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According to Nikkei: Japan and the European Union have drawn up an agreement on a satellite network plan.Slovak Prime Minister: We aim to reach an agreement with EU partners on stopping Russian gas supplies and sanctions package by Tuesday.July 12, Anthony Saglimbene, chief market strategist at Ameriprise Financial, said that as the US government reaches an agreement with trading partners such as Japan and South Korea in the coming weeks, most investors seem to expect the United States to avoid raising tariffs. "This is the expectation that the market has formed," Saglimbene said. "If we dont get such an outcome, then I think if the White House does implement some aggressive tariff measures, the market volatility in the short term may increase."Ukraine said Russia launched 623 drones and missiles during the night.July 12, according to a report by the Wall Street Journal on the 11th, US President Trump hinted that if Iran seeks to develop nuclear weapons, he will support Israel in launching a new round of strikes against Iran. According to reports, Israeli Prime Minister Netanyahu recently privately informed Trump that if Iran resumes the development of nuclear weapons, Israel will launch further military strikes against Iran. Trump responded that he was inclined to reach a diplomatic settlement with Iran, that is, to reach an agreement on the nuclear issue, but he did not oppose Israels plan. The report also stated that a senior Israeli official revealed that Israel would not necessarily seek explicit approval from the United States on the issue of resuming strikes against Iran. However, considering that the United States seeks to maintain diplomatic ties with Iran, Israel may also face resistance from the United States.

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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