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On August 16th, Sophie Huynh, Portfolio Manager and Strategist at BNP Paribas Asset Management, stated that Europe is more likely to be a beneficiary of AI than a developer, with the automotive industry being one of the beneficiaries. Currently, European automotive stocks are so cheap that almost no one is really considering their upside potential. The key is understanding when the market will start talking about this, as it may take a year or two of holding these deep value sectors before the market consensus realizes it truly works. Many positive news regarding US consumer spending has already been priced in by the market, so the momentum of the US economy is slowing, while Europe is just beginning to recover.August 16 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.7-magnitude earthquake struck 81 kilometers northeast of Ruten Township, Manggarai Regency, East Nusa Tenggara Province, Indonesia, at 2:51 p.m. Central Time on August 16, with a focal depth of 10 kilometers.According to Irans Tasnim News Agency, the Iranian Revolutionary Guard stated that Qatar should allow an Iranian team of experts to investigate the missing pilots disappearance, rather than denying that the pilot had been detained.August 16 - Explosions were heard in Kyiv, Ukraine on August 16 local time.According to Irans Tasnim News Agency, the head of the Iranian militarys missing personnel stated that Qatar must allow an Iranian Air Force investigation team into the country.

Once the RBA minutes are made public, it is anticipated that AUD/NZD will once again test the day's low near 1.1110

Daniel Rogers

Oct 18, 2022 14:11

 截屏2022-10-18 上午9.51.22.png

 

The AUD/NZD pair lost its intraday rally after tumbling to roughly 1.1106 during the early session in Tokyo. The Reserve Bank of Australia's (RBA) minutes' release has weighed on the cross. According to the monetary policy minutes from October, concerns about domestic and international growth risks led to the announcement of a rate increase of 25 basis points (bps), which was less than expected.

 

Additionally, RBA policymakers think the central bank has raised interest rates quickly, which could have an impact on household expenditure.

 

Australia has had the lowest unemployment rate in its economic history, at 3.5% during the past 50 years, thanks to a healthy labor market. While core inflation has remained high because of rising service prices, the drop in oil prices has put downward pressure on headline inflation.

 

Moving forward, attention will be focused on the employment statistics for Australia. The consensus predicts that the Employment Change will drop from 33.5k to 25k. At 3.5%, the unemployment rate won't change.

 

The cross declined in early Tokyo after the announcement of higher-than-expected inflation data for New Zealand. The annual Consumer Price Index (CPI) came in at 7.2%, which was much higher than expected but marginally lower than the 7.3% reported in the prior report. While the quarterly inflation rate came in at 2.2%, exceeding both the 1.6% estimate and the 1.7% reading from the previous quarter, it was below the 1.7% figure from the previous quarter.

 

Given that price pressures have not abated as anticipated, it is now more likely that the Reserve Bank of New Zealand (RBNZ) will continue to raise interest rates at the current pace. 3.5% is the Official Cash Rate (OCR).


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