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Iranian President: The relevant "memorandum of understanding" is a bilateral matter, and if the US abides by the terms of the agreement, Iran will also fulfill its own obligations.The Dow Jones Industrial Average rose 305.97 points, or 0.59%, to close at 52,182.08 on Monday, June 29; the S&P 500 rose 86.34 points, or 1.17%, to close at 7,440.36; and the Nasdaq Composite rose 522.53 points, or 2.07%, to close at 25,820.14.On June 30th, Paul Ziana, head of technical research at Bank of America, stated that investors should hedge against further rallies in the S&P 500 and prepare for a potential "three-wave correction" in the coming months. Ziana wrote that the S&P 500 has risen nearly 17% since its March lows, but the rally has shown signs of fatigue since the benchmark index hit its recent peak on June 2nd. He indicated that the S&P 500 could fall to 6850 points, a drop of approximately 7.6% from current levels. Ziana stated, "The post-Iran ceasefire rally is becoming increasingly volatile as the risk of a correction accumulates." He added that price action appears "overstretched" and momentum is deteriorating, therefore a "defensive stance" should be adopted between July and September.June 30th - U.S. stocks closed Monday with the Dow Jones Industrial Average up 0.59%, the S&P 500 up 1.1%, and the Nasdaq Composite up 2.07%. Western Digital (WDC.O) rose 11%, Seagate Technology (STX.O) rose over 7%, SpaceX (SPCX.O) rose 7%, Micron Technology (MU.O) rose 1%, and Nvidia (NVDA.O) rose 1%. The Nasdaq China Golden Dragon Index closed up 1.4%, and Baidu (BIDU.O) rose over 7%.Morgan Stanley (MS.N) has priced a $350 million 6.10% note issuance for its direct lending fund, maturing to 2031. The company stated that the net proceeds from the issuance will be used to repay existing secured debt.

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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