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On July 10th, European Central Bank President Christine Lagarde stated that she currently has no plans to run in the French presidential election, but hopes to share her views on the future of Europe during next years French general election. Lagarde stated that Europe needs to be protected, and the EU is a crucial framework for the development of its member states, including France. She indicated that she will strive to promote public awareness of Europes importance, regardless of her current role. Previously, there had been speculation that Lagarde might leave the ECB early to pursue a political career in France. She acknowledged this possibility but emphasized that she would not leave her post if the ECB faced significant challenges.On July 10th, Andy Burnham secured 322 nominations out of 403 Labour MPs on the first day of the Labour Party leadership election, becoming the sole frontrunner to succeed Keir Starmer as the new Labour leader. Burnham expressed his "deep gratitude" for the support from his colleagues, saying it reflected the Labour Partys desire to bring a new direction to British politics. His political platform includes reducing the concentration of power in Westminster, reshaping the economic model, and promoting broader economic growth. Since his competitors failed to secure the 81 nominations required to run, Burnham only needed one more vote to officially become the sole candidate. The Labour leadership election is scheduled to conclude on July 17th, and Burnham is expected to officially become Prime Minister on July 20th. Incumbent leader Starmer, as is customary, will not participate in the nomination vote.According to CNN, US officials said the US did not launch a new attack on Iran in the past hour.According to Fox News: U.S. Commerce Secretary Howard Lutnick said that Trump believes oil prices will remain low in the future.Saudi Arabia and Canada issued a joint statement condemning Irans attack on merchant ships in the Strait of Hormuz.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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