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The International Monetary Fund states that the US dollar remains the core of the international monetary system, dominating trade, reserves, global lending, and payments.On February 19th, Democratic Senator Elizabeth Warren and other Democrats demanded that the Federal Reserve disclose information about internal changes within its banking supervision division, citing a Wall Street Journal report that layoffs and the marginalization of some supervisory personnel have sparked tensions within the Fed. The letter shows that Warren is requesting information from Michelle Bowman, the Feds Vice Chair for Supervision, regarding these changes and plans for a new investigation into the 2023 collapse of Silicon Valley Bank. These letters were sent on Wednesday, and a Senate oversight hearing is scheduled for next week, where Bowman is expected to testify.The commander of the Gaza International Security Forces said that five countries have pledged to send troops to the international security forces.On February 19, Russian Presidential Press Secretary Dmitry Peskov stated that while the situation in the Middle East is currently extremely tense, Russia will continue to develop its relations with Iran, and all parties involved need to exercise restraint. Peskov said that Russia calls on Iran and all relevant parties to exercise restraint and prioritize political and diplomatic means as the absolute best option for resolving the issue. Russia expects political and diplomatic means to play a dominant role in seeking solutions.U.S. EIA natural gas inventories for the week ending February 13 were -144 billion cubic feet, compared to an expected -146 billion cubic feet and a previous reading of -249 billion cubic feet.

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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