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Japans 20-year government bond yield fell 2.0 basis points to 2.490%.South Koreas central bank decided the interest rate at 2.5% on July 10, in line with expectations of 2.50% and the previous value of 2.50%.On July 10, an important panel in the U.S. Senate debated proposed digital asset regulation, with Republicans calling for a moderate approach and Democrats warning of potential loopholes and conflicts of interest. "Our job is to set clear, loose guardrails to protect investors, stop fraud, and allow responsible innovation to flourish," said Tim Scott, chairman of the Senate Banking Committee. He noted that legislation should clearly define which tokens are securities and ensure appropriate protection from illegal financing. Republican Senator Hagerty and others released market structure principles last month, calling for a clear definition of the legal status and regulatory agencies of digital assets. The plan is largely in line with the CLARITY Act proposed by the House Committee in June. Hagerty said he was not worried about losing bipartisan support for market structure legislation and predicted that Democrats who support stablecoin legislation would begin to act.Foreign investors bought Japanese government bonds worth -164.6 billion yen in the week ending July 4, with the previous value revised from 105.26 billion yen to 105.91 billion yen.Japan bought 512.7 billion yen of foreign stocks in the week ending July 4, compared with 190.6 billion yen in the previous period.

US DOLLAR FUNDAMENTAL FORECAST: BULLISH

Alice Wang

Jul 18, 2022 15:20

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After a US inflation data boosted expectations for a Federal Reserve rate rise this week, the US dollar increased and reached levels not seen since September 2002. In June, the consumer price index (CPI) increased by 9.1% as compared to the same month a year before, above the consensus estimate of 8.8%. Core inflation, which excludes the cost of gasoline and food, increased more than was predicted.


According to Fed Funds futures, this raised the likelihood of a 100 basis-point rate rise at the July 27 FOMC meeting to above 50%. These wagers decreased over the weekend but were still larger than they were before to the CPI report. Before the FOMC blackout period started on July 16, representatives from the Federal Reserve assisted in lowering such expectations.


According to the CFTC's most recent Commitments of Traders report, traders reduced their long bets on the US dollar for a second consecutive week. Despite the two-week fall, traders' net long positions in the USD have mainly not changed. The reference period for the data concluded on July 12, leaving markets in the dark about post-CPI positioning.

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