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The UAE Ministry of Defense stated that the UAEs air defense system successfully intercepted Iranian ballistic missiles, cruise missiles, and drone attacks.March 7th - At a press briefing held by the State Council Information Office, it was learned that the National Peoples Congress (NPC) is currently reviewing the draft National Development Planning Law, further ensuring the smooth progress of national development planning within the framework of the rule of law. Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated that the simultaneous review of the draft National Development Planning Law by the NPC this year is a landmark event. This law encapsulates the effective practices of our Party in guiding economic and social development with medium- and long-term planning under the conditions of a socialist market economy. The promulgation and implementation of the National Development Planning Law will clarify the responsibilities and specific arrangements for planning implementation through legal means, ensuring the smooth progress of national development planning work within the framework of the rule of law.Indian government sources say there are currently no plans to raise retail prices for gasoline and diesel in India.Indian government sources say Indian Oil Corporation has booked some tanker cargoes for pickup at Yanbu port.Indian government sources say Indias fuel reserves are increasing daily. If supplies are secured, India will consider purchasing Russian liquefied natural gas.

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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