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On September 8th, global mining giant Rio Tinto issued a statement saying it had agreed to acquire the Aurukun bauxite project in northeastern Australia from Glencore and Mitsubishi Development. A Rio Tinto spokesperson stated, "The acquisition price was not disclosed and is subject to approval from the Queensland government and other Australian regulatory bodies." The statement noted that Aurukun currently holds a mineral development license, but a mining lease has not yet been approved. The project is located near Rio Tintos bauxite mine west of Cape York.The SC crude oil futures contract rose by 2.00% intraday, currently trading at 702.30 yuan/barrel; the PTA futures contract rose by more than 2.00% intraday, currently trading at 6042.00 yuan/ton.September 8th - According to data from the General Administration of Customs, Chinas integrated circuit exports reached US$40.731 billion in August, a year-on-year increase of 129.8%; automobile exports reached US$18.33 billion, a year-on-year increase of 43%; rare earth exports reached US$73.5466 million, a year-on-year increase of 33.7%; and mobile phone exports reached US$8.798 billion, a year-on-year increase of 29.6%.On September 8th, YH Cha, a foreign exchange economist at Eugene Investment & Securities, stated that the recent strong rally in the Korean won may eventually subside if it rises to the 1250-1300 range against the US dollar. Strong exports driven by South Koreas semiconductor industry, a large trade surplus, and exporters repatriating dollar revenue have propelled the won to a 23-month high. The won has appreciated by over 12% against the dollar in the past three months. However, the won still faces long-term pressure from continued growth in South Korean personal overseas investment and the resulting increased demand for the US dollar.According to the General Administration of Customs, China imported 6,861.7 tons of rare earths in August, compared with 9,451.3 tons in July.

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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