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IDF: Iran detected launching another ballistic missile.June 19, TD Securities strategists said in a report that the Bank of Englands policy decision on Thursday will not be a game changer for the pound. "Except for a slightly dovish vote, there is not much to consider for the pound." The Bank of England voted 6 to 3 to keep interest rates unchanged, with three officials leaning toward a 25 basis point cut. The market expects the vote to keep interest rates unchanged to be 7 to 2. However, these strategists said that central banks play a "secondary role" in geopolitical and macroeconomic developments, especially given concerns that the United States is preparing to strike Iran. "This means that the US dollar determines the rise and fall of various assets like a tide, so there is not much to be excited about for the pound at the Bank of England."Iranian police: 16 Israeli drones shot down recently.June 19th, Indian Oil Minister Hardeep Puri said on Thursday that India is preparing to purchase crude oil from outside the Persian Gulf and cut its own refined oil exports if ship traffic in the Strait of Hormuz is blocked. About a quarter of the worlds oil trade passes through this key waterway. Some market observers worry that Iran, which is in conflict with its long-time rival Israel, may choose to attack tankers passing through the Strait of Hormuz or close the Strait of Hormuz completely. Puri said: "We have enough crude oil and refined oil stocks. We have a sufficiently diverse supply of crude oil, and even if there is a disruption, we can get it from other sources."Israeli military: After detecting (Irans) attempt to resume launch points, it has attacked several launch sites in western Iran.

Despite the RBA's aggressive policy statement, the AUD/JPY pair falls below 91.40

Daniel Rogers

Feb 10, 2023 11:43

AUD:JPY.png 

 

Having reached an intraday high greater than 91.40 during the Asian session, the AUD/JPY pair is currently under selling pressure. Despite the aggressive monetary policy statement by the Reserve Bank of Australia, the Australian Dollar has met offers (RBA).

 

Increasing gasoline prices, series demand, and electricity rates drove the increase in Australian inflation in December. The loss of rebates in Western Australia resulted in a 7% increase in electricity bills in December.

 

The RBA has projected that Gross Domestic Product (GDP) growth will be 2.75 percent in 2022, 1.5 percent in 2023, and 1.5 percent in 2024.

 

On the Japanese Yen front, investors are awaiting the Bank of Japan contenders to replace Haruhiko Kuroda (BoJ). Analysts at Commerzbank expect that next week's nomination, regardless of who emerges as the frontrunner, would have a substantial impact on the Yen exchange rate.

 

In the interim, Japanese Prime Minister Fumio Kishida stated, "The administration is in the process of picking the nominee for the next BoJ Governor, and they are aware of the market's keen interest in the choice." He stated, "Communication skills have become increasingly important for someone like the new governor of the Bank of Japan."

 

According to a report by Reuters, the Japanese government intends to present its candidates for governor and two deputy governors to parliament on February 14.

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