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Russian President Vladimir Putin: The Russian army has 700,000 troops in Ukraine.On December 19th, Bank of America economists stated in a report that they expect the Bank of England to keep interest rates unchanged at its next meeting in February, but may cut rates in March. "The Bank of England wants more confidence that inflation can sustainably remain at its 2% target level and has expressed concern about persistently high wage and price expectations," the economists said. They noted that the Bank of Englands cautious stance increases the risk that interest rates will eventually be higher than expected.On December 19, Russian President Vladimir Putin stated that he was willing to discuss ending the Russia-Ukraine conflict, but he ruled out modifications proposed by Kyiv and European sides to the peace plan jointly developed by the United States and Moscow. Putin said he had "basically agreed" to the plan for ending the war put forward during his summit with US President Trump in Alaska in August. "To say that we rejected something is completely incorrect and has no factual basis," Putin said. "The issue lies entirely with our Western adversaries, arguably primarily the leaders of Ukraine and Europe," he stated. Putins remarks came after intensive negotiations in recent weeks between the US, Ukraine, and Europe on a 28-point peace plan. This plan was proposed last month following talks between Trumps special envoy, Vitkov, and Kremlin advisor Dmitriev. The US-Russia plan initially shocked Ukraine and its European allies by adopting a series of Russian demands that Kyiv had previously rejected outright. With intervention from Kyiv and Europe, some of the most contentious issues have been removed or modified.Truss Securities raised its price target for Tesla (TSLA.O) from $406 to $444.Market news: U.S. Senator Wyden sent a letter to seven tanker companies regarding cartel-linked maritime fuel smuggling between the U.S. and Mexico.

The AUD/JPY Recovers from the Day's Low of 91.30, as the BOJ's Policy is Examined

Daniel Rogers

Apr 28, 2022 10:04

The AUD/JPY pair has drawn offers near 91.60 in the early Tokyo session, as investors await the Bank of Japan's (BOJ) monetary policy decision on Thursday. Since Wednesday, the pair has been swinging within a narrow range of 91.02-91.98 due to market participants' concern regarding the release of the BOJ's interest rate decision.

 

According to market expectations, the BOJ will maintain the status quo by maintaining current interest rates. Japan's inflation rate, at 1.2 percent, is the highest since October 2018 but remains much lower than the aim of 2%. Additionally, Japan's growth rate has not yet returned to pre-pandemic levels, implying that a rate hike decision is ruled out. Thus, an ultra-loose monetary policy will continue to be critical, and additional stimulus packages may be offered.

 

Meanwhile, the odds of the Reserve Bank of Australia (RBA) hiking rates have increased, mostly as a result of the Australian Bureau of Statistics reporting annual Australian inflation at 5.1 percent. Consumer Price Index (CPI) reading came in significantly higher than the forecasted 4.6 percent. Additionally, the quarterly CPI came in at 2.1 percent, exceeding expectations of 1.7 percent. The RBA stated at its most recent monetary policy meeting that they are not seeing any meaningful price pressure that would require them to announce a rate hike, and have adopted a data-dependent strategy for additional guidance. Now, the tide may be turning in May in favor of aggressive monetary policy.

AUD/JPY

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