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On May 2, German Reconstruction Bank economist Schoenwald said in a report that the European Central Bank should be free to cut interest rates again after data showed that the euro zone inflation rate remained at 2.2% in April. She said that the stronger euro made imported goods cheaper, coupled with the suppression of the economy by trade conflicts, should be enough to stabilize consumer inflation around the 2% target in the medium term. This leaves room for the ECB to cut interest rates again in June. However, price pressures in the euro zone service industry remained high, pushing up the core inflation rate.According to Japans Kyodo News: The United States is not considering exempting Japan from its 10% reciprocal tariff.On May 2, analysts at Monex Europe said in a report that the progress made by the right-wing party Reform UK in the UK local elections may be one of the reasons for the current decline of the pound against the euro. "While the local election results will not have a huge impact on the market in our view, it still made headlines in the UK, and the reform seemed to have had a very good night at the expense of both the Labour Party and the Conservative Party." However, they said that the US non-farm payroll report will eventually have a greater impact on the trend of the pound.ExxonMobil (XOM.N): Continues to focus on cutting business costs.Israeli military: It has been confirmed that a missile was fired from Yemen towards Israeli territory and the air defense system was activated to intercept the threat.

Eyes AUD/JPY 94.00 Prior to the release of China's GDP, the focus shifts to the RBA Minutes.

Larissa Barlow

Apr 18, 2022 09:43

The AUD/JPY pair is trading in a narrow range of 92.82-93.90 as investors anticipate the publication of China's National Bureau of Statistics' Gross Domestic Product (GDP) figures in Asia. The cross has been heading higher for an extended period, despite broader yen weakening.

 

It's worth mentioning that Australia is the world's largest exporter to China, and its better GDP figures will benefit the Australian dollar. The market consensus for China's annual GDP is 4.4 percent for the first quarter of CY22, down from 4% previously, while a preliminary estimate for China's annual industrial production is 4.5 percent, down dramatically from the previous number of 7.5 percent.

 

This week's big event will be the release of the Reserve Bank of Australia's (RBA) April monetary policy minutes. The minutes of the RBA will detail the mathematics underlying RBA Governor Philip Lowe's neutral stance. Additionally, information about Australian inflation will assist market participants in fine-tuning their strategies. Meanwhile, according to Reuters, the Bank of Japan (BOJ) is anticipated to maintain its ultra-loose monetary policy despite an upward revision to inflation expectations. Additionally, the agency claimed that the BOJ is projected to lift its fiscal 2022 inflation prediction to above 1.5 percent from the current 1.1 percent in April, while lowering its fiscal 2022 growth forecast from the current 3.8 percent.

AUD/JPY

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