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July 14 – The State Council Information Office held a press conference today to introduce my countrys foreign trade performance this year and answer reporters questions. In recent years, China has consistently maintained its position as the worlds largest exporter of sporting goods, accounting for over 40% of global exports. In the first half of the year, my countrys exports of sporting goods and equipment reached 67.53 billion yuan, of which ball sports accounted for 3.08 billion yuan. In the first half of the year, my countrys exports of fitness and rehabilitation equipment such as treadmills reached 26.7 billion yuan, and exports of water sports equipment such as paddleboards reached 4.77 billion yuan. In addition, exports of trendy skateboards, popular among young people, increased by 20.4%. my countrys sporting goods not only maintain a stable market share in traditional markets such as Europe and the United States, but also perform well in emerging markets such as Latin America and Africa. In the first half of the year, my countrys exports of sporting goods to Latin America and Africa increased by 18.9% and 8.1%, respectively.According to the General Administration of Customs, China exported 1.069 million automobiles (including chassis) in June, compared with 988,000 in May.According to the General Administration of Customs, China exported 5.307 million automobiles (including chassis) from January to June.According to the General Administration of Customs, China exported 53.261 million mobile phones in June, compared with 53.436 million in May.According to the General Administration of Customs, China imported 6,261.5 tons of rare earths in June, compared with 6,770.2 tons in May.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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