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September 3rd - The Governor of the Bank of Thailand stated on Thursday that the central bank supports a proposal to tax gold transactions. A 0.01% gold tax would not harm the industrys interests. The central bank plans to take further measures to curb illicit capital flows.September 3rd - Since the beginning of this year, various regions have carried out in-depth special campaigns to protect businesses from monopoly enforcement, focusing on strengthening anti-monopoly supervision and enforcement in areas such as the platform economy, raw materials for pharmaceuticals, public utilities, and peoples livelihoods, achieving phased progress and results. The State Administration for Market Regulation will continue to advance the special campaigns to protect businesses from monopoly enforcement, closely focusing on accelerating the construction of a unified national market, thoroughly rectifying "involutionary" competition, adhering to the principle of giving equal importance to standardized supervision and promoting development, safeguarding the high-quality development of enterprises, and maintaining a fair and competitive market order.Bank of Thailand Governor: Supports any gold tax policy.September 3rd - Demand for Japans 30-year government bond auction on Thursday was stronger than the average of the past 12 months, with higher yields supporting investor buying. The bid-to-cover ratio for this auction was 3.79, lower than the previous auctions 3.86, but higher than the 12-month average of 3.52. The tail spread was 0.28, higher than last months 0.21. Following the auction results, Japanese government bond futures maintained their gains. This auction came amid a global sell-off in government bonds, with rising oil prices exacerbating inflation concerns and pushing investors to increase their expectations for interest rate hikes. Overnight index swaps are now fully priced in the Bank of Japans expected rate hike on September 18th. Hajime Takada, a hawkish member of the Bank of Japan board, has previously expressed openness to both significant and consecutive rate hikes.On September 3, Xu Xin, Deputy District Mayor of Pudong New Area, Shanghai, stated at a press conference held by the Shanghai Municipal Government that the city will accelerate the opening up of service trade and actively create a national digital trade demonstration zone. The city will also deepen the comprehensive pilot program for expanding the opening up of the service sector and promote the opening up of key areas such as finance, healthcare, culture and education, and professional services.

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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