
The G20 summit took place in Bali, Indonesia, on November 2022…
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Yesterday morning the Japan’s GDP for the second quarter was released. It was slightly worse than analysts expected: -0.6% versus -0.5%. On the whole, that data proved that Japan fell into recession as it experienced two straight quarters of contraction. While US and most European countries switched from crisis-response to the next phase of supporting the economic growth, Japan is still stuck in the first one as it continues to focus on preventing a second wave of coronavirus. According to the senior economist at Oxford Economics, Stefan Angrick, the outlook is “extremely challenging”. Japan has its worst postwar drop in the current quarter.
Nevertheless, the Bank of Japan has already took all needed measures to stimulate the economy. Now it’s the matter of time to see the economy recovering. A Cabinet Office survey on Monday showed Japan’s service sector sentiment improved last month, and that is quite promising. Also Japan’s government is going to unveil 1.1 trillion dollars stimulus package. It will definitely underpin the whole economy.
The USD/JPY tested the largest intraday fall yesterday since March 27. It’s headed towards the 50-day moving average at 107.5. If it sticks to the long-term bearish trend and crosses it, it may go even deeper to 107.0. Resistance levels are at 110 and 111.
The G20 summit took place in Bali, Indonesia, on November 2022…
The deafening news shocked the whole world yesterday: the British Queen Elizabeth II died peacefully at the age of 96…
After months of pressure from the White House, Saudi Arabia relented and agreed with other OPEC+ members to increase production.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.
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