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On November 8, Chicago Mayor Brandon Johnson addressed the UN Human Rights Council on November 7. Johnson stated that the US federal governments refusal to accept review by the Human Rights Council was an attempt to evade scrutiny. He argued that the Human Rights Council should apply the same accountability standards to the US federal government as it does elsewhere in the world, and that no country is above international law. Johnson called on the Human Rights Council to send independent experts to Chicago to investigate the challenges facing the city; he also urged the Council to take further accountability measures, including convening a special session to investigate the worsening human rights crisis in the United States. The UN Human Rights Council was scheduled to hold its fourth round of Universal Periodic Review (UPR) on November 7, but the US representative refused to attend, preventing the review from proceeding normally. The Human Rights Council adopted a decision that day urging the United States to resume cooperation with the UPR mechanism.Russian Ministry of Defense: Russian troops have occupied the village of Vovche in the Dnipropetrovsk region of Ukraine.Ukrainian Prime Minister: Russia’s attack on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv and Poltava regions.November 8th - Pfizer has finalized its $10 billion acquisition offer for Metsera, a startup focused on weight-loss drugs, after a bidding war with Novo Nordisk. Novo Nordisk stated that after careful evaluation, it decided not to raise its offer and will continue to monitor business expansion and other acquisition opportunities. Under the agreement, Pfizer will complete the transaction at a maximum price of $86.25 per share, including an initial cash payment of $65.60 per share, and an additional consideration of up to $20.65 per share if certain performance targets are met.November 8th - On November 7th local time, Canadian Prime Minister Mark Carney stated that the increasingly close economic relationship between Canada and the United States over the past decades has come to an end. Carney said that Canada once enjoyed some economic advantages due to its close ties with the US, but this has now become a weakness. He described this change as rapid and almost seamless, and called for a swift and radical shift in Canadas economic strategy.

USDJPY seeks to reclaim 146.00 amid rising interest rates and US midterm election concerns

Alina Haynes

Nov 09, 2022 18:56

截屏2022-11-09 下午4.17.02.png 

 

In Asia on Wednesday morning, the USDJPY rises considerably from a two-week low at 145.70-80. Consequently, the Yen pair reverses its three-day decline in response to the cautious market sentiment.

 

Despite this, optimism is dwindling as the most recent information from the US midterm elections indicates government gridlock. In conjunction with the Republican demand for an increase in the debt ceiling, this intensifies the fear of rising interest rates.

 

The deteriorating coronavirus situation in China contributes to both the current risk aversion and the USDJPY exchange rate. China reports the highest number of new COVID cases in six months on November 8, with 8,335 new cases reported, while Guangzhou's second district remains quarantined.

 

It should be noted that Japan recorded a significant Current Account surplus for the month of September, but failed to recognize the sharpest decline in the surprise for the first half of the current fiscal year (FY) since 2008. In recent days, speculations of intervention by the Bank of Japan (BOJ) and the recent softening of US data joined mixed Fed fears to boost US Treasury rates and USDJPY prices.

 

As a result of these factors, the yield on the 10-year US Treasury note regains upward momentum and surpasses 4.14 percent, while the yield on the 2-year note climbs somewhat and approaches 4.62 percent. It should be noted that despite Wall Street's three-day rally, US stock futures reported minor losses while Asia-Pacific markets closed in the red.

 

Ahead of Thursday's release of the US Consumer Price Index (CPI) for October, USDJPY traders may find political and covid updates entertaining. Purchasers of USDJPY near 145.50 are protected by the 50-day simple moving average, but the recovery requires confirmation from a three-week-old resistance line near 147.45.

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