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In a speech in South Carolina, former US President Joe Biden declared that he had handed over "the strongest southern border" and "the worlds strongest economy" to incumbent President Donald Trump. "This is not an exaggeration."February 28 – On February 27 local time, Ambassador Fu Cong, Chinas Permanent Representative to the United Nations, stated at the interactive dialogue on the implementation of the UN Future Compact that, against the backdrop of increasing international instability, implementing the Future Compact is of even greater significance for promoting multilateralism, upholding the authority of the United Nations, and improving global governance. China supports the Secretariat in working with member states to translate the vision of the Future Compact into concrete practice, injecting stronger momentum into the cause of world peace and development.The U.S. Deputy Secretary of State expressed support for Pakistans position in the Afghan conflict.A federal judge in Oregon has barred Immigration and Customs Enforcement (ICE) from making unlawful arrests in the state without justifiable cause, arguing that the agency’s “trawling operations” violate “clear and uncontested” laws.On February 28, the Cuban Embassy in the United States released new details regarding an alleged armed infiltration by a US-flagged speedboat for "terrorist purposes." The statement indicated that two boats, not one, departed from Florida. One experienced a technical malfunction en route, and its crew was transferred to the other, ultimately arriving at their destination on the same vessel. Cuban authorities seized 134 magazines and a total of 12,846 rounds of ammunition of various calibers.

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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