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On September 5th, a new assessment report released by US intelligence agencies indicated that more than six months after the US military action against Iran, Iran has become "more confident" in its ability to strike US targets in the Middle East and appears determined to continue its confrontation with the US, at least until the US midterm elections in November. According to US sources on September 4th, several US officials, after reviewing the latest intelligence assessment report, disclosed that the report shows that after months of fighting, Iran has a clearer understanding of its own "military strength" and is more convinced of the importance of the Strait of Hormuz. It is understood that, currently, although Iran is under dual military and economic pressure from the US, there is no indication that Iran intends to reach any form of agreement with the US. If Iran is attacked again, its reaction may be similar to before, namely, retaliating against US military bases and other targets in the Middle East. Some US officials believe that Iran may be trying to delay the war at least until the US midterm elections in November, and that Iran believes the US military is unable to launch a large-scale strike due to depleted weapons stockpiles.September 5th - According to Daqing Oilfield, as of August 31st, the Maokou Formation in the Sichuan-Chongqing exploration area of Daqing Oilfield has produced a cumulative total of 1.001 billion cubic meters of natural gas in 2026, breaking the 1 billion cubic meter mark for the first time. This marks a significant leap forward in the large-scale and efficient development of this formation, further strengthening my countrys stable oil and gas supply and ensuring supply during the winter.September 5 - A Chinese citizen trapped in a landslide-stricken area of Rasuwa, northern Nepal, was rescued on September 5 local time.On September 5, International Atomic Energy Agency (IAEA) Director General Grossi announced that a partial ceasefire had been reinstated around the Zaporizhia nuclear power plant under IAEA mediation to facilitate repairs to damaged power lines and restore external power to the plant. The Zaporizhia plant lost connection to its last external power line on August 20 due to military activity and has since relied on emergency diesel generators to provide cooling power to its six reactors and spent fuel pool. The IAEA stated that the plants diesel reserves are dwindling, and if external power cannot be restored or more fuel cannot be delivered in time, the plant may face a complete power outage in the coming days. Under the temporary ceasefire, Ukrainian technicians will begin repairing the power lines after clearing mines from the affected area. IAEA personnel will monitor the repair process. Grossi stated that this is the seventh such temporary ceasefire he has brokered to reduce nuclear safety risks at the Zaporizhia plant since the start of the Russia-Ukraine conflict.The U.S. Geological Survey reported that a 4.4-magnitude earthquake struck 77 kilometers east-southeast of La Tirana, Chile, at a depth of 109.4 kilometers.

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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