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On August 1st, Japans Ministry of Finance posted on the social media platform X that the Japanese monetary authorities have multiple tools at their disposal to meet market liquidity needs. These tools include, as appropriate, the use of the Federal Reserves Standing Repurchase Facility (FIMA), which accepts U.S. Treasury securities as collateral to provide temporary dollar liquidity. The Ministry of Finance stated, "We are prepared to utilize available tools as needed to support the orderly functioning of the market."August 1st - According to reports from the United States on July 31st, July this year is expected to be the hottest month on record in the continental United States. Meanwhile, a new "heat dome" is forming in the western United States, and the high temperatures are expected to continue. It is reported that as of July 29th, the average temperature in the United States this July was about 1.4 degrees Celsius higher than the average for the same period from 1991 to 2020. Although the final average temperature data for July will not be released until early August, media predictions suggest that this figure could break the record set in July 2012, making July this year the hottest month on record in the continental United States.Japans Ministry of Finance: Monetary authorities have a wide range of tools to address market liquidity needs.On August 1st, the South Korean National Assembly passed an amendment to the Criminal Procedure Act on July 31st, abolishing the prosecutors authority to conduct direct and supplementary investigations. This is another legislative measure in South Koreas push for reform of the prosecutorial system. The National Assembly passed the amendment with 175 votes in favor, 2 against, and 1 abstention. According to the amendment, the prosecutors office will no longer have the authority to conduct direct investigations, nor may it conduct supplementary investigations on its own. If a prosecutor believes a case requires further investigation, they can only request the judicial police to conduct supplementary investigations.August 1st - According to the Japan Meteorological Agency, a magnitude 5.8 earthquake struck off the coast of Aomori Prefecture, Japan, at approximately 11:48 AM local time today (August 1st). The maximum tremor was felt at intensity 4, and the epicenter was at a depth of 80 kilometers. There is no risk of a tsunami.

Dollar-Australian retracement targets 0.6900 ahead of China data and minutes of Fed meeting

Daniel Rogers

Jun 15, 2022 11:33

截屏2022-06-15 上午10.09.37.png 

 

On Wednesday's mid-Asian session, AUD/USD rose to an intraday high of 0.6890 after receiving bids to pare recent losses around a five-week bottom. A moderate bid for US stock futures helps support the AUD/USD in light of the market's stance ahead of the Federal Open Market Committee (FOMC).

 

Nevertheless, US diplomats continue to dismiss recent mixed factory-gate inflation numbers while indirectly urging the Fed toward quick rate hikes and balance sheet normalization. Market sentiment is impacted by the same information on the covid conditions in Taiwan and China, which challenges the AUD/USD bulls because the pair is prominent as a risk barometer.

 

White House (WH) Economic Adviser Brian Deese and National Economic Council (NEC) Deputy Director Bharat Ramamurti both spoke out against rising inflation in interviews with CNN and Bloomberg, respectively.

 

Beijing had recorded the highest number of coronavirus cases in three weeks the day before and suggested even stricter activity restrictions. Shanghai, on the other hand, has experienced a reduction in the number of COVID-19 cases but has maintained the previously stated limitations to prevent the virus from spreading too rapidly.

 

The US Producer Price Index (PPI) for May came in at the expected 0.8% MoM, but fell to 10.8% YoY from 10.9 percent forecast and previous readings. Core PPI, which excludes food and energy from the PPI calculation, decreased from 8.6% to 8.3% YoY.

 

Goldman Sachs (GS) Chief Australia Economist Andrew Boak's words also helped the AUD/USD recover. "We now predict that the RBA will boost interest rates by 50 basis points in August and September, up from 25 basis points previously," said Boak from GS.

 

Another factor that may have benefited Australia's recent recovery is the declaration that the country's minimum wage will be raised by 5.2% as a result of the review. According to Reuters, the new weekly minimum wage is set to rise by $40.

 

US stock futures stay sluggish near the lowest levels since early 2021, up 0.20 percent intraday as of late, while Treasury bond yields stagnate near the 11-year high over 3.5 percent, about 3.475 percent as of late.

 

Australia's Westpac Consumer Confidence Index for June, anticipated to be -0.7 percent versus -5.6 percent previously, would provide immediate direction for the AUD/USD pair before China's Industrial Production and Retail Sales for May. On the other hand, a great lot of stress will be focused on the Fed's capacity to limit inflation without disappointing the markets.

In-Depth Analysis

Bears require a convincing break below the annual low of 0.6830, marked in May, to aim a June 2020 low of 0.6775. A recovery advance requires confirmation from the bottom of 2021 near 0.7001, on the other hand.


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