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U.S. Central Command: U.S. forces in the Middle East remain on high alert.May 9th - The China Federation of Logistics and Purchasing (CFLP) released its April China Warehousing Index today (May 9th). The index remained in the expansion range, indicating a continued stable and positive trend in the warehousing industry. The April China Warehousing Index was 51%, maintaining its expansionary position for the second consecutive month. Looking at the sub-indices, the new orders index, facility utilization rate index, and ending inventory index all continued to expand, while the average inventory turnover index remained at a high level, showing steady growth in warehousing demand, good cargo turnover efficiency, and smooth supply chain connectivity. In terms of product categories, the peak season for production and construction drove a rebound in warehousing demand for bulk commodities such as chemicals, coal, and machinery, while pre-sales for the May Day holiday boosted demand for consumer goods such as food, home appliances, and agricultural products. Regarding market expectations, the business activity expectation index for April was 55.1%, remaining at a high level, reflecting continued optimism among businesses. Overall, the warehousing industry operated steadily in April, with continued release of market vitality, achieving a good start to the second quarter.On May 9th, the World Health Organization (WHO) updated the latest data on the COVID-19 outbreak on the cruise ship "Hundius" on May 8th. As of May 8th, a total of 8 cases had been reported, including 3 deaths. Of the 8 cases, 6 were confirmed cases and 2 were suspected cases. The 6 confirmed cases were identified as being infected with Andean virus.May 9th - According to Libyan media reports, fierce armed clashes erupted in the western Libyan city of Zawiya on May 8th, resulting in at least five deaths. The reports stated that multiple armed groups were involved in the clashes that occurred in and around downtown Zawiya in the early hours of the day, resulting in five deaths, including a security guard at the Zawiya oil refinery. The Zawiya oil refinery issued a statement saying that intense fighting broke out around its oil facilities starting in the early hours of May 8th, with multiple heavy artillery shells landing on company property. The company decided to close the refinery and evacuate oil tankers from the port on May 8th.May 9th - According to Iranian sources early on the 9th, Jafar Purkabani, a member of the Iranian Islamic Parliament representing Bushehr Province, stated that media reports claiming Iran was dumping oil into the sea due to full storage tanks were untrue and part of a psychological warfare campaign by the enemy. Purkabani stated that satellite images showing oil spills around Kharg Island were actually caused by oil residue and ballast water waste discharged from a European oil tanker, an act that has already damaged the environment.

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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