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Kuwaits Ministry of Electricity: Electricity and desalination plants were damaged in the Iranian attack.Cathay Pacific (00293.HK): Postponed the resumption of passenger and cargo services to and from the Middle East.July 17th - According to the Ministry of Finance, the battery consumption tax policy will be adjusted in stages starting September 1, 2026. According to a recent announcement by the Ministry of Finance, the General Administration of Customs, and the State Taxation Administration, consumption tax preferences for lithium primary batteries, lithium-ion batteries, and photovoltaic cells will be gradually phased out; meanwhile, some new technology battery products will enjoy consumption tax exemption for a certain period. Industry insiders say that overall, this policy adjustment is in line with the changing development of my countrys battery industry, will better leverage the regulatory role of consumption tax, promote resource conservation and environmental protection, and will promote the healthy and high-quality development of the battery industry, driving technological progress and industrial upgrading.On July 17th, Francesco Pesole of ING Group stated in a report that investors expectations for a Bank of England interest rate hike appear overly aggressive. The market has already priced in a total of 36 basis points of rate hikes by the Bank of England in 2026. However, ING expects the Bank of England to maintain its interest rate at 3.75% throughout 2026. Pesole stated, "We still believe there are significant downside risks to short-term sterling interest rates."The VIX fear index hit a more than one-week high, ultimately rising 1.7 points to 18.44.

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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