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Japans core machinery orders rose 24.7% year-on-year in February, below the expected 8.5% and the previous months 13.70%.Japans core machinery orders rose 13.6% month-on-month in February, compared with an expected decline of 1.1% and a previous decline of 5.5%.On April 15th, Futures News reported that Chicago Board of Trade (CBOT) soybean futures closed lower on Tuesday, with the benchmark contract down 0.4%, mainly reflecting weaker international crude oil prices and the record-breaking pace of US soybean planting for this time of year. US President Trump stated that negotiations with Iran might resume later this week. This led to a significant drop in international crude oil futures, with Brent crude futures falling 4.6%. The plunge in crude oil futures put pressure on the soybean and soybean product markets. The US Department of Agricultures weekly crop progress report released Monday showed that as of April 12th, soybean planting was 6% complete, 4 percentage points higher than the five-year average, setting a record for the fastest pace for this time of year. Analysts pointed out that the rapid progress of soybean planting has strengthened market expectations of ample new soybean supply, putting additional pressure on soybean prices. Furthermore, South America also brought bearish news. Brazils National Supply Company (Conab) released its latest forecast, raising its 2025/26 Brazilian soybean production estimate from 177.85 million tons last month to a record 179.15 million tons. Soybean exports were also revised upward by about 1 million tons to 115.4 million tons.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.66% to 48,535.99 points, the S&P 500 rose 1.18% to 6,967.38 points, and the Nasdaq Composite rose 1.96% to 23,639.08 points, marking its tenth consecutive day of gains. Amazon and Nvidia led the gains, rising nearly 4%. The Wind U.S. Tech Big Seven Index rose 2.83%, Facebook rose more than 4%, and Google rose more than 3%. The Nasdaq China Golden Dragon Index rose 2.35%, iQiyi rose more than 11%, and JD.com rose nearly 8%. 2. European stock indices all closed higher. The German DAX rose 1.27% to 24,044.22 points, the French CAC40 rose 1.12% to 8,327.86 points, and the UK FTSE 100 rose 0.25% to 10,609.06 points. Although the US and Iran did not reach a final agreement, the ceasefire proposal significantly eased market concerns about a potential blockade of the Strait of Hormuz and reduced the risk of disruptions to European energy supplies. 3. The WTI crude oil futures contract closed down 7.08% at $92.07 per barrel; the Brent crude oil futures contract fell 4.05% to $95.34 per barrel. 4. International precious metals futures generally closed higher. COMEX gold futures rose 2.04% to $4,864.50 per ounce, and COMEX silver futures rose 5.23% to $79.62 per ounce.Japans Reuters Tankan non-manufacturing business sentiment index for April was 31, down from 25 in the previous month.

While waiting for PBOC and PMIs data, the AUD/JPY pair temporarily retreats to around 94.20

Daniel Rogers

Aug 22, 2022 14:52

 

 

The early Tokyo session saw the AUD/JPY currency pair hit a momentary pause in the rise around 94.20. Since the start of today's trading session, the risk barometer has shown a strong open-drive action, with the asset climbing significantly. The temporary roadblock is expected to go sooner rather than later as investors anticipate a dovish tone from the People's Bank of China (PBOC).

 

Australia is China's largest trading partner, which is worth noting. The antipodes will reap the benefits of the PBOC's easy monetary policy as a result. Enhanced Chinese liquidity will benefit Australia's exports and the country's budget.

 

The Australian bulls held firm last week despite a sharp drop in the country's employment report. The Australian Bureau of Statistics reported a decrease of 40,900 jobs when a gain of 25,000 had been forecasted. However, it was determined that the unemployment rate should be 3.4% rather than 3.5%, thus that number has been adjusted downward.

 

And yet, yen bulls showed no signs of buying despite an increase in the national consumer price index (CPI). When compared to the expected 2.2% and the prior reading of 2.4%, the actual economic data came in at 2.6%, which is an increase. The Bank of Japan (BOJ) may take a wait-and-see approach if inflation continues to run above 2% for an extended period of time.

 

In the future, information from IHS Markit's S&P Purchase Managers Index (PMI) will be crucial. Forecasts call for improvements in both the Manufacturing PMI (57.3) and the Services PMI (54.9) in Australia. A rise to 51.8 and 50.7 in the Manufacturing and Services PMIs for Japan is possible.

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