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February 7th - This morning (February 7th), the Shanghai Municipal Peoples Government held a press conference. Yang Jiaying, Director of the Shanghai Municipal Human Resources and Social Security Bureau, stated that employment is a top priority for peoples livelihood. The bureau is making every effort to promote employment for college graduates and other young people. Shanghai is the top choice for many young students to pursue their dreams. We are strengthening policy support and implementing a comprehensive employment service campaign tailored to the characteristics of this youth group. We are fully leveraging the synergistic effect of "One Station (the first stop for employment in Shanghai), One Circle (a 15-minute employment service circle), and One Action (the Employment in Shanghai Plus Action)" to increase employment assistance for young people.According to the real-time flight tracking website FLIGHTRADAR24, airspace in southeastern Poland has been closed again in the past few hours.February 7th - U.S. Ambassador to the United Nations Mike Walz stated that the United States will pay part of the billions of dollars in arrears owed to the UN within weeks, while emphasizing the need for continued UN reform. This comes after UN Secretary-General António Guterres warned of the UNs financial situation, stating that the UN faces the risk of "imminent financial collapse" due to member states unpaid dues. In a telephone interview, Walz said the first payment would be seen soon, and while the final amount has not yet been determined, he believes it will be finalized within weeks.The China Earthquake Networks Center officially determined that a 3.2-magnitude earthquake occurred in Tengchong City, Baoshan City, Yunnan Province at 12:00 on February 7, with a focal depth of 10 kilometers.On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."

As Australian monthly inflation declines to 6.8%, the AUD/JPY exchange rate approaches 87.80

Alina Haynes

Mar 29, 2023 14:36

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After the Australian Bureau of Statistics reported a further decline in the Consumer Price Index (CPI) for the previous month, the AUD/JPY pair dropped significantly to near 87.80. (Feb). The economic data came in at 6.9%, which was lower than both the consensus estimate of 7.1% and the previous release of 7.4%.

 

Australian Retail Sales increased by 0.2% on Tuesday, which was below the consensus estimate of 0.4% and the previous release of 1.9%. A weaker-than-expected retail demand suggests that households are bearing the burden of higher inflation and are having difficulty compensating for the impact of inflated products with their present purchasing power.

 

The Reserve Bank of Australia (RBA) would be encouraged to maintain monetary policy at its April meeting as a result of the synergistic effect of declining Retail Sales and the Consumer Price Index. In March, RBA Governor Philip Lowe increased the Official Cash Rate (OCR) to 3.60 percent. Investors should be aware of this fact.

 

Every subsequent Friday, the China Bureau of Statistics will disseminate Manufacturing and Non-Manufacturing PMI data. Following the abolition of pandemic controls, the Chinese economy is promoting development through monetary measures, so market participants anticipate a respectable performance. Australia is China's largest trading partner, and China's accelerating economic activity will also benefit the Australian Dollar.

 

As the target for sustainable inflation has not yet been attained, the former governor of the Bank of Japan, Haruhiko Kuroda, remained extremely pessimistic about future monetary policy regarding the Japanese Yen. "It is premature to discuss a withdrawal from easy monetary policy," he continued. And "More time is required to consistently and sustainably reach the price target."

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