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Xiaomi Auto: In July 2026, Xiaomi SU7 sold 21,044 units, ranking first in sales of sedans priced above 200,000 yuan for four consecutive months.According to JLC Network Technologys calculations, as of the eighth working day on August 12th, the change rate was -7.86%, with the average price of benchmark crude oil at $82.01 per barrel. Domestic gasoline and diesel prices decreased by 290 yuan/ton. The next price adjustment window is at 24:00 on August 14th. 1. Shandong Local Refineries: Yesterday, industry players were cautious about chasing higher prices. Local refineries failed to achieve production and sales balance for gasoline and diesel. However, international crude oil prices continued to rise, and local refinery inventories remained low, which is expected to support a stable market for refined oil products in Shandong today. 2. East China: On Wednesday, crude oil prices continued to rise, with positive news. It is expected that gasoline and diesel prices in East China will continue their steady upward trend today, with downstream buyers maintaining small-volume, just-in-time orders, resulting in a quiet trading environment. 3. South China: On Wednesday, international crude oil prices continued to rise, supported by positive news. It is expected that gasoline and diesel prices in South China will maintain an upward trend today, with end-users remaining cautious about chasing higher prices, resulting in a stable trading environment. 4. North China: Crude oil prices rose amid sharp fluctuations on Wednesday. It is expected that gasoline and diesel prices in North China will remain firm at high levels, with some prices trending upwards. Continued crude oil supply risks are supporting oil prices, while weak demand and declining acceptance of high-priced resources are causing traders to operate cautiously, awaiting further market developments. 5. Central China: Crude oil prices continued to rise on Wednesday, further boosted by positive news. It is expected that gasoline and diesel prices in Central China will remain firm today. However, with rising oil prices, downstream buyers risk aversion is increasing, and market transactions may not see a significant increase.On August 12th, Min Kyung-seop, head of the Innovation and Growth Office at the South Korean Ministry of Finance, stated on Tuesday that South Korea expects to allocate 600 billion to 1 trillion won (approximately US$707 million) in new funds next year to a new sovereign wealth fund targeting strategic industries such as AI. The final investment amount may exceed initial expectations, depending on the specific targets and their funding needs. Min Kyung-seop stated that there are currently no plans for the fund to directly invest in Samsung Electronics and SK Hynix. In July, the South Korean government announced the establishment of a new "Strategic Industry Investment Account" under the Korea Investment Corporation (KIC), with initial funding of at least 20 trillion won (approximately 94 billion yuan). Investment targets include AI, semiconductors, data centers, and core companies in overseas supply chains. The plan is to formally establish and operate this "South Korean version of a sovereign wealth fund" next year. Min Kyung-seop indicated that the fund will also target infrastructure such as robotics, energy and batteries, and power grids, with nuclear energy, space, and quantum technology also under consideration.Market uncertainty remains regarding the resumption of shipping through the Strait of Hormuz. International oil prices fluctuated and rose slightly. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.As of 8:30 AM Beijing time, spot platinum rose 0.05%, and spot palladium rose 0.15%.

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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