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Hong Kong-listed biopharmaceutical stocks rose amid volatility, with Innovent Biologics (09969.HK) surging over 4%, and other stocks such as Zai Lab (09688.HK), WuXi AppTec (02359.HK), WuXi Biologics (02269.HK), and Henlius Biotech (02696.HK) following suit.Hong Kong-listed new energy vehicle stocks fluctuated higher, with NIO (09866.HK) and Xiaomi Group (01810.HK) both rising by more than 3%, and Leapmotor (09863.HK), Li Auto (02015.HK), BYD (01211.HK), XPeng Motors (09868.HK) and other stocks following suit.1. Barclays: Expects to keep interest rates unchanged and may not make a clear statement on the timing of future rate cuts. A rate cut could come as early as next month, with lower inflation expectations and a weak labor market reinforcing the view that rates will be cut. 2. Goldman Sachs: Expects to keep interest rates unchanged. The vote was 7-2, and a rate cut could be more widely supported. Bailey may reiterate that there is room for rate cuts. A weak labor market will push for rate cuts to 3% in March, June, and September. 3. Capital Economics: Expects to keep interest rates unchanged, or may suggest that the next rate cut is not imminent and that rates may not fall significantly. If the prediction that CPI will fall below 2.0% comes true, then interest rates will fall to 3% instead of 3.5%. 4. Mitsubishi UFJ: Expects to keep interest rates unchanged due to stronger economic growth momentum. The more likely scenario now is a rate cut in May and another in August, bringing the benchmark rate down to 3.25%. 5. HSBC: Expected to keep interest rates unchanged. Unlike the European Central Bank, the Bank of England seems less concerned about the deflationary effects of further dollar depreciation, which could support the pound against the euro in the short term. 6. Scotiabank: Expected to keep interest rates unchanged. Since last August, the cycle of switching between rate cuts and maintaining rates has become longer, and the bank may lack a sense of urgency to cut rates. One or two more rate cuts are expected this year. 7. DBS Bank: Expected to keep interest rates unchanged. Bank of England Governor Bailey previously warned that future easing decisions would be more cautious and dependent on economic data. The pound/dollar should maintain a weak bias. 8. Oxford Economics: Expected to keep interest rates unchanged. If upcoming data gives the bank more confidence that wage growth is cooling, the next rate cut is likely to occur at the April meeting. 9. JPMorgan Chase: Expected to keep interest rates unchanged, with a 7-2 vote. The bank will raise its short-term unemployment forecast and lower its recent average wage growth and inflation forecasts, which will provide data support for a rate cut in March. 10. Nordea: Expects to keep interest rates unchanged due to more cautious wording in the previous forward guidance. The first rate cut is anticipated in March, but recent stronger growth momentum and risks favor a delay to April. 11. Trade France: Expects to keep interest rates unchanged and signal a gradual approach to rate cuts. Key swing trader Bailey is expected to support holding rates steady. A rate cut is expected at the end of April, with a high probability of two more cuts this year. 12. Morgan Stanley: Expects to keep interest rates unchanged, with a 6-3 vote and a riskier 5-4 outcome. Policy guidance is not expected to change. The terminal interest rate is expected to be 3%, with rate cuts in March, July, and November. Roth MKM: Raises Alphabet (GOOG.O) price target from $365 to $395.Sony (SONY.N): In talks with suppliers to increase memory supply; PS5-specific memory has been secured for this years holiday sales season.

USD/JPY Price Forecast for the Week Ahead: The US Dollar Continues to Climb

Alina Haynes

Oct 24, 2022 15:54

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The US Dollar strengthened against the Japanese yen throughout the week, surpassing the psychologically significant 150 mark. In doing so, the market is demonstrating its disregard for the Bank of Japan and its warnings, as the BOJ has previously attempted to intervene and we are almost 1000 pips above that level. In this situation, it would appear that the central bank has no choice but to allow the currency to devalue.

 

Purchasing "unlimited bonds" is equivalent to producing "unlimited currency," hence the supply of Japanese Yen will continue to be a significant drawback to the exchange rate. Consequently, this is a one-way exchange, but also one that you do not necessarily wish to alter. It would be reasonable to expect a retreat sooner or later, if for no other reason than sheer tiredness.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

The 150 level will be sustained, as will the 147.50 and 145 levels, in that order. We are overextended, but nonetheless, this is a one-way street, and you cannot fight it. If the Bank of Japan does interfere, it will most likely be an excellent purchasing opportunity. I do not have a target at this time because, very simply, it depends on when the Bank of Japan eventually concedes that interest rates must rise in their nation, or they will no longer have a currency. The greatest obstacle they confront is that Japan would never be able to repay its enormous debt at increased interest rates.

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