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South Korean President Lee Jae-myung: South Korea and Japan will expand supply chain cooperation. South Korea and Japan have reached an agreement to strengthen cooperation in liquefied natural gas and crude oil, including information sharing on reserves.Futures News, May 19th: Data on Dalian Commodity Exchange (DCE) chemical product warehouse receipts and changes on May 19th: 1. Polyethylene futures warehouse receipts: 13,750 lots, a decrease of 359 lots compared to the previous trading day; 2. Polyvinyl chloride (PVC) futures warehouse receipts: 103,456 lots, an increase of 469 lots compared to the previous trading day; 3. Polypropylene (PP) futures warehouse receipts: 15,936 lots, unchanged compared to the previous trading day; 4. Ethylene glycol futures warehouse receipts: 13,498 lots, unchanged compared to the previous trading day; 5. Liquefied petroleum gas (LPG) futures warehouse receipts: 1,164 lots, a decrease of 25 lots compared to the previous trading day.On May 19th, ING analyst James Smith stated in a report that weaker-than-expected UK labor market data could reinforce the Bank of Englands cautious stance. The unemployment rate rose to 5.0% in the three months to March, the number of wage-earning employees fell sharply, and wage growth slowed. He noted, "The weakness is mainly concentrated in consumer-facing sectors most affected by last years tax and minimum wage increases. The impending energy shock will only exacerbate this pressure." Smith said that against this backdrop, the economy seems less susceptible to a second round of inflationary effects from rising energy prices, casting doubt on whether the Bank of England will raise interest rates. "We still predict a rate hike in June, but this is far from certain," Smith said.On May 19, the State Flood Control and Drought Relief Headquarters Office and the Ministry of Emergency Management continued to organize meetings with meteorological, water resources, and natural resources departments, as well as provinces including Hubei, Hunan, Guangxi, Chongqing, and Guizhou, to discuss and assess the development trend of the current round of heavy rainfall and to deploy flood control and disaster relief work in key areas. The meeting emphasized that all localities and relevant departments should adhere to the principle of prevention first, strengthen the investigation and rectification of hidden dangers, focus on the safe management of flood-prone road sections and flooded bridges, deepen the investigation of hidden dangers in key areas such as mountain torrent disaster-prone areas, geological disaster-prone areas, urban areas prone to flooding, small and medium-sized reservoirs, and river embankments, and strengthen the prevention of secondary accidents such as mine flooding, hazardous chemical leaks, and construction site foundation pit collapses that may be caused by heavy rainfall and severe convective weather.May 19th - The cap on UK household energy bills is expected to rise by 13% this summer, the largest increase since 2023, further exacerbating inflationary pressures as the war with Iran drives up energy costs. Energy consultancy Cornwall Insight Ltd. stated that the energy price cap, which limits how much suppliers charge ordinary households, is expected to rise to £1,850 (approximately $2,479) per year from July. While these figures are estimates, they are generally very close to those published by the UKs Gas and Electricity Markets Office (Ofgem). Ofgem resets the cap every three months, and the next adjustment will take effect on July 1st; the calculation window closed on Monday. This increase reflects the significant rise in European energy prices since the outbreak of the war with Iran in late February and the closure of the Strait of Hormuz. UK next-month gas futures rose by about 50%, and electricity futures rose by about a third. The rising energy bills will make the Bank of Englands fight against inflation more difficult. Previously, the market expected inflation to fall back to the 2% target, paving the way for interest rate cuts, but high energy prices could trigger a new round of cost-of-living crisis, making this prospect seem unattainable.

Despite the RBA's aggressive policy statement, the AUD/JPY pair falls below 91.40

Daniel Rogers

Feb 10, 2023 11:43

AUD:JPY.png 

 

Having reached an intraday high greater than 91.40 during the Asian session, the AUD/JPY pair is currently under selling pressure. Despite the aggressive monetary policy statement by the Reserve Bank of Australia, the Australian Dollar has met offers (RBA).

 

Increasing gasoline prices, series demand, and electricity rates drove the increase in Australian inflation in December. The loss of rebates in Western Australia resulted in a 7% increase in electricity bills in December.

 

The RBA has projected that Gross Domestic Product (GDP) growth will be 2.75 percent in 2022, 1.5 percent in 2023, and 1.5 percent in 2024.

 

On the Japanese Yen front, investors are awaiting the Bank of Japan contenders to replace Haruhiko Kuroda (BoJ). Analysts at Commerzbank expect that next week's nomination, regardless of who emerges as the frontrunner, would have a substantial impact on the Yen exchange rate.

 

In the interim, Japanese Prime Minister Fumio Kishida stated, "The administration is in the process of picking the nominee for the next BoJ Governor, and they are aware of the market's keen interest in the choice." He stated, "Communication skills have become increasingly important for someone like the new governor of the Bank of Japan."

 

According to a report by Reuters, the Japanese government intends to present its candidates for governor and two deputy governors to parliament on February 14.

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