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On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

AUD/NZD moves within a 23-pip band due to Australian inflation that is lower than predicted

Alina Haynes

Nov 30, 2022 15:27

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The AUD/NZD pair swung wildly between 1.0764 and 1.0787 throughout the Asian session after the Australian Bureau of Statistics reported lower-than-anticipated Australian inflation data. The Consumer Price Index (CPI) for October reported a decrease in inflation to 6.9%, when market participants had predicted an increase to 7.4%.

 

If inflation declines, policymakers at the Reserve Bank of Australia (RBA) would likely heave a sigh of relief. Since inflationary pressures had previously shown little indication of abating, the Australian central bank was particularly concerned. In order to combat inflation, the market predicted that RBA Governor Philip Lowe will be forced to return to a rate hike structure of 50 basis points (bps).

 

As the inflation rate has fallen below 7.0%, the RBA may retain its present timetable of 25 basis point rate hikes to sustain economic prospects and satisfy its duty to seek price stability.

 

Investors are currently monitoring the development of the Chinese demonstrations. As a result of the public's enraged and exasperated lockdown protest against Covid, economic projections have become more bleak. This has held the antipodeans captive to bears for the past week.

 

Other than that, Thursday's Caixin Manufacturing PMI data will continue to be crucial. It is projected that the economic data would be lower at 48.9 than the prior reading of 49.2.

 

In New Zealand, the number of Building Permits has decreased by 10.7%, compared to the expected 2.4% increase and the previous release of 3.6%. The Reserve Bank of New Zealand's (RBNZ) increase in interest rates may be responsible for a decrease in the economic catalyst.

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