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On July 20, the Peoples Bank of China (PBOC) announced that it would keep the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the 14th consecutive month that they have remained unchanged.Chinas five-year loan prime rate (LPR) as of July 20 was 3.5%, compared to an expected 3.50% and the previous value of 3.50%.Chinas one-year loan prime rate as of July 20 was 3%, as expected and unchanged from the previous value of 3.00%.July 20th Futures News: According to JLC Networks calculations, as of the first working day of July 20th, the change rate was 9.54%, with the average price of benchmark crude oil at $85.30/barrel. Domestic gasoline and diesel prices increased by 450 yuan/ton. The price adjustment window for this round of adjustments will close at 24:00 on July 31st. 1. Shandong Local Refineries: The surge in crude oil prices over the weekend led to a significant increase in oil prices at local refineries. Traders were actively buying, and gasoline and diesel inventories showed a downward trend. The opening rise in crude oil prices further boosted the bullish sentiment, and oil prices are expected to continue rising by around 100 yuan today. 2. East China: On Monday, crude oil prices closed higher, and this is the first working day after the price increase. It is expected that gasoline and diesel prices in East China will continue to rise today, with discounts narrowing in actual transactions. Traders will focus on immediate needs, with cautious buying and selling. 3. South China: On Monday, crude oil prices opened higher, supported by positive news. It is expected that gasoline and diesel prices in South China will maintain an upward trend today, with end-user companies making moderate purchases, and the buying and selling atmosphere remaining relatively stable. 4. North China: Following a rise in international oil prices on Monday, prices opened higher today. Positive news continued to boost prices, and with supply pressure easing, major gasoline and diesel suppliers in North China maintained a strengthening upward trend. Traders focused on immediate needs, with cautious acceptance of higher prices. 5. Central China: On Monday, crude oil prices surged at the close, and with the retail price increase taking effect on the first working day, major gasoline and diesel prices in Central China are expected to continue rising today. Traders maintained immediate needs, and market activity remained weak.Chinas one-year loan prime rate (LPR) up to July 20 will be announced in ten minutes.

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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