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On March 3, according to the Ukrainian News Agency, German Chancellor Scholz said in London that Ukraines partners will continue to support the country, and Russias demands for Ukraine to demilitarize and support a pro-Russian leadership are unacceptable. Scholz stressed: "All parties at the meeting confirmed their willingness to support Ukraine." He reiterated that peace talks must follow a basic principle: no decision can be made without Ukraines participation. Scholz stressed that this means that Ukraines sovereignty and independence must be maintained, and only Ukraine itself can decide its own future, not others for it or on its behalf.On March 3, local time on March 2, leaders of many countries held a meeting in London on the Ukrainian crisis and European defense issues. After the meeting, British Prime Minister Starmer held a press conference and announced that Ukraine would be allowed to use 1.6 billion pounds of export financing to purchase 5,000 air defense missiles. Starmer also said that the United States is not an "unreliable ally."Ukrainian President Zelensky: European solidarity has reached an extremely high level, which has not been seen for a long time. We are committed to working together in Europe to lay a solid foundation for achieving peace in cooperation with the United States.Ukrainian President Volodymyr Zelensky said at a European summit in London that we felt strong support.On March 2, Russian Foreign Minister Lavrov said in an interview with Russian media that some European countries hope that the Russian-Ukrainian conflict will continue. The United States has clearly stated that it hopes to end the Russian-Ukrainian conflict, but some European countries want to "continue the feast" in the form of war. These countries are preventing peace. The United Kingdom also claimed that it will provide a large number of weapons to Ukraine this year. Regarding the idea that some European countries plan to send peacekeeping forces to Ukraine, Lavrov said that for Russia, the presence of European peacekeeping forces in Ukraine means that the root cause of the Ukrainian crisis will not disappear.

AUD/JPY remains around 95.00, and a greater policy difference between the RBA and BOJ is likely

Alina Haynes

Sep 02, 2022 14:46

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The Australian Dollar/Japanese Yen exchange rate has been volatile during the Tokyo trading session, moving in a slightly wider range of 94.77-95.20. In the meantime, investors have been watching the asset's price closely ahead of next week's monetary policy decision by the Reserve Bank of Australia (RBA). The cross has shown a sideways auction over the previous two trading sessions despite the issuance of a dismal Caixin Manufacturing PMI.

 

Following a downward revision, economic indicators now stand at 49.5, which is lower than both the prior report of 50.4 and the consensus expectation of 50.2. Fears of a recession have been exacerbated by the Chinese government's lockdown restrictions in the face of a rebound in Covid-19 cases.

 

As China's largest trading partner, Australia could feel the effects of China's weak economic performance if the latter continues to struggle.

 

Policy divergence between the Reserve Bank of Australia and the Bank of Japan could widen after next week's RBA interest rate announcement (BOJ). RBA Governor Philip Lowe is expected to announce a fourth consecutive 50 basis point rate hike in light of mounting inflationary pressures in the Australian economy (bps). To account for this possibility, the OCR will go up to 2.35 percent.

 

In the meantime, the weak yen is causing rising import prices in Japan. The private sector faces headwinds from expensive inputs, which significantly impact margins. Positive Retail Trade figures this week did not help the Japanese yen. Compared to the predicted 1.9% and the prior announcement of 1.5%, annual retail sales jumped dramatically to 2.4%.

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