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April 7th - Australian petrol prices have fallen from record levels as government measures have helped mitigate the impact of the Middle East conflict. Data from the Petroleum Institute of Australia shows that the national average petrol price fell by more than 5% to AU$2.40 per liter in the week to Sunday, the first decline since the first week of February. Government measures to ensure supply and lower prices include temporary tax cuts and the release of fuel from the national reserves. Electric vehicle sales surged to a record market share in March, accounting for nearly 15% of total new car sales last month.April 7th - According to a notice from the Shenzhen Semiconductor Industry Association, the 2026 China (Shenzhen) Integrated Circuit Summit (ICS Summit) will be held on June 26th. The summit will include one main forum, and three parallel sub-forums: the Artificial Intelligence and Chip Design Innovation Forum, the Advanced Packaging and Manufacturing Forum, and the Domestic EDA and RISC-V Ecosystem Forum.April 7th - According to China Railway Shanghai Bureau Group Co., Ltd., during the recent Qingming Festival holiday (April 4th to 6th), the Yangtze River Delta railway system transported approximately 12.428 million passengers, averaging 4.143 million passengers per day. This represents an increase of approximately 1.252 million passengers compared to the same period last year, exceeding 11%. Notably, April 4th saw a record high of 4.66 million passengers transported in a single day.April 7th - According to Axios, a US official stated that Irans response was "tough," but the White House views it as a negotiating tactic rather than a rejection. They are currently communicating with the Iranians regarding amendments and redrafting. If Trump believes a deal is possible, he may postpone military action against Iran. Trumps advisors told mediators that the president needs to see positive signs from Iran before considering a delay. One of them said, "We are at a critical moment in negotiations; anything can happen." Two sources indicated that a large-scale US-Israeli bombing plan targeting Iranian energy facilities is ready should Trump issue the order.On April 7th, Michael Wan, senior foreign exchange analyst at MUFG Bank, stated in a research report that shipping volumes through the Strait of Hormuz may be improving. Tankers currently appear to be testing an alternative route that runs close to southern Oman to exit the strait. Furthermore, the analyst stated, "Iran announced last weekend that it would allow Iraq to ship oil through the strait." He added that this could mean an additional 3 million barrels of oil per day entering the market, but "many unknowns" remain regarding how Iran defines "Iraqi oil."

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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