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On December 12th, the overnight SHIBOR was reported at 1.2790%, down 0.40 basis points; the 7-day SHIBOR was reported at 1.4510%, up 1.90 basis points; the 14-day SHIBOR was reported at 1.5090%, up 0.90 basis points; the 1-month SHIBOR was reported at 1.5250%, up 0.10 basis points; and the 3-month SHIBOR was reported at 1.5850%, up 0.10 basis points.December 12th - According to a report by Nikkei Asia citing sources, TSMC is considering switching its Kumamoto Fab 2 process to the more advanced 4nm technology due to declining demand for 6nm and 7nm chips, originally planned for production, as major clients like Nvidia have begun to switch to more advanced chips. This move could delay mass production and require redesign of the plant, potentially forcing a postponement of the planned mass production by the end of 2027. Nikkei reports that construction at the Kumamoto Fab 2 has suddenly halted, with almost all large construction equipment absent, and suppliers have confirmed receiving notices of the work stoppage. TSMC has neither confirmed nor denied the news of the Kumamoto Fab 2 shutdown, stating only that the Japanese project will continue and that the company will not comment on market rumors or speculation.CNPC Research Department: With the continued advancement of urbanization, urban gas demand still has huge growth potential in the next decade.On December 12th, Australian Prime Minister Barnes endorsed a government bailout plan to address rising energy costs, with Australias largest aluminum smelter expected to continue operating beyond 2028. Barnes announced the financial support at the Tomago smelter site on Friday. This followed months of warnings from Rio Tinto, the plants owner, that the plant could face closure as existing power supply contracts expire later this year. Barnes stated that the federal and New South Wales governments will work with the company to finalize the details of the agreement. "We are working with the NSW government to ensure a long-term energy solution beyond 2028 is found," Barnes said.According to Japans NHK, a tsunami warning has been issued for the northern coast of Japan following the earthquake.

GBP/JPY Buyers Approach 159.00 on Cautionary Optimism and Mixed Brexit Concerns

Alina Haynes

May 16, 2022 10:55

GBP/JPY receives bids to re-establish an intraday high near 158.75, extending the previous day's rebound, as Tokyo opens for trading on Monday. Recent gains in the cross-currency pair may be attributable to improved sentiment and generally favorable Brexit-related news.

 

Boris Johnson, prime minister of the United Kingdom, prepares to revise the Northern Ireland Protocol (NIP) in the hopes of influencing the European Union's (EU) stance. On Tuesday, the UK government is anticipated to announce plans for unilateral changes to NIP. However, the bloc had already warned of such acts resulting in a trade deal reduction with the United Kingdom.

 

On the other side, the Financial Times (FT) reported that British manufacturers are optimistic as they compete to alleviate supply chain issues. In the previous two years, three-quarters of enterprises have boosted the number of British suppliers, according to a poll by Make UK, the manufacturers' trade organization.

 

In addition to Fed Chairman Jerome Powell's unchanged view of a 50 basis point (bps) rate hike in the next two meetings, the recent market's cautious optimism has been bolstered by the gloomy US mood data.

 

Notably, the continued virus-induced activity constraints in China and the deteriorating geopolitical conditions in Donbas are being used to investigate GBP/JPY buyers.

 

After Wall Street benchmarks rallied the previous day, the S&P 500 Futures reflect the sentiment with modest gains. In addition, 10-year US Treasury rates continue Friday's rebound gains, rising 1.5 basis points (bps) to 2.95 percent as of press time.

 

Amid a sparse domestic calendar, GBP/JPY traders may look to risk catalysts for directional cues in the near future. However, Tuesday's U.K. job data and Brexit updates will be essential for establishing direction.

Technical Evaluation

A one-month-old descending trend channel formation limits the GBP/short-term JPY's price range to 160.60 to 154.85.

GBP/JPY

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