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On Wednesday, July 1st, the German DAX 30 index opened up 35.44 points, or 0.14%, at 25014.69; the UK FTSE 100 index opened down 22.61 points, or 0.22%, at 10474.51; the French CAC 40 index opened down 20.59 points, or 0.25%, at 8383.40; the Euro Stoxx 50 index opened down 13.03 points, or 0.21%, at 6315.06; the Spanish IBEX 35 index opened down 26.22 points, or 0.13%, at 19432.48; and the Italian FTSE MIB index opened down 182.93 points, or 0.35%, at 51499.50.As of 15:00 Beijing time, spot platinum fell 0.80% and spot palladium fell 1.91%.July 1 – Germany is urging the United States to allow the production of more American weapons in Germany to fill the military gap in Europe and provide President Trump with a justification for continued investment in European defense. According to multiple sources, German officials are in contact with their counterparts in the US, hoping to reach a joint production agreement before the NATO summit in Ankara next week. This move is part of a broader effort by European countries to leverage their own defense industrial capabilities to stabilize tensions with Washington. Sources indicate that negotiations on the joint production concept have already begun between German and US defense companies, covering “anything that helps both sides enhance their defense capabilities,” including the joint production of long-range Tomahawk missiles and the PAC-3, the most advanced missile variant used in the Patriot air defense system. One source stated that the US government and industry have responded to these proposals “more positively than expected.”July 1st - According to the domestic refined oil price adjustment cycle, the 13th round of price adjustments will begin at 24:00 on July 3rd. Only three working days remain for the current pricing cycle, which is 70% complete. The price drop has widened significantly in this cycle, deepening for six consecutive days, from an initial drop of over 40 cents to over 65 cents currently. This sharp downward trend is unlikely to reverse, and Friday evening may see the first three consecutive price drops this year, marking the fourth price reduction this year.July 1st - According to foreign media reports, the Thai Ministry of Foreign Affairs stated that 10 out of 11 Thai-flagged vessels chartered by Thai operators have safely departed the Strait of Hormuz. A statement released by the ministry on Tuesday said, "Currently, only one vessel, named Hatthaya Naree, remains anchored in the Strait of Hormuz awaiting loading and is expected to leave the area soon."

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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