apan plans to discuss a number of specific proposals with Russia to be partakers with its entrepreneurs to the development of the agricultural sector in the Russian Far East. According to the newspaper Sankei Shimbun, the Minister of Economy, Trade and Industry Hiroshige Seko will visit Moscow to discuss these proposals on November 1.
Despite a lack of events in the economic calendar the US Dollar managed to strengthen, and now there is a good chance of the pair settling above 102.70, where the weekly PP coincides with the 55-day SMA. If this is the case, the next resistance to try and stop the advancement will be 103.50, represented by the trendline that originated at the very beginning of the year. Additional resistance is at 104.80 (100-day SMA and monthly R1), but a breach of 103.50 is likely to be followed by a recovery to July highs at 107 yen.
The Monetary Authority of Singapore (MAS) and the Swiss Financial Market Supervisory Authority (Finma) have signed an agreement to expand cooperation on FinTech.
This initiative was launched at the second Financial Dialogue between the MAS and the State Secretariat for International Finance (SIF) held today.
The accord will help spur opportunities for FinTech businesses from Singapore and Switzerland to grow into each other’s markets. MAS and FINMA have also committed to sharing the information regarding emerging fintech trends and regulatory issues pertaining to innovation.
Although yesterday in the morning the upside seemed limited, the price managed to mount 102 yen, thus closing above the monthly PP and alleviating some downward pressure. Nevertheless, the 55-day SMA stays intact, suggesting the near-term outlook remains negative and 100.80/70 is still a viable target. This support mainly consists of the 50% retracement of the 2012-2015 rally and monthly S1. Additional strong demand is seen at 100 yen, and for the time being this we consider to be the floor.
China’s economy is confident, but has not yet started to run: exports still falls in August, but at a lower rate than previously recorded while imports create the first recovery of two years now.
According to the numbers released by the General Administration of Customs in Beijing on Thursday, exports in August fell by 2.8% over the previous year, slowing the fall compared to -4.4% in July. The data also reveals higher than economists’ expectations, which indicated a contraction of 4%.
Walter Berchtold, the new CEO of Falcon Private Bank, is to resolve issues faced by its Singapore unit in connection with the 1Malaysia Development Berhad (1MDB) scandal. Berchtold, who will officially assume the role next month, plans to travel to Singapore upon assuming office, Swiss business paper Handelszeitung reported.
apanese companies could leave the UK. The threat came directly on the table of the Chinese G20. "Japanese companies have headquarters in the United Kingdom may decide to shift their headquarters in continental Europe where EU laws will cease to be applicable in the United Kingdom". In a document published on the Foreign Ministry website Tokyo calls on the newly British Prime Minister Theresa May to act "responsibly to minimize negative impacts on the Japanese firms."
Japanese household spending continued to decline in July as the strongest labor market in at least two decades failed to boost wage growth significantly. Household spending fell 0.5% year-on-year in July, according to Japan’s Statistics Bureau, the fifth-consecutive decline and the 21st month out of the last 24 that spending has fallen. Analysts had expected spending to fall 1.3% in July.
