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August 21st - As of 2:30 PM closing, the Shanghai Gold futures contract rose 1.03% to 980 yuan/gram, the Shanghai Silver futures contract rose 2.97% to 16,589 yuan/kilogram, and the SC Crude Oil futures contract rose 1.11% to 591 yuan/barrel.August 21 – The Trump administration authorized the early sale of winter gasoline, the latest move to alleviate fuel cost increases and supply concerns stemming from the Iran war. The U.S. Environmental Protection Agency (EPA) announced Thursday that it will relax summer gasoline standards, allowing the market to use higher-emission winter gasoline blends earlier. Traditionally, the transition to a blend doesnt happen until mid-September. This exemption allows the sale of gasoline blended with 10% ethanol starting September 1. The U.S. government stated that this move effectively ends summer gasoline blending requirements early, potentially increasing domestic gasoline supply by hundreds of thousands of barrels per day and further easing price pressures on American consumers at gas stations.On August 21, the Iranian Foreign Ministry issued a statement on August 20 strongly condemning the new economic and trade sanctions imposed by the United States on Iran, stating that Iran will use "all tools and capabilities" to safeguard its national interests and the legitimate rights of the Iranian people. The statement said that the US announcement of large-scale economic and trade sanctions against Iran violates the basic human rights of Iranian citizens and is a manifestation of "economic terrorism" and "crimes against humanity"; it violates the principle of respecting national sovereignty and tramples on basic norms of international law. The statement said that these sanctions were implemented after the US and Israels war against Iran failed to achieve its objectives and are intended to force the Iranian people to submit. This move cannot shake the Iranian peoples determination to safeguard their national independence, dignity, and sovereignty. The statement believes that sanctions and economic pressure are "the other side of the coin of war and military aggression." The statement said that the US announcement of new sanctions is a continuation of a "tested and failed" policy, and repeating this policy will only lead to repeating past mistakes. Iran will rely on its own capabilities and its decades of experience in dealing with US pressure policies, using "all tools and capabilities" to safeguard its national interests and the legitimate rights of the Iranian people.On August 21, U.S. Treasury Secretary Matt Bessenter stated on the 20th that the Trump administration would increase economic pressure on Iran and threatened to implement "unprecedented economic isolation" measures against the country. In an interview with NBC News that day, Bessenter said, "This will be the largest and most coordinated economic isolation in history." He indicated that a press conference on the 24th would detail the specific actions. Bessenter also addressed all U.S. allies, saying, "We are going to overthrow this regime," and warned that they must either stand with the United States or oppose it. Bessenter claimed that the Trump administrations plan to severely damage the Iranian economy might eliminate the need for a large-scale military operation against Iran.August 21 - The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 6.5 occurred near Peru (14.68°S, 73.62°W) at 2:00 AM on August 21. The final result is subject to the official rapid report.

Before the US NFP, the USD/JPY is likely to decrease to roughly 132.00

Alina Haynes

Aug 05, 2022 14:49

截屏2022-08-05 上午9.50.18.png 

 

The difficulties that the USD/JPY pair met around 133.00 during the Asian session are now in full force. As investors predict a disappointing result from the US Nonfarm Payrolls (NFP) data, the asset has printed a low of 132.77 and is projected to decrease further to about 132.00.

 

JP Morgan experts projected that the US Nonfarm Payrolls (NFP) will be poorer than expected at 200K in the July labor market statistics, compared to the consensus expectation of 250k jobs gained in the month. The US economy produced 372k new jobs in the labor market in June. The labor market is under great pressure as a result of data showing a continued fall in job creation. The unemployment rate, though, will be constant at 3.6 percent.

 

Increased labor market dangers are a result of rising interest rates and their compounding impacts. Due to pricey dollars, business players are unable to invest without reluctance. Low investment possibilities cannot thus speed the process of creating jobs.

 

Despite the Federal Reserve (Fed) policymakers' enhanced interest rate ambitions, the US dollar index (DXY) has thrown up the support of 106.00. According to Cleveland Fed President Loretta J. Mester, ending the policy tightening program without detecting a decline in the inflation rate for several months is not conceivable at interest rates above 4 percent .

 

Tokyo's entire household expenditure has dramatically climbed from the previous report of -0.5 percent and the predictions of 1.5 percent to 3.5 percent. As an inflation indicator, the economic data may aid the yen bulls. The economic data have greatly improved, which means that the inflation rate may climb much further. The findings may, however, be largely impacted by growing energy expenditures. However, a hike in the labor cost index is shortly to come in order to keep the inflation rate over 2 percent.


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