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Low-priced oil and gas stocks in Hong Kong continued to be hyped, with Sino Clean Energy Holdings (01759.HK) rising more than 125%, Geely New Energy (03395.HK) rising more than 80%, and Petro-king Oilfield Services (02178.HK) rising 16.7%.Japans 20-year government bond yield fell 3.5 basis points to 2.35%.Futures June 19, Economies.com analysts latest view today: Brent crude oil futures prices fluctuated in recent intraday trading, trying to accumulate positive momentum that may help it rebound. The current price is stable above the key resistance level of $74.70, the short-term bullish trend is dominant and runs along the support line, while the price successfully digests the overbought state shown by the relative strength index (RSI), which further strengthens the bullish trend.Japans five-year government bond yield fell 4.5 basis points to 0.96%.Futures June 19, Economies.com analysts latest view today: WTI crude oil futures prices fluctuated in yesterdays intraday trading, mainly affected by the short-term continued bullish trend. The price trend ran within the main support line and the secondary support line range, and continued to be above the EMA50 index moving average, providing continuous support for the technical side. On the other hand, the bullish momentum has weakened, because the (RSI) relative strength index released a negative signal after reaching a clear overbought level, resulting in increased price volatility. The current price is trying to digest the overbought state and accumulate momentum again in order to obtain technical momentum to return to the upward channel.

As a result of hawkish RBA minutes, AUD/JPY surges to around 93.00

Alina Haynes

Feb 21, 2023 15:20

As the Reserve Bank of Australia's minutes revealed a hawkish stance, the AUD/JPY pair surged to near 93.00 during the Tokyo session (RBA). The RBA minutes make it plainly clear that higher interest rates are essential because robust consumer demand prevents the Australian inflation rate from decreasing from its peak.

 

According to the minutes, RBA members considered a 50 basis point (bps) increase in interest rates in light of the persistence of inflation. Members of the RBA also remarked that the unemployment rate is at its lowest point in the past fifty years and that the number of job opportunities is astronomically high, which is a source of happiness for consumers who are injecting surplus income into the economy.

 

Aside from this, the Australian economy benefited from improved trade terms and would benefit more from China's openness than a number of other countries. The Chinese government's relaxation of pandemic laws has expanded Australia's trading potential.

 

Philip Lowe, governor of the Reserve Bank of Australia, anticipates that the cash rate will climb to 3.75 percent over time, with headline inflation decreasing to 4.75 percent by the end of 2023 and returning to approximately 3 percent by the middle of 2025.

 

Previously, S&P Global reported upbeat preliminary Australian PMI (Feb) data. The Manufacturing PMI hit 50.1, above both the consensus forecast of 49.9 and the prior figure of 50.0. The Services PMI increased from 48.4 (estimated) and 48.8 to 49.2. (previously released).

 

About the Japanese Yen, Bank of Japan (BoJ) Governor Haruhiko Kuroda stated, "Due to labor demand and inflation, wage growth is predicted. The Japanese Yen has not notably reacted to the preliminary Jibun Bank PMI (Feb) statistics, which were mixed. The Services PMI has risen to 53.6, surpassing both the consensus expectation of 51.5 and the prior figure of 51.1. While the Manufacturing PMI has declined to 47.4 compared to expectations and the previous reading of 48.9, it remains above the 50-point threshold indicating expansion.


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