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March 3 - U.S. Treasury yields rose slightly in Asian trading, continuing Mondays trend. The market continues to focus on the potential inflationary impact of the Middle East conflict driving up oil prices. On Monday, U.S. Treasury yields surged, reversing a brief period of safe-haven buying. ING interest rate strategists Padhraic Garvey and Michiel Tukker stated in a report, "Frankly, we were surprised by how short-lived the safe-haven inflows into bonds were." They noted that while a further deterioration in the broader Middle East situation would undoubtedly reignite safe-haven demand, "the subsequent reaction after the initial shock has been quite significant."Futures News, March 3rd: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on March 3rd: 1. Pulp futures warehouse receipts: 138,011 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 15,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 3,920 tons, an increase of 80 tons from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 24,640 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 54,110 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,557,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 62,730 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.According to the British newspaper The Sun, US President Trump said the US has "done a good job" in its actions against Iran.The chart shows that at 23:00 Beijing time on March 3, there will be large foreign exchange options contracts for EUR/USD, USD/JPY, etc. There are four contracts with strike prices exceeding 1 billion. Please manage your risks.March 3 – A press conference for the Fourth Session of the 14th National Committee of the Chinese Peoples Political Consultative Conference (CPPCC) was held this afternoon (March 3). Liu Jieyi, spokesperson for the session, briefed domestic and foreign media on the relevant information about the session and answered questions from reporters. Liu Jieyi introduced that in addition to todays press conference, the session will also hold three "Members Corridor" interview sessions.

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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