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On May 4th, Iranian Foreign Minister Araqchi issued a statement saying that the Spanish and Iranian foreign ministers spoke by phone to discuss developments related to the war and bilateral relations. According to reports, the Iranian foreign minister briefed the Spanish foreign minister on Irans strategic initiatives to end the war through diplomatic efforts and bring lasting security to the region.According to the official measurement of the China Earthquake Networks Center, a 4.8-magnitude earthquake occurred at 02:39 on May 4 in Kuqa City, Aksu Prefecture, Xinjiang (41.34 degrees north latitude, 83.94 degrees east longitude), with a focal depth of 18 kilometers.May 4th - On the evening of May 3rd local time, the Israel Defense Forces remained on high alert due to the possibility of resuming military strikes against Iran. Israeli Prime Minister Netanyahu canceled the scheduled cabinet meeting that evening, instead convening only a small consultation with a limited number of security officials. Furthermore, Netanyahu issued an order that evening requiring all government ministers to refrain from giving media interviews regarding Iran.According to Israels Channel 14: A senior Israeli official stated that resuming fighting in Iran is necessary. Its not a question of whether it will happen, but when.On May 4th, local time, US President Trump stated in a phone interview on the evening of May 3rd that Irans new proposal was unacceptable. Trump said, "This is unacceptable to me. Ive looked at it, Ive looked at everything—its unacceptable." In addition, Trump reiterated his call for Israeli President Herzog to pardon Israeli Prime Minister Netanyahu, who is facing allegations of corruption.

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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