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The South African government announced that retail petrol prices will be reduced by 65 cents per liter in February.S&P: Indias general government fiscal deficit is likely to gradually decrease from 7.3% of GDP to 6.6% of GDP by fiscal year 2026.German Retail Federation (HDE): The German retail industry is projected to achieve 2% revenue growth by 2026.February 2nd - A closely watched indicator of the health of the UK manufacturing sector rose to its highest level since August 2024 in January, as new orders saw their largest increase in nearly four years, further confirming signs of recovery in the sector. The final manufacturing PMI rose to 51.8 in January, up from 50.6 in December and slightly above the preliminary reading of 51.6. The new orders sub-index jumped to 53.2 from 50.2, its highest level since February 2022, mainly driven by the first increase in export orders in four years. Rob Dobson, head of global market intelligence at S&P, said: "The UK manufacturing sector has had a solid start to 2026, demonstrating encouraging resilience. Business confidence has also rebounded positively, reaching its highest level since before the autumn 2024 budget." The data also showed that manufacturing employment continued to decline, but at the smallest rate since Reeves raised the employment tax in October 2024, while business input costs rose by the largest amount since August 2025.The UKs final manufacturing PMI for January was 51.8, below the expected 51.6 and the previous reading of 51.6.

As the BoJ ponders a YCC expansion, EUR/JPY continues to decline, falling below 142.60

Alina Haynes

Apr 06, 2023 11:52

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After plunging below 142.60 during the Asian trading session, the EUR/JPY pair's three-day losing trend was extended. Renewed rumors of an expansion of the Bank of Japan's (BoJ) Yield Curve Control (YCC) are exerting immense pressure on the cross.

 

The Japanese economy is experiencing gradual wage growth, and inflation is expected to respond to recent increases in crude oil prices. Analysts at Wells Fargo believe the BoJ will take advantage of a tactical opportunity to further modify its policy settings in the fourth quarter of 2022, and are inclined toward a meeting in October. They added that this timeframe is optimal for a smooth policy adjustment, as monetary easing from the Federal Reserve (Fed) and other major central banks should alleviate yield pressure.

 

In particular, the Bank of Japan (BoJ) will raise the target yield for 10-year Japanese government bonds (JGBs) from 0% to 0.25% and increase the tolerance interval surrounding this target to +/- 75 basis points.

 

Accelerating PMIs in the Eurozone provide support for the European Central Bank's sustained rate hikes. (ECB). S&P Global reported a Composite PMI of 53.7 on Wednesday, which was higher than the previous release of 52.0 but below expectations of 54.1, the highest level in the past ten months.

 

According to Reuters, S&P Global issued the following statement: "Manufacturing production increased slightly, but the service sector had the greatest impact on March's accelerated growth."

 

Wednesday, ECB policymaker Boris Vuji stated regarding interest rate forecasts, "The majority of the rate-hiking cycle has passed." He added, "We may require additional rate increases to address core inflation."

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