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On September 6, Russian Presidential Aide Ushakov said early on the 6th that President Putins meeting with US President Trumps special envoy Witkov and son-in-law Jared Kushner at the Kremlin on the evening of the 5th lasted more than three hours and was substantive and "constructive." Ushakov said that the Russian side made a clear and comprehensive assessment of the current situation, including the situation developing during the special military operation. In particular, the Russian side pointed out the actual progress made by the Russian army in the theater of operations and expressed confidence in achieving its established objectives, while also emphasizing the necessity of eliminating all the root causes of the conflict. Ushakov stated that Russia reiterated its willingness to continue working with the US to seek a solution through political and diplomatic means. Both sides confirmed that the two presidents will continue to maintain direct contact.Russian Presidential Aide Ushakov: Putin is prepared to cooperate with the United States to seek a diplomatic solution to the Russia-Ukraine issue.September 6 - According to the Islamic Republic News Agency (IRNA), the public relations department of the Iranian Islamic Revolutionary Guard Corps issued a statement on September 5 denying that the Isfahan nuclear technology center and nuclear facilities had been attacked, calling the related reports purely fabricated. The statement said that spreading such content during the current sensitive situation is an attempt by hostile forces to create tension, disrupt public opinion, and incite public panic.September 6 - According to Irans Fars News Agency, a deputy political official of the Iranian Revolutionary Guard Navy stated that in the 10 days leading up to August 30, Iranian naval forces were "punishing" two to five "violations" of regulations every night in the Strait of Hormuz. The official added that the US attacks "did not cause the slightest disruption to Irans control in the region."On September 6th, Israeli public radio reported on the 5th that the Israeli military is preparing to partially withdraw from southern Lebanon and plans to establish a smaller "safe zone" along the Lebanese-Israeli border. The report stated that the Israeli military recently completed the destruction of Hezbollah tunnels beneath the Ali Tahir heights in the Nabatayah region of southern Lebanon, subsequently formulating the aforementioned relocation plan. Israeli security officials said that under the new plan, the Israeli military will withdraw to a position closer to the Lebanese-Israeli border, reducing the depth of its controlled area in southern Lebanon from the current approximately 10 kilometers to 3-4 kilometers. The new deployment line, referred to as the "grey line," will replace the current "yellow line."

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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