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On November 9th, internal documents from Meta Platforms (META.O) revealed that approximately 10% of the companys revenue, or about $16 billion, will come from fraudulent and prohibited advertising in 2024, highlighting loopholes in its advertising oversight. The internal Meta document shows that the social media giant has failed to identify and block a large number of illegal ads for at least the past three years, exposing billions of users on its platforms Facebook, Instagram, and WhatsApp to content including investment scams, online gambling, and prohibited medical products. The company estimates that its platforms push approximately 15 billion fraudulent ads to users daily.Conflict Situation: 1. Russia – ① Russian Ministry of Defense: A Ukrainian drone was shot down in the Moscow region. ② Russia launched a large-scale airstrike against Ukraine, damaging energy and transportation facilities in many parts of Ukraine. ③ Russian Ministry of Defense: Russian troops have occupied the village of Vovche in Ukraines Dnipropetrovsk Oblast. 2. Ukraine – ① Ukraine claims Russia launched a large-scale attack on its energy facilities. ② Ukrainian Prime Minister: Russian attacks on Ukrainian dams damaged several large energy facilities in the Kyiv, Kharkiv, and Poltava regions. Other Situations: 1. US – ① US media: Hungary will be exempt from US sanctions when purchasing Russian energy. ② Ukrainian President Zelensky: Russia launched 450 drones and 45 missiles to attack Ukraines energy sector and infrastructure. 2. Ukraine – Rotating power outages will be implemented in most parts of Ukraine on the 9th. 3. Russia – ① Russian Foreign Minister Lavrov: At the instruction of Russian President Putin, Russia has begun drafting proposals regarding possible Russian nuclear testing programs. ② Russia claims it has not received any statements from the US regarding the resumption of nuclear testing through diplomatic channels. 4. Other – Both external power supply lines to the Zaporizhzhia nuclear power plant have been repaired.On November 9th, Senate Majority Leader John Thune stated that positive progress had been made in bipartisan negotiations to end the federal government shutdown. Lawmakers are working to reach an agreement to temporarily reopen the government and introduce three longer-term appropriations bills for several agencies. According to Republican senators, lawmakers had hoped to release the full text of three full-year appropriations measures for fiscal year 2026 on Saturday, including agriculture, food and nutrition programs, military construction programs, veterans programs, and congressional operating funds. The proposal would fund these initiatives until September 30, 2026. However, by the end of the workday this week, the two parties had not reached an agreement on reopening the government, nor had they released the full-year appropriations bill to the public. The Senate will attempt negotiations again during a rare Sunday session.On November 9th, Russian Foreign Minister Sergey Lavrov stated on the 8th local time that Russia has not yet received any explanation from the US through diplomatic channels regarding President Trumps remarks about resuming nuclear testing. He also stated that Russian President Vladimir Putins instructions regarding nuclear testing are being implemented. Lavrov noted that it is currently unclear whether Trump was referring to nuclear weapons delivery vehicle testing or subcritical testing.November 9th - On November 8th local time, Ukraines state electricity company announced that most parts of Ukraine would experience rotating power outages in two to four rounds from 00:00 to 23:59 on November 9th. The various restrictions in place will remain in effect until the end of the day.

AUD/JPY swiftly retraced from 94.80 as Australian inflation increased to 7.3%

Daniel Rogers

Oct 26, 2022 15:36

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In response to better-than-expected Australian Consumer Price Index (CPI) data, the AUD/JPY pair has reversed its quick advance to an intraday high of 94.78, resulting in a selling tail in the Tokyo session.

 

The Australian Bureau of Statistics reported that the headline Consumer Price Index (CPI) for the third quarter of CY2022 was 7.3%, which was higher than the 7.0% expected and the 6.1% previously reported. In addition, the quarterly inflation rate has matched the prior estimate of 1.8% and above predictions of 1.5%.

 

Notable is the fact that the inflation rate has surpassed the RBA's September projection of 7.0 percent. The Reserve Bank of Australia (RBA) will be compelled to resume its previous rate rise streak of 50 basis points (bps), which has increased the likelihood of a further decline in growth forecasts.

 

Governor Philip Lowe trimmed back the rate hike to 25 basis points at the RBA's October monetary policy meeting in order to sustain economic optimism and counteract rising inflationary pressures.

 

In the interim, the cross is still a considerable distance from Monday's knee-jerk reaction of about 95.44. The inactivity of market participants is a result of the potential intervention of the Bank of Japan (BOJ) in the currency markets against disruptive developments impacting the Japanese yen.

 

Friday's announcement of the Bank of Japan's interest rate decision will be the most significant event of the week. In view of the global economic demand shocks, Haruhiko Kuroda, governor of the Bank of Japan, may opt to maintain a loose monetary policy.


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