EUR/USD 1.19150
0.020%
Gold 5027.19
-0.612%
Oil 64.005
-0.425%
USD/JPY 155.201
-0.439%
GBP/USD 1.36910
-0.034%
GBP/JPY 212.488
-0.461%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
February 10th - The overnight SHIBOR was 1.3620%, up 9.20 basis points; the 7-day SHIBOR was 1.5310%, up 2.60 basis points; the 14-day SHIBOR was 1.6040%, up 2.00 basis points; the 1-month SHIBOR was 1.5510%, up 0.10 basis points; and the 3-month SHIBOR was 1.5800%, unchanged from the previous trading day.On February 10th, nine departments, including the Shanghai Municipal Health Commission, issued the "Implementation Opinions on Further Strengthening the Construction and Operation of Community Health Service Institutions in Shanghai." The opinions propose expanding the coverage of contracted services. Family doctor contracted services will be extended to working and school-aged individuals in functional communities, steadily expanding the coverage of contracted services. Online and offline contracting channels will be streamlined, a flexible contracting mechanism of 2-3 years will be implemented, and annual confirmation of family doctor contracted services will be conducted. Residents will be guided to sign contracts as a family unit. The contracted coverage rate for the permanent resident population will increase by 1-3 percentage points annually, achieving the goal of a 60% contracted rate for the permanent resident population by 2030.February 10th - The Shanghai Municipal Government will hold the first press conference in a series on the theme of Shanghais "15th Five-Year Plan" on February 11th. The conference will invite relevant municipal leaders and officials from the Municipal Financial Services Office, the Municipal Development and Reform Commission, the Municipal Science and Technology Commission, the Municipal Housing and Urban-Rural Development Management Commission, and the Municipal Health Commission to attend, introduce the relevant content of the "Outline of Shanghais 15th Five-Year Plan for National Economic and Social Development," and answer questions from reporters.On February 10th, Bank of America Securities issued a report stating that Zijin Mining (02899.HK) has raised its production guidance for 2026-2028. Gold production is expected to reach 130-140 tons in 2028, up from the previous guidance of 100-110 tons; the CAGR (compound annual growth rate) between 2025 and 2028 is 13%-16%. Meanwhile, the company guides copper production to reach 1.5 million-1.6 million tons in 2028, representing a CAGR of 11%-14% between 2025 and 2028. The company has also raised its 2028 lithium production guidance to 270,000-320,000 tons, up from the previous 250,000-300,000 tons, representing a CAGR of 121%-134% between 2025 and 2028. The bank reiterated its view that Zijin Mining is its top pick and maintained its buy rating, with target prices of HK$50 for H-shares and RMB45 for A-shares. The bank believes that the company has strong long-term production growth, strict cost control, and reasonable valuation, in addition to its positive outlook on gold and copper prices.On February 10th, Alibaba DAMO Academy released RynnBrain, a basic model for embodied intelligence, and open-sourced seven full-series models, including 30BMoE.

USD/JPY falls to a two-month low at 131.50 owing to decreasing rates and recession concerns

Daniel Rogers

Aug 02, 2022 15:11

 截屏2022-08-02 上午9.53.23.png

 

During Tuesday's Asian session, USD/JPY bears hold dominance at the lowest levels in eight weeks as the pair flirts with the 131.50 barrier. Recent weakening in the pair may be linked to negative rates and recent good news on Japan, not to mention inconsistent Fed and China-related rhetoric.

 

US 10-year Treasury rates touched a four-month low of roughly 2.58 percent the day previous, as US economic data heightened concerns of a slump. As traders awaited the announcement of vital US employment numbers for July on Friday, the dollar dropped. In spite of this, the US Dollar Index (DXY) plummeted to a new monthly low before bouncing off 105.25 on Monday.

 

In July, the US ISM Manufacturing PMI fell to its lowest level since January 2020, as the activity index fell from 53.0 to 52.8. However, the actual figures outperformed the market projection of 52.0. Additionally, final readings of the US S&P Manufacturing PMI dipped below early predictions of 52.3 to 52.2, compared to 52.7 earlier. In addition, Germany's Retail Sales plummeted 8.8 percent year-over-year in June, compared to a market forecast of -8.0 percent and a prior decrease of -3.6 percent.

 

It should be remembered that the second straight quarterly contraction in US Gross Domestic Product (GDP) caused a "technical recession" and weighed on the US dollar throughout the preceding week. Fed Chair Jerome Powell's indirect warnings that the hawks are losing momentum were in the same tone.

 

On a separate page, Reuters claims three sources familiar with the issue as claiming that US House of Representatives Speaker Nancy Pelosi was slated to visit Taiwan on Tuesday, despite Chinese vows to never "sit idly by" if she made the trip to the self-governed island claimed by Beijing.

 

At home, speculations of an increase in Japanese salaries and challenges to the Bank of Japan's (BOJ) cheap money policies appeared to have sunk the USD/JPY exchange rate, probably due to widespread inflation anxieties. Recent estimates from Nikkei show that the average minimum wage in Japan will climb by a record 3,3 percent in the fiscal year ending in March 2023. The newspaper also noted, "A Japanese panel is aiming to enhance the average minimum wage by 31 yen."

 

Wall Street concluded with minor losses, but 10-year Treasury rates struck a four-month low of approximately 2.58 percent. In spite of this, as of press time, the S&P 500 Futures indicate moderate losses of around 4,120.

 

In the near future, the words of Chicago Fed President Charles L. Evans and Federal Reserve Bank of St. Louis President James Bullard will impact the course of the USD/JPY.


Suggestion