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On August 17th, Morgan Stanley analysts stated in a report that low volatility in the G10 foreign exchange markets is expected to continue into late August and early September. Data from now until the Federal Reserve meeting in September should align with expectations that the Fed will maintain interest rates this year, which will prompt the market to gradually digest expectations of a rate hike. "Given the weak long-term correlation between Fed policy pricing and foreign exchange volatility, we expect foreign exchange volatility to face downward pressure." Furthermore, Middle East risks may continue to be priced into the market ahead of the US midterm elections, and August is historically a relatively calm period for the market.The Ukrainian Ministry of Defense stated that in June, for every dollar spent by the Ukrainian armed forces to strike Russian targets, Russia suffered approximately $5 in losses.According to Saudi Arabias Al Arabiya TV, sources say Israeli Prime Minister Benjamin Netanyahu told US envoy Jared Kushner that Israeli forces will only withdraw from Gaza after Hamas is completely disarmed. Netanyahu demanded that Kushner and the Gaza Peace Committees envoy to Saudi Arabia provide assurances regarding Hamass credibility in disarmament, and also requested that these officials cut off Hamass funding.According to Interfax news agency, Russian Foreign Minister Sergey Lavrov stated that Russia summoned a Japanese envoy, but Tokyo indicated that the envoy was unable to attend.On August 17, Fox News reported that US President Trump confirmed the existence of secret communication channels with officials of Irans Islamic Revolutionary Guard Corps and stated that he is "in no hurry" to resolve the Iranian issue. Trump also warned, "If Oman obstructs us, we will strike them hard."

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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