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On May 15th, Reuters reported that Milan formally submitted his resignation to the Federal Reserve on Thursday, setting his departure date to be either or shortly before Warshs swearing-in as Fed chairman. Warsh is expected to be sworn in as Fed chairman in the coming days. In his resignation letter, Milan continued to warn that interest rates may be too high. He wrote that broader economic trends such as slowing population growth and deregulation will, on their own, reduce inflation, giving the Fed an opportunity to ease policy. He also argued that the technical challenges of measuring inflation could lead to inflation statistics being higher than they actually are.Israeli Prime Minister Netanyahu: If we had not waged two wars against Iran, we would be facing an entity with nuclear weapons, which would pose an existential threat to us.GFZ (German Center for Geosciences): A 6.37-magnitude earthquake struck the Banda Sea region.Iranian Foreign Ministry: Foreign Minister Araghchi met with Russian Foreign Minister Lavrov, and the two sides discussed and reviewed cooperation between Tehran and Moscow in the fields of politics, energy, transportation, and regional cooperation. They also exchanged views on the latest developments in West Asia and negotiations related to the Iranian nuclear issue.On May 15th, local time, an emergency meeting of interior ministers from the Gulf Cooperation Council (GCC) member states was held in Riyadh, the capital of Saudi Arabia, on May 14th. The meeting was chaired by Bahrain. The UAE delegation was led by Deputy Prime Minister and Minister of Interior Saif al-Islam. Saif stated that the UAEs participation in this meeting demonstrates the UAEs consistent adherence to the principle of "indivisible security within the GCC," meaning that any threat to GCC member states will directly affect the security and stability of the entire region. Saif stated that the UAE will continue to be committed to strengthening national security, safeguarding development achievements, consolidating social cohesion, and responding to all attempts to undermine the security and stability of GCC member states.

AUD/USD jumps to approximately 0.6820 before to the Reserve Bank of Australia's policy announcement

Alina Haynes

Dec 05, 2022 14:17

 AUD:USD.png

 

During the Tokyo session, the AUD/USD pair enjoyed a substantial rebound following a corrective decline below 0.6780. In response to the risk appetite profile, the Australian dollar has accelerated to roughly 0.6820 and is expected to continue its gains above the previous week's 0.6845 high.

 

In the meantime, the US Dollar Index (DXY) has climbed somewhat sideways above Friday's low of 104.40, as bullish market sentiment has lessened the desirability of safe-haven assets. The optimistic Nonfarm Payrolls (NFP) report from the United States has failed to strengthen the US Dollar. Compared to the previous report, the US economy added 263,000 jobs in November, an increase of 53 percent. In addition, the yearly increase in the labor cost index has reached 5.1%.

 

As households acquire more disposable income, a robust labor market and rising wages indicate a rise in inflationary pressures. This may lead to a rise in demand for perishable and durable goods, hence supporting price rises.

 

On the antipodean front, investors await Tuesday's announcement of the Reserve Bank of Australia's (RBA) interest rate decision. We anticipate another 25 basis point (bps) increase at the final monetary policy meeting of the year on December 6, bringing the OCR to 3.10 percent, according to economists from UOB Group.

 

Notably, this might be RBA Governor Philip Lowe's third consecutive 25-bps rate increase. The monthly Consumer Price Index (CPI) decreased from 7.1% in September to 6.9% in October. Inflation remains well above the target of 2%, necessitating a continuation of policy tightening.

 

Moreover, investors will track the Caixin Service PMI data. It is anticipated that the economic statistics will be somewhat higher at 48.8 than the previous report of 48.4.


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