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On May 18, Irans SNN state news agency quoted Iranian President Masoud Pezeshichiyan at the "Tehran Dialogue" forum as saying that if the energy supply (mainly oil) is interrupted, Western countries will be paralyzed. In this case, in order to ensure that they can have a stable oil supply, Western countries will provoke Middle Eastern countries to confront each other. Pezeshichiyan said: "If the energy resources in the Persian Gulf are not supplied to the other side (Western countries), then they will all be paralyzed, but they will make us confront each other, so that they can easily seize our energy and our oil at any price they want, and instead provide us with weapons and make us confront each other."Ukrainian President Zelensky: Reaffirmed Ukraines willingness to engage in real diplomatic negotiations and stressed the importance of achieving a comprehensive and unconditional ceasefire as soon as possible.Ukrainian President Zelensky: I had a good meeting with US Vice President Vance and US Secretary of State Rubio in Rome. We discussed the negotiations in Istanbul. The Russian delegation is of a lower level and has no decision-making power.May 18th news, recently, the 2025 Tsinghua PBC Global Finance Forum was held in Shenzhen. Hu Xiaolian said at the meeting that under the background of the Trump administrations tariff policy, the pattern of the international trade and investment system will undergo some changes. "Where this change will go and what kind of results it may cause, I think there are three points that deserve our attention." Specifically: First, the cost-benefit rebalancing in international trade and investment may increase the development opportunities of "global South" countries and emerging market countries. Second, the rebalancing of global trade will cause profound adjustments in the internal economic structure of major economies. Third, currency rebalancing will guide the world monetary system towards a more diversified and inclusive direction.US Middle East envoy: I think we will meet with the Iranian side in Europe next week and we hope that the talks will bring some positive results. The situation on the ground in Gaza is extremely dangerous.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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