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On August 17th, Anthropic CEO Dario Amodé stated that the best way to defeat AI skeptics is to deliver on hype promises. In a rare post on Saturday, Amodé acknowledged public distrust of artificial intelligence and pointed out that the industry can only change this by achieving tangible scientific breakthroughs. Amodé stated, "Currently, saying that AI can cure cancer is more of a cliché, uninspiring, and considered deceptive by most. The most accurate criticism of AI companies, including Anthropic, is that we havent yet delivered on our grand promises of bringing benefits to the world. Whats truly effective is curing cancer." Amodé has previously warned of the potential dangers of the rapid development of AI. Other AI leaders have criticized Amodés rhetoric. Earlier this year, Google DeepMind co-founder Demis Hassabis said his peers were "too confident" in pessimistic predictions and advised them to retract their forecasts. With OpenAI and Anthropic poised for IPOs, the sentiment has shifted from pessimism to optimism. However, Amoday said on Saturday that he did not believe his warnings were the root cause of public distrust of AI.Junzheng Co., Ltd. announced on the Hong Kong Stock Exchange that it plans to issue 31.28 million H shares (subject to the exercise of the over-allotment option) in Hong Kong, with an issue price not exceeding HK$102.80 per share, and is expected to start trading on August 25.On August 17th, US President Trump posted on social media that he was unhappy with the USs previous agreement to participate in joint military exercises with South Korea, given his "good relationship" with North Korean leader Kim Jong-un. Trump stated, "These exercises are not only extremely costly, with most of the expenses borne by the United States, but they also send a completely inappropriate and hostile signal to a country that has never been a threat and has maintained respect during my presidency." Trump said that since canceling the exercises is now too late, he has "instructed Secretary of War Hergsays to significantly reduce the scale of these joint US-South Korea military exercises." Trump also stated that he recently inquired with the South Korean president whether he would be willing to work with the US to "promote the denuclearization of Iran," but South Korea refused.Conflict Situation: 1. Iran claims US troops have been expelled from the Strait of Hormuz. 2. According to Sky News: Yemeni sources revealed that Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province. 3. According to the Jerusalem Post: The Israel Defense Forces killed senior Hezbollah commander Abu Hassan Alaa in a weekend attack on the Deir Zahrani region in southern Lebanon. 4. According to IRNA: The Iranian Army Chief of Staff stated that they are certain the USS Abraham Lincoln aircraft carrier was hit at least once by Iranian munitions, rendering all its fighter jets unable to take off for a period of time. Peace Talks: 1. The Chairman of the Hamas Political Bureau visited Egypt to discuss the situation in the Gaza Strip. 2. Egyptian President Sisi met with Trumps son-in-law, Jared Kushner, confirming the necessity of resolving the current regional crisis. 3. Inside stories of the US-Iran negotiations were exposed by US media, revealing that the Trump administration bypassed Iranian negotiators to contact the Revolutionary Guard. 4. US media: Kushner met with Hamas leaders in Egypt on Sunday and pressured them to begin fulfilling their commitments to disarm. Kushner is expected to arrive in Israel on Monday and meet with Netanyahu to discuss the "reciprocal measures" Israel needs to take. 5. According to Al Jazeera: Palestinian sources revealed that Kushner has informed the Hamas leadership that Trump believes disarming the various factions is a crucial step before any further action in Gaza. Other matters: 1. Iranian parliament passes anti-infiltration bill. 2. Israels post-war economy recovers rapidly, with Q2 GDP surging 15.4%. 3. Iranian Army Commander-in-Chief: $30,000 reward for capturing or killing US troops. 4. Iran claims three pilots have been detained by Qatar; Qatar denies this. 5. Israeli security sources revealed that the Israeli military is preparing for a possible escalation of the situation in Lebanon. 6. Israeli Defense Minister: We will not leave any unresolved issues on any battlefield; we will do everything in our power to protect our soldiers and citizens. 7. Iranian media Fars News: The Deputy Political Commander of the Iranian Revolutionary Guard stated that their actions have so far been defensive; however, they may shift to offensive tactics in the future. 8. According to Irans Tasnim News Agency: The Iranian Revolutionary Guard stated that Qatar should allow an Iranian team of experts to investigate the missing pilots disappearance, instead of denying that the pilot was detained. 9. Egypt, Jordan, the UAE, Qatar, Indonesia, Saudi Arabia, Turkey, and Pakistan issued a joint statement condemning Israels rejection of US President Trumps plans for Gaza.On August 17th, local time, US President Trump posted on his social media platform "Real Social" on August 16th, welcoming the recent signing of a joint defense agreement between Saudi Arabia, Turkey, and Pakistan. Trump stated that the agreement demonstrates strengthening unity in the Middle East, enabling countries to defend themselves in a "more effective way." He also congratulated the leaders of Saudi Arabia, Turkey, and Pakistan, calling the agreement a "bold and important first step."

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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