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July 24th - PMI data showed that U.S. business activity expanded at its fastest pace in eight months, with strong domestic service sector demand offsetting the impact of slowing factory production, increased supply chain delays, and rising costs. The preliminary reading of the S&P Global Services PMI for July rose to 53.6, the highest level since November 2025, driven by demand in the hospitality and other service sectors boosted by the World Cup and July 4th Independence Day celebrations. The preliminary reading of the S&P Global Manufacturing PMI for July fell to 53.8, the lowest level since March. Chris Williamson, chief business economist at S&P Global Market Intelligence, said, "Supply chain delays continued to worsen in July, accompanied by renewed price pressures, constraining economic growth and suppressing demand. Recent events in the Middle East will only further exacerbate concerns about supply chains and prices, increasing downside risks to the near-term economic outlook, suggesting that the recovery in July may not be the beginning of an improving trend."The annualized total number of new home sales in the United States in June will be released in ten minutes.The preliminary reading of the S&P Global Services PMI for July in the United States was 53.6, below the expected 51.5 and the previous reading of 51.2.The preliminary reading of the S&P Global Composite PMI for July in the United States was 53.6, below the expected 51.8 and the previous reading of 51.9.The preliminary readings of the S&P Global Manufacturing and Services PMI for July in the United States will be released in ten minutes.

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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