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On May 18th, the national carbon market composite price was as follows: opening price 84.40 yuan/ton, highest price 84.40 yuan/ton, lowest price 82.10 yuan/ton, closing price 84.08 yuan/ton, a decrease of 0.98% compared to the previous day. The trading volume of listed agreement transactions today was 56,510 tons, with a turnover of 4,751,464.00 yuan; the trading volume of bulk agreement transactions was 100,000 tons, with a turnover of 8,350,000.00 yuan; there were no one-way auctions today. The total trading volume of national carbon emission allowances today was 156,510 tons, with a total turnover of 13,101,464.00 yuan. From January 1st to May 18th, 2026, the national carbon market carbon emission allowance trading volume was 33,314,913 tons, with a turnover of 251,187,6453.21 yuan. As of May 18, 2026, the cumulative trading volume of carbon emission allowances in the national carbon market was 898,181,433 tons, with a cumulative trading value of 6,017,449,468.78 yuan.On May 18th, it was learned from the National Data Administration and the Guangdong Provincial Government Service and Data Management Bureau that the Guangdong-Hong Kong-Macao Greater Bay Area Data Special Zone Innovation Cooperation Center was established today, marking a significant step forward for the Greater Bay Area in exploring new solutions for cross-border data flows. As a key platform for the national data infrastructure pilot program, the newly established center will focus on addressing the challenges of cross-border data circulation. Its primary responsibilities include providing basic data support services to government departments within the Greater Bay Area and offering professional cross-border data circulation services to enterprises. Moving forward, the center will focus on exploring new solutions for data circulation across six key application scenarios: cross-border manufacturing, cross-border healthcare, cross-border scientific research, cross-border education, cross-border e-commerce, and data processing.On May 18, the Peoples Bank of China (PBOC) released the "Management Measures for the List of Seriously Dishonest Entities in the Areas Managed by the PBOC (Draft for Public Comment)," which strictly stipulates the criteria for inclusion on the list of seriously dishonest entities and strengthens the constraints and punishments for dishonest behavior. The draft proposes that institutions and individuals in the areas managed by the PBOC, such as bills, payments, RMB circulation, and credit reporting, who engage in behaviors that are expressly prohibited by laws and regulations, seriously disrupt the financial market order, infringe upon the legitimate rights and interests of the people, and whose circumstances are particularly serious and whose impact is particularly egregious, should be included on the list of seriously dishonest entities. A relevant official from the PBOC stated that it will strengthen the constraints and punishments for serious dishonest behavior in the financial sector in accordance with laws and regulations, encourage seriously dishonest entities to actively correct their dishonest behavior, promote the creation of a credit environment in the financial sector that "incentivizes trustworthiness and punishes dishonesty," and further improve the construction of the social credit system in the financial sector.Bank of England Monetary Policy Committee member Green: The secondary effects of the energy price shock will not be apparent for another year.Iranian Foreign Ministry spokesman: Tehran is demanding the release of frozen Iranian funds and the lifting of sanctions in negotiations with the United States.

The USD/JPY Currency Pair Swings in a 60-Pip Range as Bulls Reclaim 124.00 on a Positive Note

Drake Hampton

Apr 08, 2022 10:07

Tips

  • The USD/JPY is up 1.26 percent this week.

  • The greenback strengthens as investors shrug off geopolitical concerns.

  • Forecast for the USD/JPY Exchange Rate: As bulls, we are leaning upward and are aiming for the YTD high of 125.10.

 

As the Asian Pacific session opens, USD/JPY pair extends its weekly gains on broad US dollar strength. The USD/JPY remains strong at 124.15, after trading in a tight 55-pip range over the last three days as the Eastern Europe conflict between Russia and Ukraine enters its sixth day.

 

Asian market futures continue to trade higher, despite the ongoing Russia-Ukraine confrontation. Contrary to the positive tone of Asian market futures, which point to a stronger open, US equities concluded the afternoon in a divided mood. Investors shrugged aside Russia-Ukraine tensions on Thursday, despite Russian Foreign Minister Sergei Lavrov's complaint that Ukraine's new draft accord submitted to Russia does not meet Russia's demands on Crimea and Donbas. Meanwhile, recent reports indicate that Russia is regrouping soldiers in preparation for another offensive aimed at reclaiming Ukraine's eastern territories, Donetsk and Luhansk.

 

The North American session on Thursday featured Fed speakers, lead by St. Louis Fed President James Bullard, who stated that the Fed is still behind the curve in its efforts to contain inflation. Bullard said that by the second half of the year, he would like to see the Federal Funds Rate (FFR) at 3.5 percent.

 

Later that day, Chicago Fed President Charles Evans indicated that "we (the Fed) will reach neutral by the end of this year or early next."

 

On the Japanese docket, the Current Account for February and Consumer Confidence for March would be the headline economic data releases. On the US front, Wholesale Inventories for February will be released on a monthly basis. 

USD/JPY Forecast: Technical Analysis

The USD/JPY continues bullish, but the average daily range (ADR) has been 55 pips during the last three days. Daily moving averages (DMAs) below the spot price further reinforce the uptrend, and it's worth noting that the 100-DMA at 109.48 is on the verge of crossing over the 200-DMA at 109.60.

 

With that considered, the first resistance level for the USD/JPY would be 124.00. If the latter is breached, the March 29 daily high of 124.30 will be revealed, followed by the year-to-date high of 125.10.


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