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On September 11th, the third-largest political group in the European Parliament, Patriots for Europe, announced in Strasbourg, France, that it would submit a motion of no confidence against the European Commission, led by Ursula von der Leyen. The motion has reportedly received 85 signatures from MEPs, exceeding the minimum threshold of 72 signatures required to initiate the relevant procedure. Patriots for Europe accused the current European Commission of a complete failure in trade, transparency, and accountability. The groups First Vice-President, Kinga Gay, stated during the European Parliament plenary session that day that the Commission had failed to address Europes most pressing challenges, failing in areas such as peace, trade, and migration. "It is time for Ursula von der Leyen to step down," she said. According to regulations, once the motion is confirmed by the European Parliament, it will be scheduled for debate and a vote in the plenary session of the European Parliament in October at the earliest.FBI: Second suspect in Charlie Keek shooting has been released, gunman remains at large.Japans BSI large non-manufacturing confidence index in the third quarter was 5.2, compared with -0.5 in the previous quarter.Japans BSI large manufacturing confidence index in the third quarter was 3.8, compared with -4.8 in the previous quarter.Foreign investors bought 604.5 billion yen of Japanese bonds in the week ending September 5, compared with 397.4 billion yen in the previous week.

The AUD/JPY Recovers from the Day's Low of 91.30, as the BOJ's Policy is Examined

Daniel Rogers

Apr 28, 2022 10:04

The AUD/JPY pair has drawn offers near 91.60 in the early Tokyo session, as investors await the Bank of Japan's (BOJ) monetary policy decision on Thursday. Since Wednesday, the pair has been swinging within a narrow range of 91.02-91.98 due to market participants' concern regarding the release of the BOJ's interest rate decision.

 

According to market expectations, the BOJ will maintain the status quo by maintaining current interest rates. Japan's inflation rate, at 1.2 percent, is the highest since October 2018 but remains much lower than the aim of 2%. Additionally, Japan's growth rate has not yet returned to pre-pandemic levels, implying that a rate hike decision is ruled out. Thus, an ultra-loose monetary policy will continue to be critical, and additional stimulus packages may be offered.

 

Meanwhile, the odds of the Reserve Bank of Australia (RBA) hiking rates have increased, mostly as a result of the Australian Bureau of Statistics reporting annual Australian inflation at 5.1 percent. Consumer Price Index (CPI) reading came in significantly higher than the forecasted 4.6 percent. Additionally, the quarterly CPI came in at 2.1 percent, exceeding expectations of 1.7 percent. The RBA stated at its most recent monetary policy meeting that they are not seeing any meaningful price pressure that would require them to announce a rate hike, and have adopted a data-dependent strategy for additional guidance. Now, the tide may be turning in May in favor of aggressive monetary policy.

AUD/JPY

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