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On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

When is China's Consumer Price Index Calculated and How Might It Affect the AUD?

Drake Hampton

Apr 11, 2022 10:08

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The National Bureau of Statistics of China is scheduled to issue the Chinese Consumer Price Index and Producer Price Index at 01:30 GMT on Monday.

 

Meanwhile, the economic toll imposed by the coronavirus will be a source of concern for financial markets. Since 28 March, Shanghai has been in lockdown. The city of 26 million residents reported 1,006 confirmed infections and nearly 24,000 asymptomatic cases in the preceding 24 hours, compared to China's total of 23,107 on April 7. Indeed, Omricon is projected to have a significant impact on China's economy. The most current hard data on China's economy are from January and February, which are out of date in light of the Ukraine war, soaring oil prices, and a fresh batch of covid-19 cases.

What is AUD's Reaction Likely to Be?

The price of AUD, which is used as a proxy for Chinese economic events, would come under pressure if the Chinese economy's outlook deteriorated. Today's statistics could be detrimental to the Australian dollar due to the potential of stagflation. Inflation in China has remained subdued thus far this year, with enterprises being burdened by persistently high PPI and rising raw material prices, while the low CPI figure reflects the country's current weak domestic demand. On Monday, the AUD/USD is already under pressure, down 0.2 percent with 30 minutes remaining till the release of the report.

Concerning the China CPI

China's National Bureau of Statistics publishes the Consumer Price Index. It is a metric for the range in retail prices across a representative basket of products and services. The outcome is a thorough summary of the findings from the urban and rural consumer price indices. Inflation erodes the CNY's purchasing power.

 

The CPI is a critical statistic for determining inflation and changes in consumer spending trends. A significant increase in the consumer price index indicates that inflation has become a destabilizing element in the economy, causing the People's Bank of China to tighten monetary policy and increase fiscal policy risk. In general, a high reading is considered beneficial (or bullish) for the CNY, while a low reading is considered negative (or bearish).

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