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Federal Reserve Board Governor Bowmans speech will be released in ten minutes.French President Emmanuel Macron stated: "We will continue to firmly support Ukraine. Ukraines future cannot be forged without the participation of the Ukrainian people. Europe must also be involved in developing a solution. We will continue to coordinate closely with Zelenskyy and our European partners."SpaceX: The Dragon spacecraft has been confirmed to have splashed down.On August 9th, European powers and Ukraine responded to Russian President Vladimir Putins ceasefire plan on Saturday with a counter-proposal, which they said must serve as a framework for progress in upcoming talks between Trump and Russian leaders, according to two European officials familiar with the negotiations. Europe rejected Russias proposal that Ukrainian troops withdraw from the remaining areas of Donetsk in exchange for a ceasefire. The European proposal included a requirement for a ceasefire before any other steps could be taken. It also stated that territorial exchanges could only be made on a "reciprocal" basis, meaning that if Ukraine withdraws from certain areas, Russia must withdraw from others. "You cant start a (peace) process by ceding territory in the middle of a battle," said a European negotiator. Crucially, the European plan presented to U.S. Vice President Cyril Vance and others also stipulated that any territorial concessions from Kyiv must be backed by absolutely reliable security guarantees—including the possibility of Ukraine joining NATO.The European proposal includes a ceasefire before any other steps can be taken. It also says territorial swaps can only be done on a "reciprocal" basis, meaning that if Ukraine withdraws from some areas, Russia must withdraw from others.

US Dollar/JPY Yields May Fall Below 131,000 Ahead of Vice President Joe Biden's SOTU Address

Daniel Rogers

Feb 08, 2023 14:39

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At 130.90, the USD/JPY is under pressure, extending yesterday's decline from the highest level in a month. In doing so, the Yen pair tracks the recent decrease in US Treasury bond yields despite a dismal start to Tokyo trading on Wednesday. In recent times, geopolitical concerns have combined contradictory Japan data and Fedspeak to weigh on the market.

 

At the time of publication, rates on 10-year US Treasury notes reversed a three-day increase while retreating from a one-month high of approximately 3.68 percent to 3.67%. The US Dollar Index (DXY) has fallen for the second consecutive day to approximately 103.30. In spite of this, S&P 500 Futures exhibit minor losses, mirroring Wall Street and reflecting a negative sentiment.

 

Japan's trade deficit decreased to -1,225.6B from -1,814.6B expected and -1,537.8B earlier, while the Current Account balance decreased to 33.4B from -1,803.6B and 98.4B.

 

President of the Federal Reserve Bank of Minneapolis Neel Kashkari told CNN, "We may have to maintain higher interest rates for a longer period of time," adding that he does not anticipate a recession. Jerome Powell, chairman of the Federal Reserve, then declared, "Expect 2023 to be a year of large declines in inflation," adding that if data continued to come in better than anticipated, he would certainly boost rates further.

 

Notably, optimism surrounding the Japanese government's wage negotiations with labor leaders in March appears to have fuelled optimism at home. However, China's denial of the Pentagon's request maintains the geopolitical tension at a high level.

 

Traders of the USD/JPY pair should rely on Bank of Japan (BoJ) discussions to target more losses, especially in light of recent hawkish concerns surrounding the Japanese central bank. Today's State of the Union (SOTU) speech by United States Vice President Joe Biden will also be vital to follow. Reuters said prior to the event, "US Vice President Joe Biden will face Republicans who question his legitimacy and a public apprehensive about the country's direction during Tuesday's State of the Union address, which is expected to serve as a blueprint for a 2024 re-election attempt,"


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