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September 6th - According to foreign media reports, a White House official stated on Saturday that US and Russian officials discussed a "substantial" plan for the next steps in negotiations aimed at ending Russias military operations in Ukraine, and that the plan will be released in the coming weeks. The White House official stated, "Witkov and Kushner met with Russian President Putin to advance President Trumps peace agenda in the Russia-Ukraine conflict. Officials from the National Security Council, the State Department, and the Treasury Department also participated in the discussions, exploring proposals to bring peace to this conflict. The two sides discussed a substantial plan for the next steps, the details of which will be released in the coming weeks. We look forward to equally productive talks in Ukraine tomorrow."A White House official said that U.S. and Russian officials discussed the next substantive steps in negotiations on the Russia-Ukraine conflict, and the plan will be released in the coming weeks.On September 6th, the Hunan Provincial Department of Housing and Urban-Rural Development, the Provincial Department of Natural Resources, and the Provincial Department of Finance jointly issued the "Notice on Supporting the Independent Renewal of Old Housing," supporting the independent renewal of eligible old housing on state-owned land in urban (including county) built-up areas of Hunan Province. The notice is effective from the date of issuance and will be valid for five years. Regarding funding, the principle of "mainly funded by property owners, supplemented by government subsidies, and supplemented by social capital" will be adhered to. Eligible projects can apply for relevant policy-based funds according to procedures. The notice supports social capital participation in the independent renewal of old housing and encourages policy banks and commercial financial institutions to provide medium- and long-term, low-interest special loans in accordance with laws and regulations. For property owners with financial difficulties and no other housing, basic housing needs can be met through the allocation of affordable housing during the construction period.According to Axios: Gene Langer, the acting head of sanctions at the U.S. Treasury Department, accompanied Witkov and Kushner on their trip. Langer attended a preparatory meeting with Putins special envoy, Kirill Dmitriev, but did not attend the meeting with Putin. Langers participation indicates that U.S. sanctions against Russia were among the topics discussed.Conflict Status: 1. Russian forces launched a coordinated attack on multiple Ukrainian locations. 2. Zelensky: Russia attacked airports in Kyiv and Borspil before the visit of the US special envoy. 3. A Russian-appointed governor stated that in the past 24 hours, attacks by Ukraine on the Russian-controlled Luhansk region resulted in five deaths and five injuries. 4. Russia claims to have hit a cargo ship carrying military supplies provided to Ukraine by Western countries. 5. Putin ordered no attacks on Kyiv for the next three days. 6. Zelensky: Russia is prepared to abide by the agreement to cease airstrikes on cities involved in negotiations. From now until the end of Saturday, and on Sunday and Monday, Ukraine is prepared to cease airstrikes on Moscow, and we hope Russia will take the same measures on Kyiv. Peace Negotiations: 1. Russian Presidential Aide: Putin met with the US Presidential Envoy for over three hours; Russia reiterated its willingness to continue working with the US to seek a solution through political and diplomatic means. Other Developments: 1. Germany demanded that approximately 70 people from the Russian Consulate General in Bonn leave the country. 2. The Russian Deputy Foreign Minister called on the United States to consider battlefield realities in Russia-Ukraine mediation. 3. The International Atomic Energy Agency: A ceasefire has taken effect to allow for power line repairs and the restoration of external power to the Zaporizhia nuclear power plant.

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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