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On April 3, the State Financial Supervision and Administration Bureau issued a notice on strengthening the management of commercial banks Internet loan assistance business and improving the quality and efficiency of financial services, which will take effect on October 1, 2025. Commercial banks should include the credit enhancement balance of credit enhancement service institutions in unified credit management and evaluate their compensation and payment capabilities at least once a quarter. For credit enhancement services provided by financing guarantee companies and for credit enhancement services provided by financing guarantee companies across provinces, autonomous regions, and municipalities directly under the Central Government, commercial banks should confirm that their registered capital, magnification, financial status, operating rules, etc. comply with the relevant provisions of the "Regulations on the Supervision and Administration of Financing Guarantee Companies" and other relevant regulations to prevent excessive credit enhancement risks.Mercedes production manager: Mercedes is still evaluating the impact of tariffs and is considering moving production of one model to the United States.Traders increased bets on the Bank of England to cut interest rates, with three more cuts expected this year.U.S. airline stocks fell in premarket trading, with United Airlines (UAL.O) down 4.13%, American Airlines Group (AAL.O) down 3.3% and Delta Air Lines (DAL.N) down 3.16%.Finnish President: The coalition of willing countries agrees that at least one European leader should talk to Russia. France or Britain should talk to Putin.

AUD / USD Rises To 0.6640 As Australian Employment Improves

Daniel Rogers

Mar 16, 2023 14:12

As a consequence of the upbeat Employment data from the Australian Bureau of Statistics, the AUD/USD pair has extended its recovery to near 0.6640. The Australian economy added 64,600 new employment in February, exceeding the consensus estimate of 48,500. The Australian economy reported 11.5K unemployment in January. From estimates of 3.6% and the previous issuance of 3.7%, the unemployment rate has been further reduced to 3.5%.

 

The Reserve Bank of Australia (RBA), which is drafting a plan to reduce inflation, will encounter additional challenges as a consequence of positive Australian labor market data. As a larger labor force in action would exacerbate inflationary pressures, RBA Governor Philip Lowe may continue to target higher rates.

 

Earlier, Australian Consumer Inflation Expectations (Mar) data indicated that inflation projections for the next 12 months decreased to 5.0% from the consensus of 5.4% and the previous release of 5.1%.

 

In the meantime, S&P500 futures are showing modest gains during the Asian session, which could be considered a dead cat bounce following the volatility on Wednesday. The debacle of Credit Suisse following the failure of Silicon Valley Bank (SVB) has increased the risk of global banking turmoil. According to one school of thought, the Federal Reserve (Fed) and other western central banks' rapid and precipitous interest rate increases contributed to the collapse of the global banking system.

 

As investors anticipate a less hawkish interest rate decision from the Federal Reserve (Fed) next week, the US Dollar Index (DXY) is looking to extend its correction below 104.60. After a fleeting upswing in January, the United States' inflation has retreated, dampening expectations for a hawkish stance from Fed chair Jerome Powell.