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January 28th - Silver prices continued their upward trend, driven by a weaker dollar. Investors are shifting from sovereign bonds and currency assets to safe-haven hard assets. Saxo Bank analysts stated that gold and silver continued their strong gains as devaluation trades regained focus. Furthermore, the fact that Rick Riddell, a BlackRock executive known for his aggressive interest rate cuts, is considered a leading candidate for the next Federal Reserve Chairman further reinforces this logic.The Russian Foreign Ministry announced that the two Russian crew members detained on the oil tanker have been released and are en route to Russia.On January 28th, gold prices broke through $5,300 for the first time, accumulating a gain of over 20% year-to-date. The current "confidence crisis" in the US dollar further enhances the attractiveness of gold to overseas investors. Kelvin Wong, senior market analyst at Oanda, stated that the rise in gold prices stems from its extremely strong indirect negative correlation with the US dollar, as well as Trumps response to the dollar, reflecting a possible consensus within the White House to push for a weaker dollar. Trump also indicated that he would soon announce his nominee for Federal Reserve Chairman and predicted that interest rates would decline after the new chairman takes office. Ilya Spivak, global head of macro at Tastylive, pointed out that given the tension between the Feds responsibilities and the White Houses stance, the market is simply taking a defensive stance ahead of Powells speech today.Chairman of the German Federal Financial Supervisory Authority: There is a high possibility of a sudden correction in the financial markets.Italys Istat consumer confidence index for January was 96.8, below the expected 97 and the previous reading of 96.6.

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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