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According to foreign media reports on April 16th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following gains in external markets. International crude oil futures rose firmly on Wednesday as shipping in the Strait of Hormuz remained disrupted and hopes for a US-Iran peace deal were dashed. Lower-than-expected US soybean oil inventories boosted Chicago soybean oil prices, which will also help Malaysian crude palm oil futures in early trading. A weaker ringgit also contributed to the rebound in palm oil futures, as it made palm oil priced in the ringgit more affordable for buyers holding foreign currency. However, Malaysias increase in palm oil export tariffs for May, coupled with slowing export growth and increased palm oil production, will limit the markets rebound momentum.According to NewsNation: The Pentagon press briefing will be held at 8 p.m. Beijing time tonight.Market news: An explosion occurred in Kyiv, the capital of Ukraine. The mayor stated that air defense forces are on the scene.On April 16, White House documents revealed that US President Trump issued several pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transport of crude oil and petroleum products between the United States and Canada. The permit was awarded to Bakken Pipeline for the construction of pipeline facilities in Burke County, North Dakota. He also issued other permits for the maintenance and operation of existing pipelines in North Dakota and Michigan, near the border.Explosions were heard in Kyiv, the capital of Ukraine, on the 16th local time. Air raid sirens had been sounded earlier in the city.

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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