The Japanese yen weakened to its lowest level since 1986 on Tuesday due to rising expectations of Fed rate hikes, keeping investors on alert for possible intervention from Japanese authorities.
The BOJ will probably raise interest rates earlier than most expect as it moves to normalize still excessively accommodative financial conditions, according to the bank's former Executive Director Kenzo Yamamoto.
China's manufacturing activity expanded faster than expected in June, with high-tech production climbing. Separate data showed industrial profits in upstream sectors posting sharp gains
Goldman Sachs on Sunday revised up its Q3 China GDP growth forecast to 5% from 4.5%. That bodes well for Japan's exports that showed resilience in May due to a jump in shipments to the neighbouring country.
Global trade flows and relationships are shifting amid higher US tariffs, but the greenback continues to anchor international trade, banking and central bank reserves, the IMF's chief economist said.
The US and Iran are poised to hold fresh talks later today in Qatar's capital, Trump said via social media on Monday, following a series of strikes over the weekend that threatened to derail negotiations.
EBC Financial Group analyst says, while technicals heavily favoured the bulls, trading yen at historic levels carries significant fundamental risk. The next major support is seen to lie at the 162.2 – 162. 5 per dollar area.
Asset recap
As of market close on 29 June, among EBC major products, Owens Corning shares led gains on a report of takeover interest from rival Carlisle Companies.
Goldman Sachs adjusts Honeywell International price target to $552 from $276, maintains Buy Rating. Despite that, the shares plunged as the company officially spun off its most profitable division, Honeywell Aerospace.
Andy Burnham, likely the next UK PM, pledged Monday to give away a chunk of his power by handing greater autonomy to local leaders in a "circuit breaker" for the sclerotic state.
EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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