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On Thursday, June 18, the Hang Seng Index opened down 166.97 points, or 0.69%, at 24,145.19; the Hang Seng Tech Index opened down 41.0 points, or 0.88%, at 4,628.07; the H-share Index opened down 71.31 points, or 0.88%, at 8,072.72; and the Red Chip Index opened down 22.5 points, or 0.54%, at 4,149.33.The Peoples Bank of China (PBOC) announced today that it conducted 248 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 248 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Hong Kong stocks opened lower, with the Hang Seng Index down 0.69% and the Tech Index down 0.88%. MINIMAX-W (00100.HK) rose more than 3.8%, Pop Mart (09992.HK) fell more than 3.3%, and NetEase (09999.HK) fell more than 2.8%.Gold prices rose in early Asian trading on June 18 after the Federal Reserve kept interest rates unchanged overnight. DBS Group strategist Sherilyn Chew stated that while peace efforts between the US and Iran since the beginning of the week have supported gold prices, partially offsetting the impact of the Feds hints at a rate hike later this year, gold prices have tended to trade within a narrow range. This suggests that the recent rally is largely event-driven rather than supported by macroeconomic changes. However, central bank gold purchases are expected to remain strong, and market surveys indicate continued demand for increased gold reserves over the next year, which should provide medium-term support for gold prices. DBS Group expects gold prices to fluctuate within a range in the short term, and further gains are possible if bond yields decline.Hang Seng Index futures opened down 0.14% at 24,228 points, a discount of 82 points.

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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