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On August 29, Zhu Zhongming, Deputy Secretary of the Shanghai Municipal Committee and Secretary of the Party Group of the Shanghai Municipal Government, chaired a meeting of the Party Group of the Municipal Government. The meeting emphasized the need to consolidate the positive economic trend, expand consumption and investment, stabilize foreign trade and foreign investment, and accelerate the construction of a modern industrial system. It stressed the importance of focusing on the important mission of building the "Five Centers" (center, center, and international exchange) and continuously strengthening the "Four Major Functions." The meeting called for deepening high-level reform and opening up, strengthening the guiding role of major national strategic tasks, and comprehensively and vigorously promoting pioneering reforms and leading opening up. It also stressed the need to steadily improve the level of peoples livelihood, adhering to the principle of reserving the best resources for the people and serving the people with high-quality services, ensuring that citizens sense of gain, happiness, and security continues to increase. Finally, the meeting emphasized the need to pay more attention to coordinating development and security, strengthening the investigation and rectification of various risks and hidden dangers, and making every effort to protect the lives and property of citizens.August 29th - At 11:20 AM local time today (August 29th), Nigers national television broadcast a statement from the Niger Ministry of Defense stating that the situation was under control and urging the public to resume normal life. From early this morning (August 29th), the Niger capital, Niamey, experienced a night of intense gun battles. According to sources, the conflict was a mutiny orchestrated by young officers within the Niger Armed Forces. The rebel forces converged on Niamey from both Tillabéri and Doso, launching multiple attacks and targeting key facilities such as the presidential palace, Diori Hamani International Airport, and Nigers national television station, causing a temporary interruption of broadcasting by Nigers national television station.August 29th - It is predicted that from 20:00 on August 29th to 20:00 on August 30th, there is a high probability of flash floods in parts of southern Hunan and northeastern Guangxi (orange alert), with a very high probability of localized flash floods (red alert). The counties (cities, districts) affected by the alert are shown in the table below. Other areas may also experience flash floods due to localized short-duration heavy rainfall. All localities are advised to pay attention to real-time monitoring, flood warnings, and evacuation and shelter measures.The Iraqi Kurdistan Regional Government stated that oil companies have resumed operations, pushing oil production up to approximately 230,000 barrels per day.August 29th - Niamey, the capital of Niger, experienced intense gun battles overnight starting in the early hours of today (August 29th) local time. According to sources, the conflict stemmed from a mutiny orchestrated by young officers within the Nigerien Armed Forces. The rebel forces converged on Niamey from both Tillabéri and Doso, launching multiple attacks targeting key facilities such as the presidential palace, Diori Hamani International Airport, and Nigers national television station. Sources indicate that the offensives against the national television station and the presidential palace have been repelled, but clashes continue around Air Force Base 101 near the airport, with both sides still exchanging heavy fire. Nigers national television station, which had previously experienced a signal outage, has resumed broadcasting.

GBP/JPY is above 163.00 as investors anticipate BOJ and BOE monetary policy decisions

Daniel Rogers

Sep 19, 2022 14:51

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The British pound to Japanese yen exchange rate has been all over the place throughout the Tokyo trading session, hovering between 163.12 and 163.34. The asset has continued its baffling weeklong price swing. Investors are trying to gather as much information as possible before making a decision, which is leading the cross to drift sideways before the results of the BOJ and BoE monetary policy meetings (BOE).

 

The weakening yen is a worry for the Japanese economy since it necessitates the shutdown or reduction of manufacturing capacity that relies heavily on global imports. Since this is the case, the Bank of Japan will have to take a stand of neutrality and refrain from pumping more money into the economy. The case for switching to a 'neutral' policy is bolstered by the fact that Japanese officials believe the yen's current value does not reflect its fundamentals and are prepared to intervene in FX fluctuations.

 

Japan's markets are closed today in observance of Respect for the Aged Day, while British markets are also closed today in observance of the Bank Holiday. In light of this, the cross's expected performance is middling at best.

 

UK inflation figures reported last week will aid the BOE, but it won't be enough to prevent an interest rate hike. The headline Consumer Price Index (CPI) for the United Kingdom came in at 9.9% less than the expected 10.2%, despite rising energy prices. Andrew Bailey, Governor of the Bank of England, is expected to announce a rate increase of 50 basis points (bps).

 

The BOE won't soften its aggressive position in response to a one-time drop in inflation. A shift in policy strategy will be warranted by a string of declining inflation rates.

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