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On January 31st, China Merchants Securities, in its latest research report, also pointed out that its team recently surveyed liquor distribution channels in Henan, Anhui, Sichuan, and other regions. Overall demand is still declining (double-digit decline), but this is in line with previous expectations. Looking at different scenarios, business banquets are mainly small-scale events, mid-to-high-end dining remains sluggish, and gift-giving demand has partially rebounded. There is a clear differentiation among brands, with Moutai showing excellent sales performance due to pre-emptive stockpiling for the Spring Festival, while other brands are under pressure.On January 31st, according to a Weibo post by Lei Jun, Chairman of Xiaomi Group, he will be hosting a live stream at 8 PM on February 1st at the Xiaomi Auto factory laboratory in Beijing, giving viewers a tour of some of the labs. This will be an educational live stream to help viewers understand the development process of the new generation SU7 and to casually discuss some recent hot topics related to Xiaomi Auto, such as the GT7 and resale value.Algerias Remote Sensing Satellite-3B was successfully launched.January 31st - According to the Dongguan Statistics WeChat official account, based on the unified accounting results of Guangdong Provinces regional GDP, Dongguans GDP in 2025 reached 1,276.02 billion yuan, a year-on-year increase of 4.0% at constant prices. Specifically, the added value of the primary industry was 3.69 billion yuan, a year-on-year increase of 4.5%; the added value of the secondary industry was 716.544 billion yuan, a year-on-year increase of 4.4%; and the added value of the tertiary industry was 555.787 billion yuan, a year-on-year increase of 3.5%.On January 31st, amidst a sharp drop in gold and silver prices, the Chicago Mercantile Exchange (CME) announced on Friday that it would raise margin requirements for Comex gold and silver futures trading. According to the statement, for non-high-risk accounts, the margin for gold futures will increase from 6% to 8% of the contract value, while for high-risk accounts, the margin will increase from 6.6% to 8.8%. For silver, the margin for non-high-risk accounts will rise from 11% to 15%, and for high-risk accounts from 12.1% to 16.5%. Margin requirements for platinum and palladium futures will also be raised accordingly. These adjustments will take effect after the close of trading next Monday.

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

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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.


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