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On April 27th, Shijiazhuang Pharmaceutical Group (02005.HK) announced that it has obtained the drug production registration certificate from the National Medical Products Administration of China for diltiazem hydrochloride for injection (10mg), which belongs to Category 4 chemical drugs and is considered to have passed the consistency evaluation. Diltiazem hydrochloride for injection is mainly used for the emergency treatment of supraventricular tachycardia, abnormal hypertension during surgery, hypertensive emergencies, and unstable angina. The Group has also obtained the National Medical Products Administrations approval for propranolol hydrochloride injection (5ml:5mg and 2ml:2mg), which belongs to Category 3 chemical drugs and is considered to have passed the consistency evaluation.On April 27th, according to Tencent Cloud, QClaw released its most significant version update to date (v0.2.14). It officially integrates support for the Hermes framework, allowing users to create and run Hermes-type agents, enabling them to "raise shrimp and horses" within a single application. Simultaneously, QClaw also completed several capability updates in this version: the "Inspiration Square" has been fully upgraded to the "Expert Square," lowering the barrier to entry for users unfamiliar with Prompt. The remote control channel WeChat mini-program has been upgraded to support voice interaction and file sharing with friends. The underlying model has been upgraded from fixed usage to flexible switching, now supporting the latest Hy 3 preview and DeepSeek-V4 Pro. Four new platforms have been added to the connectors: Baidu Cloud, Ctrip, Fliggy, and Tencent News; agent team collaboration functionality based on Tencent Docs has also been launched simultaneously.The Federation of Automobile Manufacturers of Thailand: Thailands automobile exports fell 0.64% year-on-year in March (compared to a 0.05% decline in February).On April 27th, data from the State Taxation Administration showed that in the year since the implementation of the "instant tax refund upon purchase" policy for departing tourists, the number of people applying nationwide has increased by 12.96 times year-on-year, while the sales volume and amount of tax refunds have increased by 9.35 times year-on-year, demonstrating rapid growth in business scale. It is understood that "instant tax refund upon purchase" means that in regions where the departing tourists have implemented the tax refund policy, when purchasing tax-refundable goods at "instant refund" stores, they can sign an agreement and pre-authorize their credit cards to receive a refund in RMB equivalent to the tax amount on-site at the store. The government actively encourages eligible tax refund stores to provide "instant refund upon purchase" services. Currently, there are over 8,000 tax refund stores nationwide offering this service, an increase of over 100% compared to when the policy was first rolled out nationwide a year ago.On April 27th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust Asset Management, stated that the Bank of Japan is expected to maintain its policy rate at 0.75% on Tuesday. However, even if it pauses its actions, it doesnt necessarily mean a further postponement of interest rate hikes. He said, "The Bank of Japan has repeatedly emphasized that financial conditions remain accommodative, and its policy stance still leans towards tightening." The economist added, "If tensions in the Middle East ease and uncertainty decreases even slightly, the likelihood of a rate hike in June or July will increase."

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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