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February 14th - Gold and silver futures are poised for gains this week. The near-month gold contract rose 1.4% this week, marking its eighth consecutive week of gains in the past ten weeks. The near-month silver contract rose 1.5% this week, ending a two-week losing streak and marking its eleventh consecutive week of gains in the past 15 weeks. Antonio Di Giacomo of XS.com stated in a report that despite volatility in the precious metals market, demand for safe-haven assets remains, supporting the rise in gold and silver prices.Amazon-backed nuclear energy company X-Energy Reactor Co. has received approval from U.S. regulators for its nuclear reactor fuel.Lawyers say a Pennsylvania jury found Johnson & Johnson (JNJ.N) liable for a woman’s diagnosis of ovarian cancer.On February 14th, Polish Deputy Prime Minister and Foreign Minister Sikorski stated in an interview in Munich, Germany, on February 13th that Europe, not the United States, is paying the price for the Russia-Ukraine conflict, therefore "we have the right to comment on the relevant agreements." Sikorski stated that the United States is no longer paying for supplies provided to Ukraine, and Europeans are bearing the costs. Despite Europes financial and military support for Ukraine, the United States is profiting from the war by selling weapons to Ukraine through European countries. Sikorski emphasized that the US presence in Europe will continue, but will be more limited and strategic. He stated, "We Europeans must deploy ground troops," and Germany has amended its constitution to achieve this goal; other countries must also take action to fulfill the commitments made at subsequent NATO summits.US President Trump: Hopes to reach an agreement with Iran.

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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