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July 19th - A study released on the 18th by the Italian Confederation of Business, Tourism and Services Businesses indicates that with increasingly frequent extreme weather events, prolonged heatwaves could cause Italy economic losses of €6 billion to €12 billion (approximately RMB 46.5 billion to 93 billion) annually. The report points out that if Italy experiences 30 to 60 days of extreme heat each year, businesses will face multiple pressures, including rising energy costs, decreased labor productivity, forced increases in adaptive investments, and reduced turnover. High temperatures will also alter consumer and tourism habits, further impacting the commerce and tourism sectors.On July 19th, local time, on the evening of July 18th, Iranian Supreme Leader Mojtaba Khamenei stated that the United States repeated violations of the Islamabad Memorandum of Understanding (Iran-US Memorandum of Understanding) once again proved that the signature of the US president was "worthless and invalid." In a statement, Khamenei emphasized that the US actions exposed "bullying, power politics, and barbarity" as integral parts of American behavior and style. He stated that the US "has once again revealed its true and undisguised face. This dark experience filled with evil and treachery has once again become irrefutable evidence of the USs hypocrisy, unreasonableness, breach of trust, and despicable nature. Iran and the resistance have left the US with unforgettable lessons."The UK Maritime Trade Operations Office has received a report of an incident involving a merchant vessel and military forces approximately 100 nautical miles east of Duqm, Oman. The report indicates that the tanker was affected by ongoing military activity in the area.July 19 - The Kuwaiti Fire Department reported that several Kuwaiti firefighters were injured in multiple fires sparked by Iranian attacks. Firefighters brought under control of two fires that broke out this afternoon local time, triggered by the Iranian attacks. In one of the affected areas, several firefighters and an oil industry worker were injured. The area was attacked again during the firefighting operation. Firefighters also extinguished three other fires caused by shrapnel falling into residential areas; these fires did not result in any injuries.Advisor to the Ukrainian Interior Minister: The attacks in Ukraine have reduced Russias oil refining capacity.

When Will the RBA Minutes Be Released and How Will They Affect the AUD/USD?

Drake Hampton

Apr 19, 2022 09:50

These minutes will be released at the top of the hour and will generate considerable attention, given the absence of the word "patient" in the post-meeting statement.

 

"Specifically, the spotlight will be on the Board's commitment to waiting for "significant new evidence...on both [our emphasis] inflation and the evolution of labor costs" before raising the cash rate," ANZ Bank analysts said. "The bigger the commitment, the less likely a shift in May is, despite the possibility of an extremely strong Consumer Price Print."

How Might the Minutes Affect the AUD/USD Exchange Rate?

AUD/USD is already reversing an hourly bearish impulse, so anything less than hawkish could serve as a stimulus for further negative movement.

 

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Concerning the RBA Minutes

The Reserve Bank of Australia publishes the minutes of its meetings two weeks after the interest rate decision. The minutes contain an exhaustive record of the policy discussion, including points of contention. Additionally, they record the votes of the Committee's individual members. In general, if the RBA is pessimistic about the economy's inflation prospects, markets price in a larger probability of a rate hike, which benefits the AUD.

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