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On August 28th, U.S. mortgage rates rose for the first time in three weeks, further squeezing housing affordability amid a weakening housing market. Freddie Mac data showed that the average rate for a 30-year fixed mortgage rose slightly to 6.66% from 6.65% the previous week, up from 6.56% a year ago. The U.S. housing market has remained sluggish this year. Mortgage rates briefly fell below 6% before the outbreak of the Middle East conflict at the end of February, but have remained above 6.5% since July, with little sign of a decline in financing costs. Thomas Ryan, senior economist for North America at Capital Economics, said, "High interest rates are still keeping the market in a stalemate." He added that if rates eventually fall to around 5%, pent-up demand could be significantly released, but it is unclear in the short term what factors could drive rates down to that level. U.S. new home sales fell to a six-month low in July, with pending sales of newly built single-family homes declining 10.5% to an annualized rate of 607,000 units, below market expectations of 620,000 units.August 28 - According to data released by Nepalese police on the 27th, as of 9 p.m. local time on the 27th, the death toll from flash floods in northern Nepal has risen to 389.Fannie Mae: The average yield on 30-year fixed-rate mortgages in the U.S. was 6.66% in the week ending August 27, up from 6.65% the previous week.The Russian Ministry of Defense stated that the Russian Armed Forces continue to conduct concentrated strikes against military industrial facilities, logistics centers, seaports, and ships serving the Ukrainian Armed Forces.Russian Defense Ministry: Russian troops attacked an oil tanker in the port of Izmail.

AUD/JPY Exceeds 90.30 As RBA Considers Option To Raise Rates Prior To Pause

Daniel Rogers

Apr 18, 2023 14:02

AUD:JPY.png 

 

Following the release of the minutes from the Reserve Bank of Australia (RBA), the AUD/JPY pair surged above the 90.30-point critical resistance level. According to the RBA minutes, policymakers actively considered the decision to raise rates further. However, the decision to maintain the status quo was made after the collection of additional data.

 

Citing the resilience of Australia's financial system, RBA policymakers believed that the Board's future cash rate decisions would depend on the global economy, household spending trends, inflation projections, and employment forecasts.

 

Continue to monitor China's Gross Domestic Product (GDP) statistics. Compared to its stagnant performance in the final quarter of CY2022, the Chinese economy is estimated to have grown by 2.2%. Compared to the previous annual growth rate of 2.9%, the current annual growth rate for the economy is 4.0%. Australia is China's greatest trading partner, and stronger Chinese GDP data would strengthen the Australian Dollar.

 

The announcement of the People's Bank of China (PBOC) interest rate decision later this week will be crucial. Last week, the People's Bank of China pledged to provide additional monetary support to spur retail demand. Despite the reopening of China's economy following a period of economic restraint, the country's inflation rate has been consistently declining over the past few months.

 

According to Jiji news and Reuters, the Bank of Japan is reportedly considering a projection for consumer price growth between 1.6% and 1.9% for the 2025 fiscal year, a move seen as preventing market participants from betting on the central bank's departure from stimulus. This has also delayed the possibility of a shift away from an expansionary monetary policy, which cannot be considered until the Japanese inflation rate persists above 2%.


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