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On August 22, local time, US President Trump stated at Joint Base Andrews, Maryland, on August 21 that he believed Iran was not yet ready to reach a "suitable agreement," and that Washington was observing "developments" in the conflict. "We have complete control over the entire region around the Strait of Hormuz, including its interior and land areas. So they really want a deal, but in my opinion, theyre not ready to reach a suitable deal," Trump added. When asked if the US had limited military options against Iran, Trump stated, "That just means were watching how things develop." Trump claimed that a shift towards "economic warfare" against Iran did not mean that US military options were limited.August 22nd - According to CNBC, Anthropic is expected to list negative public sentiment regarding artificial intelligence and data centers as a risk factor in its IPO prospectus, to be released in the coming weeks. Sources familiar with the matter revealed that Anthropic recently held pre-IPO "market scouting" meetings with bankers and investors, who focused on competitive pressures, the impact of its open-source model on profit margins, and the potential risks posed by a slowdown in data center construction. Anthropic, currently valued at nearly $1 trillion in the private market, is preparing for a major IPO. However, with rising public concerns in the US about AI replacing jobs and data center expansion, this backlash is becoming a new challenge for the companys listing. The company has previously achieved an annualized revenue run rate exceeding $65 billion.August 22 – According to sources cited by the Canadian Broadcasting Corporation (CBC), despite the final stages of US-Canada trade negotiations, US Commerce Secretary Rutnick is dissatisfied with the current draft agreement and is pushing for revisions. Sources say Rutnick opposes reducing Canadian auto tariffs from 25% to 15%, arguing that this could undermine the USs goal of boosting domestic manufacturing. His stance differs from the optimistic signals previously released by Trump and Canadian Prime Minister Carney. Currently, both sides are striving to reach a final agreement before the new tariffs take effect. The draft agreement reportedly includes reducing tariffs on Canadian steel and aluminum, adjusting dairy quotas, and Canada removing some restrictions on US alcoholic beverages. Canadian Trade Minister LeBlanc stated that the two sides are "very close" to reaching an agreement.Market news: Anthropic listed the public backlash against the AI industry as a risk factor in its IPO filing.Sources say U.S. Commerce Secretary Lutnick believes the U.S. can still negotiate a more favorable deal and opposes lowering Section 232 tariffs.

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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