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Japanese Finance Minister Satsuki Katayama declined to comment on whether foreign exchange intervention was carried out today.On August 3rd, the Token Service Working Group (in preparation) of the Artificial Intelligence Industry Development Alliance (AIIA) recently held a closed-door seminar on "Token Cross-border Flow and Open Cooperation." The Token Service Working Group will systematically promote the construction of a token cross-border flow and open cooperation mechanism in the following five aspects: First, systematically conduct research on cross-border flow mechanisms. Compile the "Token Cross-border Flow Development Research Report," analyze the regulatory policies and technical constraints of major global markets, and clarify compliance boundaries, risk points, and feasible paths; Second, simultaneously develop dual standards and specifications for compliance and technology. Promote the compilation of the "Artificial Intelligence Token Cross-border Flow Compliance Guidelines" and the "Artificial Intelligence Token Cross-border Flow Technical Requirements," clarify compliance requirements for data export and technology export, and unify interface specifications for cross-domain transmission and computing power scheduling; Third, conduct pilot demonstrations in emerging markets. Relying on multilateral and bilateral mechanisms targeting emerging markets such as ASEAN and BRICS, and the advantages of free trade zones, conduct closed-loop verification of "compliant entry + domestic processing + compliant exit," testing the stability of technical solutions and the effectiveness of compliance mechanisms; Fourth, build a cross-border service supply and demand matching platform; Fifth, construct a token cross-border flow service system.Japanese Chief Cabinet Secretary Minoru Kihara: Japan and the United States maintain close communication on foreign exchange issues. If necessary, Japan will not hesitate to take further foreign exchange action.August 3 - The Peruvian National Institute of Geophysics reported that a 5.7-magnitude earthquake struck 53 kilometers northeast of Ocaiacu, Leoncio-Oprado Province, Huanuco Region, at 8:42 p.m. local time on August 2. The earthquake had a depth of 152 kilometers, and there are currently no reports of casualties or damage.August 3rd - Driven by major customers such as Nvidia, AMD, and Broadcom actively securing production capacity, TSMCs 3nm process target of 180,000 wafers per month, originally scheduled for the end of the year, is expected to be achieved ahead of schedule in early Q4. Meanwhile, orders for the 2nm process are also rapidly increasing, with monthly wafer shipments expected to approach 100,000 wafers by the end of the year as planned.

The EUR/USD rise is getting close to 1.0200 as investors await US inflation data

Daniel Rogers

Aug 09, 2022 14:58

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The EUR/USD moves in the 1.0200 range during Tuesday's Asian session after falling from 1.0221 as traders look for fresh data. The major currency pair gained over the first part of the week but lost some of those gains by Monday's close. Recent price fluctuations, however, seem to be constrained by a lack of noteworthy data or events and a cautious attitude ahead of Wednesday's release of the US Consumer Price Index (CPI) for July.

 

Gains in the EUR/USD the day before are shown by higher readings of the Eurozone Sentix Investor Confidence Index and a drop in US Treasury yields. The primary sentiment indicator Index, however, increased in August from -26.4 to -25.2, which was projected to be the value. According to specifics, the eurozone's present state has improved from this month's lowest position since March 2021, when it was -16.5, to -16.3. The expectations index is at its lowest level since December 2008, despite a little increase to -33.8. It is still very close to that level. The US Dollar Index (DXY), in contrast, saw a daily decrease of 0.19 percent to 106.37.

 

The moderate Azione's resignation from the newly formed alliance ahead of the September elections looks to have put negative pressure on the Euro elsewhere due to Italian political worries.

 

The moderate Azione has backed out of its coalition with the Democratic Party and the +Europe party after only agreeing to do so last week. According to party leader Carlo Calendar, "the parts didn't fit." According to Reuters and Market News Publishing US, the alliance was formed in an effort to stop a more conservative government from taking office after the election on September 25.

 

Notably, gains in the EUR/USD the day before appeared to have been constrained by US President Joe Biden's displeasure of China's efforts to retake Taiwan and his censure of House Speaker Nancy Pelosi's trip to Taipei.

 

These actions caused the 10-year US Treasury rates, which had increased by 14 basis points (bps) the day before, to fall by around seven basis points (bps) to 2.75 percent. Wall Street also started Monday's trading day on a positive one before ending on a mixed note, albeit as of press time, S&P 500 Futures are showing minor gains.

 

Participants in the EUR/USD market may be interested in the second quarter's (Q2) US Nonfarm Productivity and Unit Labor Costs data. Forecasts suggest that US Nonfarm Productivity may rise to -4.6% from -7.3%, while Unit Labor Costs may decrease to 9.5% from 12.6%. The news regarding Taiwan and Russia will also be important for determining direction.


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