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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."February 7 – The World Health Organization (WHO) reported on February 6 that Bangladesh had one case of Nipah virus infection, with no other related cases identified. According to a WHO press release that day, the infected person is a woman aged 40 to 50 living in the Rajshahi district of Bangladesh. She developed fever and neurological symptoms on January 21 and was diagnosed with Nipah virus on January 29. Bangladeshi authorities notified the WHO on February 3. The woman had no recent travel history but had consumed raw date juice. Her 35 close contacts tested negative for Nipah virus.February 7th - US President Trump stated on the 6th that the US, Russia, and Ukraine held "very good" talks that day regarding resolving the Russia-Ukraine conflict. Answering reporters questions aboard Air Force One, Trump said, "We had very, very good talks with Russia and Ukraine today. Something might happen." However, he did not elaborate further. It is understood that the issue of Ukrainian territory and security guarantees remains the sticking point in the negotiations. The US and Ukraine recently discussed the possibility of reaching a Russia-Ukraine peace agreement in March, but this is proving very difficult, and the timetable may be delayed.

On dovish BOJ bets, AUD/JPY seeks to retake a seven-year high above 97.00

Daniel Rogers

Jul 20, 2022 12:02

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The AUD/JPY currency pair is on course to retake its seven-year high of 96.90 after extending its five-day winning run. Due to the increasing potential of a wider policy divergence between the Reserve Bank of Australia (RBA) and the Bank of Japan, market participants have raised the risk barometer (BOJ).

 

Following the publication of the RBA's July monetary policy minutes, the Australian dollar is performing well against the Japanese yen. RBA officials offer harsh guidance in light of the intensifying price pressures in the Australian economy. While establishing price stability as soon as feasible is the RBA's goal.

 

RBA Governor Philip Lowe is now presenting at "The Australian Strategic Business Forum - Melbourne" on the topics of inflation, productivity, and the future of money. The comments RBA made According to Lowe, investors could expect higher inflation in June. The RBA will require more rate increases over the coming months in an effort to reduce pricing pressure.

 

This week, the Australian S&P PMI data will be the most important. The Manufacturing PMI may rise to 56.4 from its previous reading of 56.2. The Services PMI has increased from its previous reading of 52.6 to a current value of 55.

 

The headline-grabbing event on the Tokyo front will be the BOJ's announcement of its interest rate decision on Thursday. Given that the Bank of Japan is committed to increasing aggregate demand, Governor Haruhiko Kuroda is expected to make dovish comments. The central bank's goal is to keep inflation over 2%, and in order to do this, the wage price index must rise. This is because a higher inflation rate and lower pay levels might magnify the real income shock.

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