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Spains manufacturing PMI for July was 50.2, in line with expectations of 50 and the previous reading of 49.7.August 3 – Swiss inflation slowed to its lowest level in four months in July, showing resilience amid rapidly rising costs driven by energy prices across Europe. Data from the Swiss National Statistical Office showed that the Consumer Price Index (CPI) rose 0.4% year-on-year in July, down from 0.5% in June and in line with economists median forecast. Cost pressures from rising diesel and heating oil prices were offset by lower prices for a range of goods and services, including clothing and car rentals. Core inflation, excluding volatile factors such as energy, remained at 0.3%. The latest data contrasts with the Swiss National Banks (SNB) previous forecast of a moderate, temporary acceleration in inflation. According to sources, based on the current weak inflation trend, the SNB internally expects interest rates to remain at zero until the end of next year, barring any new shocks.Futures News, August 3rd: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on August 3rd: 1. Pulp futures warehouse receipts: 356,739 tons, an increase of 3,672 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 2,758 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,520 tons, a decrease of 80 tons compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 1,696 tons. 0 tons, unchanged from the previous trading day; 6. Petroleum asphalt futures warehouse receipts: 11,290 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 18,210 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2,961,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 5,000 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.August 3 – Following the Houthi threat that disrupted regional shipping, Yanbu, a key Saudi export port on the Red Sea coast, appeared to be experiencing its busiest day yet. Meanwhile, an increasing number of ships turned off their tracking signals as they passed through the vital Bab el-Mandeb Strait. Satellite imagery showed five Very Large Crude Carriers (VLCCs) docked at Yanbus oil loading terminal on Saturday, potentially marking the ports most active day since the Iranian-backed Houthi blockade of Saudi ports two weeks ago. These photos were taken by the EUs Sentinel-2 satellite. Because the satellite only passes through the area every few days, continuous monitoring is not possible. Yanbu has become a crucial node for Saudi Arabia to maintain large-scale crude oil exports after the war with Iran severely impacted shipping through the Strait of Hormuz. Saudi Arabia bypasses the Strait of Hormuz by transporting millions of barrels of crude oil daily to the Red Sea via pipelines for export to global markets.Shares of UK-listed energy companies fell, with Ithaca Energy down 4.1%, BP down 2.9%, and Shell down 2.1%.

AUD/JPY Retains Its Position At 89.00 As Demand For The Yen As A Safe Haven Wanes

Alina Haynes

Mar 17, 2023 13:51

AUD:JPY.png 

 

The risk proxy AUD/JPY was pummeled earlier this week in a risk-averse environment, sending the pair to 87.50. The emergence of the US banking sector's liquidity crisis revealed who was swimming naked.

 

This week was a roller coaster, with several banks experiencing liquidity shortages that prevented them from conducting regular market operations. Among the institutions are SVB, Signature Bank, Credit Suisse, and The First Republic Bank. Following the SVB's failure, nobody anticipated such a rapid rate of banks falling into the liquidity trap.

 

It appears that rising interest rates and quantitative tightening have stifled global liquidity and exert pressure on banks. Wednesday was a difficult day for the AUD/JPY pair due to Credit Suisse's problems, which prompted significant risk aversion. Credit Suisse is a crucial participant in global operations.

 

Several significant central banks took action as the media focused on Credit Suisse. The Bank of England (BoE) held extensive discussions with international counterparts, and the Swiss National Bank (SNB) proposed a CHF50 billion covered loan facility.

 

First Republic Bank encountered similar difficulties in the United States, but prominent institutions including JPMorgan, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley contributed a pool of liquidity.

 

During the previous trading session, the AUD/JPY exchange rate was bolstered by these contingency plans and prompt actions to address the emerging liquidity crisis. This week, despite positive Australian employment data, the AUD/JPY traded predominantly in accordance with risk sentiment.


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