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On August 10, according to a news release on the Ukrainian presidential website on the 9th, Zelenskyy delivered a video speech that evening, saying he had received reports of talks between the United States and European representatives. He said: "All the messages we wanted to convey have been conveyed, our views have been heard, and all risks have been taken into consideration. Ukraines path to peace must and can only be determined jointly with Ukraine. This is the most basic thing."On August 10th, S&P Global announced that Julys US CPI data will be a key economic indicator for the upcoming week. Markets are eagerly awaiting the report amid expectations that tariffs will drive inflation higher. While recent tariff developments (including the higher tariffs imposed on August 7th and the newly threatened 100% tariff on chips) appear to indicate rising inflation, overall US consumer price inflation remained below 3.0% in the second quarter. Notably, S&P Globals US Purchasing Managers Index (PMI), a leading indicator of CPI trends, has already hinted at a potential rise in inflation in the second half of 2025. Therefore, the upcoming CPI data will confirm whether price increases began to accelerate in July. This is crucial for the Federal Reserves monetary policy, which is currently adopting a wait-and-see approach given the potential volatility in prices.A U.S. White House official said: Trump is open to holding a trilateral summit between the U.S., Russia and Ukraine in Alaska, but the White House is still preparing for bilateral talks (between the U.S. and Russia) as requested by Putin.On August 10th, Ledao Auto stated in its latest Q&A session that the Ledao L90 comes standard with an 85-degree battery, and there will be no version with a 60-degree battery available. "However, we have recently received a number of requests from users for leasing 60-degree batteries. Technically, this is completely feasible and in line with the companys rechargeable, replaceable, and upgradeable energy replenishment concept. We are currently actively researching this solution internally and will share any information as soon as we have it."On August 10th, the Japan Meteorological Agency reported that Shinmoe-dake, located on the border of Kagoshima and Miyazaki prefectures, erupted at approximately 5:23 a.m. local time on the 10th, sending a column of ash as high as 3,000 meters. The Japan Meteorological Agency has issued a Level 3 alert for Shinmoe-dake, prohibiting people from entering the mountain. Shinmoe-dake is an active volcano located in the central Kirishima Mountains in southern Kyushu, Japan. In June 2018, Shinmoe-dake experienced a large-scale explosive eruption.

US Dollar/JPY Yields May Fall Below 131,000 Ahead of Vice President Joe Biden's SOTU Address

Daniel Rogers

Feb 08, 2023 14:39

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At 130.90, the USD/JPY is under pressure, extending yesterday's decline from the highest level in a month. In doing so, the Yen pair tracks the recent decrease in US Treasury bond yields despite a dismal start to Tokyo trading on Wednesday. In recent times, geopolitical concerns have combined contradictory Japan data and Fedspeak to weigh on the market.

 

At the time of publication, rates on 10-year US Treasury notes reversed a three-day increase while retreating from a one-month high of approximately 3.68 percent to 3.67%. The US Dollar Index (DXY) has fallen for the second consecutive day to approximately 103.30. In spite of this, S&P 500 Futures exhibit minor losses, mirroring Wall Street and reflecting a negative sentiment.

 

Japan's trade deficit decreased to -1,225.6B from -1,814.6B expected and -1,537.8B earlier, while the Current Account balance decreased to 33.4B from -1,803.6B and 98.4B.

 

President of the Federal Reserve Bank of Minneapolis Neel Kashkari told CNN, "We may have to maintain higher interest rates for a longer period of time," adding that he does not anticipate a recession. Jerome Powell, chairman of the Federal Reserve, then declared, "Expect 2023 to be a year of large declines in inflation," adding that if data continued to come in better than anticipated, he would certainly boost rates further.

 

Notably, optimism surrounding the Japanese government's wage negotiations with labor leaders in March appears to have fuelled optimism at home. However, China's denial of the Pentagon's request maintains the geopolitical tension at a high level.

 

Traders of the USD/JPY pair should rely on Bank of Japan (BoJ) discussions to target more losses, especially in light of recent hawkish concerns surrounding the Japanese central bank. Today's State of the Union (SOTU) speech by United States Vice President Joe Biden will also be vital to follow. Reuters said prior to the event, "US Vice President Joe Biden will face Republicans who question his legitimacy and a public apprehensive about the country's direction during Tuesday's State of the Union address, which is expected to serve as a blueprint for a 2024 re-election attempt,"


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