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The Central Bank of Türkiye launched a week-long auction of 10 tons of gold-for-lira sell-swapping contracts using traditional methods.The European Central Bank: A survey of professional forecasters indicates that after the current surge in inflation, the inflation rate will fall back to near the target level next year.The final reading of the Eurozone manufacturing PMI for April was 52.2, in line with expectations and the previous reading.May 4th - Phil Smith, Associate Director of Economics at S&P Global Market Intelligence, stated that panic buying to secure supply continues to support German output and new orders amid concerns about future price increases and shortages. This forward-moving activity may see some pullback in the coming months. While we are seeing strong growth in new orders for intermediate goods (i.e., products used to produce other goods), demand for consumer goods has clearly declined. The number of firms expecting activity to decline over the next year now exceeds the number expecting growth. There are concerns that soaring inflationary pressures and their associated squeeze on purchasing power will dampen demand; industrial producer price inflation jumped sharply in April to its highest level in more than three years. Meanwhile, with supply delays reaching levels not seen since mid-2022, there is a risk of production reductions regardless of demand conditions.Germanys final manufacturing PMI for April was 51.4, below the expected 51.2 and the previous reading of 51.2.

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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