Important events today:

19:00 UTC – US: publication of Fed meeting minutes.

Japan continues to disappoint with weak macro statistics. The industrial PMI fell to its lowest level since the summer of 2020, which is the “indicator of the health” of the economy of the Land of the Rising Sun. Even despite negative interest rates from the Central Bank of Japan, industry is failing to increase output as export orders are shrinking.

Demand is limping, even despite the lifting of covid restrictions in China. The Japanese were expecting an increase in export orders to China, but the situation is still the same. The negative trend is confirmed by the dynamics of the world container index as the cost of a 40-foot container has fallen below $2,000 for the first time since the pandemic.

Recommendations: Buy 134.40/134.05 and TP 134.90.