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On August 19th, Suren Thiru, chief economist at the Institute of Chartered Accountants in the UK (ICAEW), stated that the UKs inflation rate rebounded to 2.9% in July, reigniting the possibility of further interest rate hikes by the Bank of England. "The July increase is unlikely to be a one-off event. Drought has led to higher food prices and soaring energy costs, increasing the likelihood of inflation exceeding 3.5% later this year, especially given the ongoing disruptions to traffic in the Strait of Hormuz," he noted. He pointed out that the decline in services inflation is unlikely to reassure Bank of England policymakers, as it appears to reflect a temporary reduction in VAT on tourist attractions and childrens meals, rather than a cooling of underlying price pressures. While these figures are unlikely to trigger an interest rate hike in September, they increase the likelihood of further monetary tightening before the end of 2026.August 19th - Tesla has released a large-scale model of a steamed bun. It is reported that the Tesla infotainment system is now gradually rolling out this feature.Argus Research: Raises its target price for ConocoPhillips (COP.N) from $136 to $153.On August 19, the Ministry of Justice responded to a reporters question regarding the EUs foreign subsidy investigation, stating that the EUs recent investigation into JD.com, using its Foreign Subsidies Regulation, arbitrarily demanded extensive and unnecessary information about China from the Chinese entity. This constitutes an undue demand on the entity and a serious violation of international rule of law. To safeguard national sovereignty, security, and development interests, and to protect the legitimate rights and interests of Chinese citizens, legal persons, and other organizations, the Ministry of Justice, in accordance with the Regulations of the Peoples Republic of China on Anti-Unfair Extraterritorial Jurisdiction, together with the Ministry of Commerce and other relevant departments, has identified and determined that the EUs actions constitute unfair extraterritorial jurisdiction measures, and demands that no organization or individual implement or assist in the implementation of such measures. The Ministry of Justice hopes the EU will immediately correct its erroneous practices, cease abusing the "foreign subsidy" investigation tool, and create a fair, just, and predictable market environment for companies investing and operating in the EU. If the EU persists in its unilateral actions, China will resolutely retaliate in accordance with the law.Market news: During a meeting with Iranian Parliament Speaker Qalibaf, the Speaker of the Iraqi Parliament called for special status for Iraqs oil exports via 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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