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On April 4, the Yangtze River Delta Railway ushered in the peak of passenger flow during the Qingming Festival. It is expected to send 4.1 million passengers today, 365,000 more than the same period last year, an increase of about 9.8%, and is expected to set a new record for single-day passenger volume. This years Qingming Festival railway transportation will start from April 3 to 7. The Yangtze River Delta Railway is expected to send 17.6 million passengers in 5 days, with an average daily passenger flow of 3.52 million, a year-on-year increase of 6.8%.The yield on the two-year U.S. Treasury note fell to a six-month low of 3.6550% and was last at 3.6611%.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."

Because of bad news on Australian exports, the AUD/JPY has dropped to roughly 97.00

Alina Haynes

Sep 08, 2022 15:52

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The Australian Bureau of Statistics' announcement of disappointing trade data has sent the AUD/JPY currency pair plunging. Since Australian exports have dropped so significantly, the cross has depreciated to around 97.00. Monthly export figures for the commodity-linked currency fell 9.9 percent, well below the expansion of 5.0 percent that had been predicted. There was also an increase of 5.2% in imports, up from 0.7% in the prior report. The Trade Balance is at $8,733m, down substantially from the forecasted $14,500m.

 

The Australian dollar has risen this week against the Japanese yen due to a number of factors. First, the Official Cash Rate (OCR) in Australia was raised to 2.85% by the Reserve Bank of Australia (RBA), marking the fourth consecutive increase of 50 basis points. RBA Governor Philip Lowe has maintained the central bank's "restrictive" stance on interest rates since inflationary pressures in the Australian economy have not peaked.

 

The RBA included a strategy for bringing inflation down to target levels in its announced monetary policy. Advice on interest rates and inflationary pressures deserved rigorous scrutiny. OCE hike forecasted by RBA policymakers to 3.85%. Inflation will reach its highest point of about 7% before beginning to fall the following year. Naturally, this will deepen the existing gulf in policy stances between Australia's Reserve Bank and Japan's Bank of Japan (BOJ).

 

The next step is the release of conflicting GDP estimates. Australia's quarterly GDP came in at 0.9%, which was below expectations of 1% but higher than the prior announcement of 0.8%. The yearly figure, however, has increased to 3.6% from the estimated 3.5% and the prior print of 3.3%.

 

Optimistic GDP data in Japan have supported the bulls in the Tokyo currency market. When compared to forecasts of 2.9% and the prior figure of 2.2% on an annualized basis, the latest economic data shows a significant increase to 3.5%. Furthermore, quarterly data have been recorded at 0.9%, which is above both the 0.7% forecast and the 0.5% previous report.