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The China Earthquake Networks Center officially reported that a magnitude 3.9 earthquake struck Akto County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang, at 10:24 AM on February 6th, with a focal depth of 10 kilometers.February 6th - Today (February 6th), the Hainan Provincial Information Office held a press conference to introduce the "zero tariff" policy for imported goods for consumption by residents within the Hainan Free Trade Port and to answer reporters questions. The press conference announced that the first batch of five duty-free shops for daily consumer goods will be opened in the three prefecture-level cities of Haikou, Sanya, and Danzhou, with each shop scheduled to open on February 11th, the Southern Lunar New Years Eve.Li Auto (02015.HK) rose more than 2% amid volatility. The company’s chairman and CEO, Li Xiang, said that the company will launch a new generation of Li Auto L9 Livis Edition, priced at 559,800 yuan.February 6th - The U.S. Treasury yield curve is near its steepest level in over four years due to interest rate cuts and concerns about persistent inflation and fiscal deficits. The spread between the 10-year and 2-year Treasury yields widened to as high as 73.7 basis points on Thursday, just slightly below the peak of 73.8 basis points reached in April, the highest level since January 2022. The spread widened on Thursday as signs of weakness in the U.S. job market prompted traders to increase their bets on further monetary easing by the Federal Reserve this year. According to overnight index swaps, the Fed will cut its benchmark interest rate before June (just one month after the end of its term) and will implement two to three 25-basis-point rate cuts this year. Investors are speculating that President Trumps nominee for Fed chair, Kevin Warsh, despite his hawkish reputation, will still favor lower interest rates. Martin Whetton, head of financial markets strategy at Westpac, said: “While the curve has shifted fairly horizontally, weak jobs data has created more downside risk for front-end yields. However, the curve has become steeper as comments from the Treasury’s Borrowing Advisory Committee earlier this week suggested that supply increases could come earlier than expected in November.”The China Earthquake Networks Center officially reported that a magnitude 3.2 earthquake occurred in Gerze County, Ngari Prefecture, Tibet Autonomous Region at 09:49 on February 6, with a focal depth of 10 kilometers.

AUDJPY fails to exceed 94.00 prior to Australian Employment data

Alina Haynes

Nov 16, 2022 15:00

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The AUDJPY pair faces headwinds in the early Tokyo session as it attempts to hold above the important support level of 94.00. The asset has encountered resistance at 94.50 and is projected to stay volatile until the release of Australian employment data on Thursday.

 

As geopolitical tensions increase, the value of the cross has decreased. Following the expansion of Russian separatist military action into Poland, the risk profile has deteriorated. Russia has denied any participation in the incident, while Poland has demanded a meeting with NATO countries.

 

Despite the release of the Reserve Bank of Australia (RBA) minutes on Tuesday, the risk indicator remained relatively stable. In spite of an extraordinary spike in inflation to 7.3%, the RBA minutes showed a 75% chance of a 25 basis point rate hike.

 

The board concurred that acting consistently on policy rates would enhance the public's and financial market participants' faith in the monetary policy framework. In addition, RBA policymakers believed that the Official Cash Rate (OCR) had risen substantially in a short time. In addition, the anticipated interest rate has been raised to 8%.

 

Meanwhile, Japanese investors reacted less harshly to Tuesday's disappointing Gross Domestic Product (GDP) data. Contrary to forecasts of 0.3% growth and a previous declaration of 0.9%, the Japanese economy contracted 0.3% during the third quarter. Compared to the expected expansion of 1.1% and the prior release of 3.5%, the economic catalyst has revealed a negative growth rate of 1.2% on an annualized basis.

 

This week, the most important asset trigger will be the Australian payroll data. According to the consensus, the economy added 15,000 jobs in October, compared to a paltry gain of 900 jobs in September. The predicted unemployment rate is 3.6%, up from 3.5% in the previous report.


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