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On January 30th, at a press conference held by the Ministry of Finance, Zheng Yong, Deputy Director of the Treasury Department of the Ministry of Finance, introduced that the national general public budget revenue in 2025 will be 21.6 trillion yuan, a decrease of 1.7% compared with 2024. Among them, tax revenue increased by 0.8%, showing a steady upward trend throughout the year, reflecting the continued steady and progressive development of my countrys economy; non-tax revenue decreased by 11.3%, mainly due to the increased base caused by the one-time special revenue turned over by central units in 2024.On January 30th, Kristina Clifton, Senior Economist and Senior Currency Strategist at the Commonwealth Bank of Australia, stated that the US dollar did indeed appear to rise on this news, which she believes is because the market generally perceives Warsh to be slightly less dovish than another candidate, Hassett. Therefore, todays market fluctuations are merely minor fluctuations based on this, and Warsh may be better positioned to uphold the Feds independence than some other candidates. "We havent heard much from him yet, but he has made some comments that essentially express a desire for strict adherence to the Feds responsibility to control inflation. He has also served as a Fed governor and does not support quantitative easing, so this may again indicate that he is slightly more hawkish than some other potential candidates."Germanys export price index fell 0.1% month-on-month in December, compared with 0.2% in the previous month.Germanys export price index rose 0% year-on-year in December, compared with 0.3% in the previous month.Germanys import price index fell 2.3% year-on-year in December, compared with a forecast of -2.60% and a previous reading of -1.90%.

As a result of the Fed's hawkish stance, the AUD/USD has fallen below 0.6600, shifting market focus to PMI data

Alina Haynes

Sep 22, 2022 14:57

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The Australian dollar was trading below the 0.6600 US dollar support level during the Tokyo trading session. As a result of the Federal Reserve's interest rate decision, the asset is tumbling like a pack of cards (Fed). The two-day downtrend has resumed, and the asset is now trading below the round-number support of 0.6600. The asset is expected to have support close to the 0.65 level.

 

Investors believed the Federal Reserve will raise interest rates by 75 basis points (bps) for a third time in a row. Volatile hawkish counsel has had an effect on risk-sensitive and commodity-linked currencies. The Fed has put off job growth, economic prospects, the housing market, and demand for durable goods in order to maintain price stability, which is its core goal.

 

The target for maturity rates is 4.6%, which is significantly higher than the previous peak of 3.6%. Because of this, the distribution of loans will be slowed and the market liquidity will decrease. Lenders may also see an increase in their delinquency fees as a result. Since fewer loans are being made available, some companies may delay expansion plans.

 

The financial markets in Australia will be closed on Thursday for National Mourning Day. Accordingly, the performance of the US dollar index will continue to be scrutinized closely (DXY). The S&P Australian PMI data is expected to be issued on Friday, and investors will continue to keep a close eye on it. It is expected that the Manufacturing PMI would rise from 53.8 to 54.0. While we expect the Services PMI to drop from its current 50 to a much more modest 47.7.


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