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On September 10th, according to two sources familiar with the matter, the U.S. Department of Justice is investigating whether Nvidia (NVDA.O) attempted to circumvent antitrust scrutiny in connection with a deal signed last year with artificial intelligence chip maker Groq. Groq described the deal at the time as a "non-exclusive licensing agreement" allowing Nvidia to use Groq chips specifically designed by Groq for running AI tasks. As part of the arrangement, Groq CEO Jonathan Ross and COO Sonny Madeira joined Nvidia. AI companies have entered into numerous similar deals, including licensing technology and hiring key personnel from other companies, but without making direct acquisitions. These arrangements often circumvent the automatic government review of traditional mergers and acquisitions, which aims to determine whether a transaction would harm market competition.According to the New York Times, regulators are investigating a licensing agreement between Nvidia and Groq.September 10th - The seventh batch of national centralized procurement of medical consumables will open for bidding today (September 10th) in Tianjin. This round of procurement focuses on digestive interventional medical consumables, including 23 varieties, covering consumables related to gastrointestinal polyp removal and biliary and pancreatic interventional therapy, with a procurement cycle of approximately 3 years. This round of procurement adheres to the principles of "stabilizing clinical needs, ensuring quality, preventing internal competition, and preventing bid rigging," optimizing procurement rules, and balancing the protection of diverse clinical needs with high-quality development of the industry.September 10th - According to Axios, the Trump administration plans to issue $500 refund checks to up to one million people who claim they were overcharged under the Obamacare scheme. These direct deposits will be distributed to residents of 30 states ahead of the November 3rd midterm elections; this comes as Trump heavily promotes the cost savings of his tax cuts and prescription drug program.On September 10th, the World Trade Organization (WTO) released its Goods Trade Barometer on September 9th, showing an index of 102.0, higher than the baseline of 100 and the previous index of 101.7 in June, indicating that goods trade is above trend and continuing to grow. The WTO stated that despite ongoing geopolitical and policy-related uncertainties, global goods trade growth remains resilient. The negative impact of the Middle East conflict continues to be partially offset by strong demand for goods such as artificial intelligence-related electronic components. According to the WTOs rules for compiling the Global Goods Trade Barometer, a value of 100 is the baseline; an index greater than 100 indicates that global goods trade growth is higher than expected, while a value lower than 100 indicates that growth is lower than expected.

The USD/JPY Exchange Rate Drops Below 128.00 Following the Publication of Japan's Unemployment Rate at 2.6 Percent

Drake Hampton

Apr 26, 2022 09:55

The USD/JPY pair has fallen to roughly 127.70 after the Statistics Bureau of Japan published an unemployment rate of 2.6 percent, lower than forecasts and the previous print of 2.7 percent. The asset had a little decline following the release of labor market data. The strengthening of the job market has bolstered the Japanese yen's position against the greenback. Additionally, the Jobs/Applicants ratio came in at 1.22, matching market expectations but slightly higher than the prior print of 1.21 percent.

 

Japan's extraordinarily tight labor market has resulted in a sharp sell-off in the currency. On a broader scale, the Japanese yen is seeing a bullish reversal following a prolonged period of declines due to ultra-loose monetary policy. The Bank of Japan (BOJ) maintains a dovish attitude on liquidity conditions, owing to the fact that the economy has not yet recovered to pre-pandemic levels. While it is true that profit taking is pulling the asset lower, the long-term bullish outlook remains intact.

 

On the dollar front, the US dollar index (DXY) is encountering roadblocks on its way to 102.00. The DXY is facing headwinds from a slightly extended upward, as momentum oscillators on several timeframes have been severely overbought. Increased anticipation of a big rate hike by the Federal Reserve (Fed) in its May monetary policy statement continue to favor the bulls. Meanwhile, US 10-year Treasury yields have fallen below 3% for the first time in three years.

USD/JPY

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