bank (ECB) Governing Council member Kocher stated that given the unstable global situation, particularly regarding trade, the ECB needs to retain all feasible options regarding interest rates. While officials believe they are currently in a "good position," they still face "very high" uncertainty. He emphasized the importance of having sufficient options in both directions. Monetary policy must be able to respond quickly and decisively to any emerging risks. Kocher expressed a desire to be able to react swiftly to any unforeseen circumstances. "We saw this last week when there was an additional threat of tariffs. So we must be cautious. This could have some consequences and could also impact European economic development."SMIC: The company will disclose its fourth quarter 2025 results after the trading session on February 10, 2026.EU High Representative for Foreign Affairs and Security Policy Karas: I have asked my Indian counterparts to engage in dialogue with Russia and to pressure Russia on the peace process in Ukraine.January 27th - Nick Timiraos, the "Federal Reserve mouthpiece," reports that Federal Reserve officials are expected to keep interest rates unchanged this week for the first time since three consecutive rate cuts in September. The question is, what would prompt the Fed to cut rates again? The answer depends on which risk materializes first: a collapse in the labor market, or a significant drop in inflation towards the 2% target. Neither has occurred since the last meeting in December. As a result, the committee remains on the sidelines despite significant political pressure from the White House. Most officials still believe a rate cut is possible later this year, but there is disagreement on when data will support it.January 27th - With only six months remaining until July 1st, 2026, the implementation of Article 75 of the National Medical Products Administrations "Special Provisions on the Registration Management of Traditional Chinese Medicines" is entering its final window. This provision, known in the industry as the "life-or-death clause" for traditional Chinese medicines, clearly states that after three years from July 1st, 2023, any traditional Chinese medicine whose instructions still indicate "not yet clear" will not be approved for re-registration. This means that over 70% of the approximately 57,000 valid approval numbers for traditional Chinese medicines currently in use in China, due to safety information labeling issues, will face elimination. A regulatory-driven, in-depth cleanup of the traditional Chinese medicine industry has officially entered its crucial stage. The core of this new regulatory policy is to completely end the long-standing era of "not yet clear" instructions for traditional Chinese medicines, forcing drug holders to address the shortcomings in post-market safety data.

The Japanese Yen at the Pump Again, as PMI Friday commences. Where can I buy USD/JPY?

Larissa Barlow

Apr 02, 2022 09:54

Tips 

  • The Japanese Yen resumed its unbroken downward march.

  • In a rather calm session, APAC equities were mixed.

  • Prior to the US non-farm payrolls, a series of PMIs will be released.

 

The Japanese yen fell more today, but the other G-10 currencies remained relatively stable. It was left to its own devices in the absence of any commentary/jawboning from Bank of Japan (BOJ) officials.

 

Japan's Jibun Bank PMI increased from 54.1 last month to 54.1, while China's Caixin PMI fell short of expectations at 48.1.

 

APAC equities markets remained quiet following a more than 1.5 percent decline in Wall Street's three major indices. Hong Kong and Japan ended slightly down, the Chinese mainland ended slightly higher, and the Australian share market ended flat heading into the weekend.

 

Crude oil appears to be vulnerable, with the WTI futures contract trading below US$ 100 a barrel. Brent is currently trading at roughly US$ 104.50. Gold has been relatively stable, selling about US$ 1,937 an ounce.

 

Government bond yields have increased marginally in Asia, with the benchmark 10-year Treasury note nearing 2.4 percent. The carefully studied 2-10's segment of that curve momentarily dropped into negative territory and remains close to inversion at 0.005 percent.

 

Following European PMIs and the Eurozone's aggregate CPI figure, the US will receive March non-farm payrolls data, with predictions of 490,000 jobs added, according to a Bloomberg survey. Later this week, the US and Canadian PMIs will be issued, followed by the ISM manufacturing survey for the United States.

 

Additionally, a number of ECB and Fed speakers will cross the wires.

Technical Analysis of the USD/JPY

USD/JPY began the week on a strong note, surging to its highest level since 2015.

 

The August 2015 and June 2015 peaks of 125.28 and 125.86, respectively, fell barely shy of the 125.108 record. These levels may continue to act as a barrier.

 

The explosion in volatility can be observed in the breadth of the Bollinger Band based on the 21-day simple moving average (SMA), which expanded considerably throughout the move.

 

It has since returned within the band's confines, initially testing support at the 10-day SMA at 121.317, which held. If tried again, that level may provide support.

 

As expected, all short, medium, and long-term SMAs are pointing upward. A persistent move below the 10-day SMA may provide insight into whether or not that momentum is about to stall.

 

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