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Italian Prime Minister Meloni: Italy has received €12.8 billion in installments from the "Next Generation EU" fund.Italian Prime Minister Meloni: Italy has received €12.8 billion in installments from the EUs Next Generation Fund.On June 4th, the Peoples Bank of China (PBOC) announced that it will conduct 500 billion yuan of outright reverse repurchase operations on June 5th, using a fixed-quantity, interest rate-based bidding process with multiple price levels, for a term of three months. Given that 1 trillion yuan of this maturity is due this month, this three-month outright reverse repurchase operation will result in a net withdrawal of 500 billion yuan, a further increase in the scale of funds withdrawn compared to the previous months operation. Market institutions generally believe that the PBOCs recent open market operations are mainly due to ample liquidity in the banking system, reduced demand for liquidity from financial institutions, and a corresponding reduction in the amount of PBOC monetary policy tools being rolled over to prevent excessive declines in market interest rates and guide the overnight funding rate (DR001) to operate near the policy rate level. Since April, DR001 has remained at 1.2% for a considerable period, gradually rising to around 1.3% in late May. Pang Ming, a senior researcher at the National Institution for Finance and Development, said, "Early June is just before the end of the quarter-end window. The Peoples Bank of Chinas recent open market operations have conveyed to the market that it will not engage in flooding liquidity or allow the money supply to tighten, thus stabilizing market expectations and reserving policy space for the upcoming quarter-end liquidity fluctuations."S&P 500 futures continued their decline, hitting an intraday low of 0.6%.Broadcom (AVGO.O) shares fell 15% in pre-market trading, hitting an intraday low.

AUD/USD Recovers from 0.6900 as Australian Retail Sales Decline Less than Expected

Daniel Rogers

Feb 06, 2023 16:03

AUD:USD.png 

 

As the Australian Bureau of Statistics reported a smaller-than-expected fall in Retail Sales for the fourth quarter of CY2022, the AUD/USD pair has attempted to recover to approximately 0.6900. The economic figures have decreased by 0.2%, when the market anticipated a 0.6% decline.

 

The Reserve Bank of Australia's (RBA) anticipated release of its interest rate decision on Tuesday will be the most significant event that will generate volatility in the Australian Dollar. As the Australian Consumer Price Index (CPI) has not yet reached its peak, the outlook for the policy stance is quite pessimistic. The rate of inflation in Australia reached a new high of 7.8 percent in the fourth quarter of CY2022.

 

Deutsche Bank Australia analysts believe that the RBA will likely hike the Official Cash Rate (OCR) to 4.1%, citing the most recent inflation update, which revealed a slightly higher-than-anticipated 7.8% increase in the CPI. According to Forbes Advisor, "while the RBA will likely move more slowly in 2023 than in 2022, we now estimate four additional 25 basis point increases this year: 25 basis points in February and March, and 25 basis points at the May and August meetings."

 

Following a significant surge in Nonfarm Payrolls (NFP) data in the United States, the risk profile is currently favoring safe-haven assets. The US Dollar Index (DXY) intends to raise its auction profile over 102.50. S&P500 futures maintained their downward trend during the Asian session, signaling a further decline in market participants' risk appetite. The yield on 10-year Treasury notes has risen to approximately 3.57 percent.


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