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The Ukrainian military has attacked an oil refinery in Ufa, Russia.On April 3, data released by the Russian Ministry of Finance on Friday showed that Russias national oil and gas revenue fell 43% year-on-year in March to 617 billion rubles (approximately $7.72 billion), but was up from 432.3 billion rubles in February, affected by falling oil prices and a stronger ruble. Oil and gas revenue is crucial to Russias national budget. Against the backdrop of high military spending, Russias fiscal deficit is projected to reach 5.6 trillion rubles by 2025, accounting for 2.6% of GDP. This revenue accounts for about a quarter of total budget revenue. These revenues are based on payments made by Russian companies up to March 30, corresponding to Februarys production, before the Middle East conflict drove up global oil prices. Revenue is expected to increase starting in April. In the first quarter of this year, revenue was 1.44 trillion rubles, a 45% year-on-year decrease. The budget projects oil and gas sales revenue of 8.92 trillion rubles this year, but current revenue progress is behind this target.April 3rd - According to the Qingmao Border Inspection Station of the Zhuhai Entry-Exit Border Inspection General Station, the Qingmao Port is experiencing a peak in both inbound and outbound passenger traffic as the Qingming Festival holiday approaches. In the week leading up to the holiday, the port saw an average of over 107,000 inbound and outbound passengers per day, an increase of approximately 8% compared to normal days. It is understood that this years Qingming Festival holiday in mainland China is from April 4th to 6th. The public holiday in Hong Kong and Macau is from April 3rd to 7th, lasting five days. Many Hong Kong and Macau residents are choosing to return to their hometowns to pay respects to their ancestors and visit relatives and friends, while mainland tourists are taking advantage of the holiday for short trips for spring outings, sightseeing, and shopping, leading to a new peak in passenger traffic at the Qingmao Port. It is predicted that from April 3rd to 7th, the passenger flow through the Qingmao Port will reach approximately 580,000, with a peak daily passenger flow of 125,000, and the peak traffic is expected to occur on April 4th.On April 3, local time, Kyiv Oblast Governor Kalashnikov announced that the region had been hit by a large-scale missile and drone attack launched by Russia. The attack has resulted in one death and one injury. Local air defense forces have launched air defense operations in the area. Russia has not yet responded.The Polish military stated that military air operations related to the Russian airstrikes on Ukraine have ended; no violations of Polish airspace occurred.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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