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Market news: Serbian oil company NIS has been granted another exemption by the United States.On April 18, the U.S. Department of Energys Strategic Petroleum Reserve Program Management Office announced on its website that it would lend more than 26 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies. This is the third batch of oil reserves released by the Trump administration to stabilize oil prices since the start of the Iraq War on February 28.On April 18th, ahead of tense trade negotiations, U.S. Commerce Secretary Rutnick fiercely criticized Canada, calling the USMCA a "bad deal" that needs to be revised. Rutnick stated that President Trump believes the USMCA "needs to be reconsidered and properly reimagined" when new negotiations begin in July. Rutnick said reports that Canada is delaying trade negotiations with the U.S. are "the worst tactic Ive ever heard of. Its absolutely terrible." Trump signed the 2020 trade agreement during his first term to replace NAFTA.Five Iranian oil tankers attempted to circumvent a U.S. blockade by concealing their navigation data. A U.S. destroyer forced three Iranian tankers to return to port and is pursuing the remaining two.On April 18th, two State Council decrees were issued in quick succession over the past two weeks: Decree No. 834 promulgated the "Regulations of the State Council on the Security of Industrial and Supply Chains," and Decree No. 835 promulgated the "Regulations of the Peoples Republic of China on Combating Undue Extraterritorial Jurisdiction by Foreign Countries." These two administrative regulations share a strong commonality in content, both clearly targeting improper foreign conduct. An official from the Ministry of Justices Bureau of Foreign-Related Legal Affairs stated that the "15th Five-Year Plan" explicitly points out the need to accelerate the construction of a legal system and capacity for foreign-related affairs. It is imperative to strengthen the rule of law mindset, utilize legal methods, effectively address challenges and prevent risks, and comprehensively employ legislative, law enforcement, and judicial means to resolutely safeguard national sovereignty, dignity, and core interests. This means that in dealing with complex international struggles, legal means will be given a more prominent position. These two new regulations already embody this spirit.

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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