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The Ukrainian military reported that it attacked an oil refinery in Yaroslavl, Russia.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of newly employed groups. The opinion emphasizes strengthening the protection of their legitimate rights and interests. It calls for urging internet platform companies and express delivery companies to reasonably determine the remuneration of newly employed groups based on work tasks and labor intensity, and to pay them in a timely and full manner. It also emphasizes guaranteeing the rest rights of newly employed groups and strengthening labor protection under special circumstances such as severe weather. Furthermore, it calls for ensuring smooth channels for expressing grievances within enterprises, improving dispute resolution mechanisms, handling complaints and appeals fairly and reasonably, and protecting the legitimate rights and interests of all parties. The opinion also calls for establishing and improving a regular consultation and discussion mechanism for important matters concerning the rights and interests of newly employed groups, and disclosing the results of consultations to the newly employed groups through appropriate means. Finally, it calls for investigating and punishing illegal and irregular activities such as unreasonable charges and commissions, unfair allocation of traffic, and abuse of market dominance in accordance with laws and regulations. The opinion also incorporates the protection of the legitimate rights and interests of newly employed groups into the corporate social responsibility evaluation system and supports relevant social organizations in promoting industry self-regulation.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of newly employed groups. The opinion emphasizes improving supervision and management. It calls for strengthening industry operation monitoring, improving the employment information release system, and guiding newly employed groups to form reasonable expectations regarding income and benefits. It also calls for comprehensively addressing "involutionary" competition and strictly preventing damage to the legitimate rights and interests of newly employed groups. Furthermore, it emphasizes strengthening the protection of the personal privacy and information security of newly employed groups in accordance with the law. Finally, it calls for strengthening financial supervision and further standardizing the management of business loans involving newly employed groups. Finally, it calls for resolutely cracking down on illegal and criminal activities such as fraud and loan fraud involving newly employed groups.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of new employment groups. The opinion emphasizes strengthening the governance of internet platform algorithms. It urges internet platform companies to earnestly fulfill their social responsibilities, standardize algorithms, improve transparency, and guarantee the new employment groups right to know, participate in, and choose algorithm rules. It calls for optimizing and adjusting algorithm rules, fully considering the opinions of trade unions and representatives of new employment groups, and reasonably determining allocation rules, pricing rules, and time estimations. It also mandates regular review, evaluation, and verification of algorithm mechanisms and application results, and strict enforcement of the algorithm filing system. The opinion emphasizes the application of innovative technologies such as artificial intelligence and the Internet of Things to optimize algorithms. Finally, it calls for conducting algorithm security assessments and supervision in accordance with the law.On April 26, the General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on strengthening the service and management of new employment groups. The opinion emphasizes regulating employment management in accordance with the law. It calls for internet platform companies and express delivery companies to improve their employment management systems, promote the use of labor contracts and written agreements that are adapted to industry characteristics and closely aligned with the needs of new employment groups, and legally and reasonably determine rights and obligations based on employment facts. The opinion also calls for standardizing and strengthening the onboarding management of new employment groups, strictly enforcing the training-before-job system. It emphasizes the role of corporate headquarters, reinforcing the responsibilities of partner companies, franchise companies, and outlets, and strengthening the regulation and restraint of uncivilized work behaviors among new employment groups. Finally, it calls for improving safety management systems to ensure the occupational safety and health of new employment groups.

The USD/JPY advances somewhat above 134.00 as negative sentiment and Fed worries combine with rising interest rates

Daniel Rogers

Feb 20, 2023 11:18

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USD/JPY establishes an intraday high towards the middle of 134.00 as it gains bids to reverse the previous day's decline from a multi-day high on Monday morning. In doing so, the Yen pair reflects the broad US Dollar gain amid fairly gloomy sentiment and the US and Canadian vacations.

 

Nonetheless, geopolitical concerns about China, North Korea, and Russia have recently weighed on market sentiment, despite the short calendar and absence of US/Canadian traders restraining momentum.

 

North Korea fired two ballistic missiles toward Japan over the weekend, reviving concerns that the hermit kingdom is up to something that could endanger the global economy. This is partly owing to the fact that both rockets were classified as tactical nuclear assault weapons.

 

In a similar vein, the most recent meeting between US Secretary of State Antony Blinken and China's top diplomat Wang Yi did not appear to have repaired US-China relations. Possible cause is a comment by a Chinese envoy that the United States must change course and restore the damage caused to Sino-American ties by the indiscriminate use of force. Ambassador Linda Thomas-Greenfield, US representative to the United Nations, declared on Sunday that China would cross a "red line" if it opted to provide lethal military aid to Russia for its invasion of Ukraine.

 

Meanwhile, better-than-expected readings of the US Consumer Price Index (CPI) and Retail Sales followed earlier positive readings of employment and output statistics and raised US Treasury bond yields and the US Dollar. The hawkish Federal Reserve (Fed) views and the aforementioned risk-negative factors may be comparable.

 

Fed Governor Michelle Bowman recently observed, as reported by Reuters, "We are observing an abundance of contradictory economic data." As reported by Reuters, Thomas Barkin, president of the Richmond Federal Reserve, claimed that they are detecting some inflationary progress due to the normalization of demand.

 

It should be underlined that the mixed leaning for the Bank of Japan’s (BoJ) new monetary policy board and chatters of more inflation in Japan likely to place a floor under the Yen.

 

Among these trades, the S&P 500 Futures print small losses even as Wall Street closed neutral. It’s worth noting that the US 10-year Treasury bond yields jumped to the highest levels since early November in the last week and helped the DXY to register a three-week advance.

 

For forward, Japan’s National Core Inflation figures will join the second reading of the US fourth quarter (Q4) Gross Domestic Product to steer immediate USD/JPY fluctuations. Yet, the most attention will be paid to the Federal Open Market Committee (FOMC) Meeting Minutes.

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