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The yield on Japans two-year government bonds rose 0.5 basis points to 1.055%, the highest level since July 2007.The Political Bureau of the CPC Central Committee held a meeting, which emphasized the need to continue implementing a more proactive fiscal policy and a moderately loose monetary policy, to leverage the combined effects of existing and new policies, to increase counter-cyclical and cross-cyclical adjustments, and to effectively improve the efficiency of macroeconomic governance.On December 8th, the Xiamen Municipal Committee of the Communist Party of China released its proposals for formulating the 15th Five-Year Plan for National Economic and Social Development of Xiamen. The proposals include promoting the integration of Xiamen and Kinmen. This includes accelerating the projects for connecting Xiamen and Kinmen with Kinmen in terms of electricity, gas, and bridges, as well as the second water supply channel; supporting Kinmens shared use of Xiamen Xiangan International Airport; optimizing the layout of passenger and cargo routes between Xiamen and Kinmen; promoting the construction of "smart ports" at the Wutong Wharf and the International Cruise Terminal; accelerating the construction of the Cross-Strait (Xiamen-Quanzhou-Kinmen) Cooperation and Development Zone; further promoting the equalization, universal access, and convenience of basic public services between Xiamen and Kinmen; improving the exchange, cooperation, and consultation mechanism between Xiamen and Kinmen; and creating a "same-city living circle" between Xiamen, Quanzhou, and Kinmen.The yield on Japans 5-year government bonds rose to 1.44%, a new high since June 2008.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.380%.

Despite caution, EUR/USD continues bids above 1.0250

Daniel Rogers

Aug 15, 2022 14:55

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After the US sent a delegation to Taiwan over the weekend, despite House Speaker Nancy Pelosi's contentious visit to the disputed island, which enraged Beijing, investors sought protection in government bonds and the dollar in the face of rising US-China threats.

 

Rates are also heavily influenced by the likelihood that the Fed will raise interest rates by 50 basis points (bps) in September as a result of easing US inflation pressures, with all eyes on the FOMC minutes due out on Wednesday for new information on the direction the world's most potent central bank will take its policy.

 

Despite a decline in rates and a sluggish demand for riskier assets in early Asian trades, the US dollar is holding up well. The US dollar index is trading at 105.61, unchanged from its previous close of 105.88 on Friday. Despite Wall Street's stellar performance, a substantial dollar increase was caused by stronger US Michigan Consumer Sentiment data and a dimming US inflation forecast.

 

As the European energy crisis gets worse, the gains in the common currency on the EUR side of the equation are likely to remain small. Germany is already suffering the most as a result of a decrease in Russian gas exports, which is wreaking havoc on the old continent. The Rhine's ebbing waters, which make transport along the river more challenging, could cause a recession in Germany.

 

By the end of the week, the reference level was predicted to drop below 40 centimeters in Kaub, a notorious shipping bottleneck where the Rhine flows shallow and narrow. One of the most significant goods shipped on the waterway is coal.

 

On both sides of the Atlantic, Monday's economic calendar features few noteworthy data releases. As a result, the main currency pair will continue to be influenced by the current market sentiment and dollar price action.

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